Photo courtesy of Newmark Knight Frank

Norwood-based LCB Senior Living and Harrison Street Capital have acquired a 90-unit senior housing community in Watertown for $48 million.

Developed in 2014, The Residence at Watertown Square contains 19 independent living units, 46 assisted-living units and 25 memory care units at 20 Summer St. 

Newmark Knight Frank represented the buyers in placing the financing for the acquisition. Wells Fargo Bank provided a $32.2 million mortgage.

“The community, which benefits from very limited new competition, is proximate to both large retail nodes and high-end residential areas in and around Watertown,” said Anderson. “LCB Senior Living, which has operated in the Boston market since its inception, will continue to operate the community.”

Investors in Boston-area senior living communities are poised to benefit from the region’s limited construction pipeline. The metro area has 474 units under construction, the second-lowest of any top-15 metropolitan statistical area in the U.S., according to Newmark research.