Pacific Urban Investors has acquired the Residences at River’s Edge, a 222-unit apartment community in Medford. It’s the first Boston metro investment for Pacific Union, which brings its Boston portfolio to 746 units.

Built in 2009, the Residences at River’s Edge is a midrise community of 100% market rate units with 337 garage spaces adjacent to River’s Edge Park. The transportation-centric community is located just five miles from downtown Boston and less than a mile from the Wellington MBTA orange line station. It’s also adjacent to River’s Edge Park. 

The property also includes large, functional floor plans, 10- and 14-foot ceilings and full amenities. 

“Residences at River’s Edge gives Pacific the opportunity to acquire a contemporary apartment community in an extremely job- and amenity-rich location,” said Dan Maccabee, vice president of investments at Pacific. “The property offers residents convenient access to Boston’s employment centers as well as the rapidly expanding neighborhood of Assembly Row. When you couple this with the adjacent River’s Edge Park, we believe the property differentiates itself in the marketplace [by] providing lower density living with immediate access to the lifestyle amenities and employment of the urban center.” 

“We are thrilled to add this asset to our portfolio given the asset quality and strong market fundamentals, and we are eager to add additional opportunities to our expanding Boston portfolio,” said Pacific’s president Rory Gardner. “We are actively seeking additional Boston investments across all our strategies; including both direct acquisitions, as well as joint-venture and preferred equity opportunities.”