It’s official: The site of the former Hilltop Steak House in Saugus will be turned into hundreds of luxury apartments.

CBRE/New England announced on Thursday the sale of the site on Route 1 in Saugus for $17.3 million to real estate investment firm AvalonBay Communities Inc. (NYSE: AVB). The site on the southbound side of Route 1, which was home to the Hilltop for almost 45 years, will be developed into a 280-unit luxury rental apartment community with about 25,000 square feet of retail out front.


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