BY ADAM SWIFT
PEABODY — Avalon Essex, a 154-unit apartment complex near the Northshore Mall, has been sold to a California investor for $45.1 million.
The sale of the 11-acre property by the Virginia-based apartment giant AvalonBay Communities to JRK Property Holdings was recorded by the Southern Essex District Registry of Deeds on Monday.
JRK is a real estate investment firm specializing in the ownership, management, leasing and redevelopment of properties nationwide, with more than 90 multi-family properties and 32,000 units, according to its website.
The state collected $205,656 in excise tax from the sale, according to Register John O’Brien.
Calls to JRK Investors and AvalonBay were not returned.
AvalonBay purchased the Prospect Street property in 1999 for $4.8 million. It is assessed at $24.2 million for the land and seven buildings, according to the city’s website.
The Avalon Essex sale is the second big payday for an AvalonBay property on the North Shore in recent years.
In 2014, Avalon Danvers, the former Danvers State Mental Hospital, was sold to Boston-based DSF Group for $108.5 million.
Adam Swift can be reached at [email protected].
