AvalonBay Communities has purchased Arboretum at Burlington, a 312-unit apartment community in Burlington, Mass., for $79.8 million. AEW Capital Management, the seller, bought the property in 2007 for $71.7 million. Built in 1989 and renovated between 2008 and 2009, the 33-acre complex includes 16 three- and four-story apartment buildings and a single-story clubhouse. The buildings feature woodframe construction, poured concrete foundations and cedar clapboard exteriors. The property is ...
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