WESTBOROUGH, MA-Invesco Real Estate is purchasing Avalon at Flanders Hill, a 280-unit garden apartment community. The purchase is on behalf of an undisclosed pension fund. The purchase price was undisclosed by Invesco. The seller, AvalonBay Communities, did not return a call to GlobeSt.com by deadline.

The property is comprised of one-, two- and three-bedroom apartments, as well as loft units. These range in price from $746 to $1940 per month, depending on the size and arrangement of the unit, as there are over ten different floor plans. The units come stacked with a washer and dryer, walk-in closets and a private patio or balcony. Built in 2002, it carries the Avalon brand, which has a penchant tacking its apartment communities with its moniker, a la Avalon at Hingham Shipyard, Avalon at Huntington and Avalon at Bedford Center, to name only a few. There is no word as to whether or not Invesco will change the name of the property the way Behringer Harvard did when it purchased Avalon Orange in Orange, CT and baptized it Grand Reserve Orange.

“The greater Boston residential market has performed relatively well throughout the recent economic downturn,” says Joshua Siegel, acquisitions officer of Invesco, in a statement. “Strong fundamentals, limited existing inventory and a lack of new development will combine to make this a quality investment for our client.”

Boston has seen a lesser impact of unemployment on its population from the downturn and, a modest construction pipeline, helped the vacancy rates across the board for the region.

Simon Butler and Biria St. John of Cushman & Wakefield repped Avalon in the transaction of 1 Homestead Blvd., while Invesco represented itself in the acquisition. The property is 97% leased.

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