MassMutual’s Cornerstone Real Estate Advisers and The Fallon Co. have put the Park Lane Seaport apartment complex on the block, in a bid to tap an investment sales market in which investors have displayed a ravenous demand for trophy assets in core markets.

The Fallon Co. developed the 465-unit luxury apartment complex in 2006. The complex, located at One Park Lane near the Legal Test Kitchen restaurant in Boston’s Seaport district, was assessed by the city for $91 million. Seaport Apartments LLC, the holding company that controls the site, has a $110 million mortgage on the apartment building that matures in 2011.

One industry insider referred the Park Lane Seaport sale as "a One Brigham-type deal," referring to the sale of One Brigham Circle last year. That offering attracted a feeding frenzy of institutional investors, and ultimately sold for $98.5 million.

"It will go for a big, big number," a second said. "There are so few, new multifamily investment opportunities here."

At a recent NAIOP Massachusetts forum, Paul Donahue of CB Richard Ellis called multifamily in Boston "the crisis that didn’t happen." He said vacancies were falling rapidly, and rents were rising.

"That’s going to do wonderful things for pricing," he said. "The landlords are back in control."

Fallon could not be immediately reached for comment. The complex is being marketed by Cushman & Wakefield. Last year, the firm sold the 409-unit Dexter Park apartment complex in Brookline for $129.5 million.