Boston– CBRE/New England announced the sale of the Hilltop Steak House site on Route 1 in Saugus, MA for $17,250,000. The site, which was home to the Hilltop Steak House for almost 45 years, will be developed into a 280-unit luxury rental apartment community with ±25,000 SF of retail out front.
CBRE/NE multifamily experts Simon Butler and Biria St. John as well as retail specialist Rob Robledo exclusively represented the seller, High Country Investors, and procured the buyer, AvalonBay Communities, Inc.
“We are pleased to have facilitated this transaction on behalf of High Country Investors as this site is a landmark site that is about to enter its next chapter as a dynamic mixed-use development,” said CBRE/NE’s St. John.
The proposed retail space will provide a focal point and attraction at the front entrance to the development with four-story residential buildings towards the back of the site. The apartment homes will feature all the qualities being offered in luxury apartments today, including granite countertops and stainless steel appliances. Outdoor amenities will include a landscaped courtyard, pool, fireplaces, grills, a dog park and the clubhouse will feature a fitness facility that will rival area health clubs.
10% of the apartments will be designated as affordable and made available to households earning up to 80% of the area’s median income.