An Allston property where a 36-unit condominium complex was approved in 2011 but never built is getting off the ground under a new ownership group.

Quincy-based Jumbo Capital Management and investor Brad Spencer acquired the 14,136-square-foot property at 20 Penniman Road Aug. 19. East Boston Savings Bank provided $12 million in mortgage financing.

The new owners are looking to tap into the rapidly changing neighborhood, near the 1.8-million-square-foot Boston Landing mixed-use development which includes office space, 295 apartments, new practice facilities for the Bruins and Celtics and a new MBTA commuter rail station scheduled to open next year.

“The new commuter rail station is definitely the main impetus for us to pursue something there. We see that area looking totally different in three to five years than it does today,” Spencer said.

The Boston Redevelopment Authority in 2011 approved plans for a 36-unit condo complex by Rugg Road Realty Trust, but the Penniman On the Park project never moved forward. The 5-story, 41,053-square-foot complex with 17 underground parking spaces would replace three commercial buildings. Six of the condos would be income-restricted.

Designed by O’Sullivan Architects of Reading, the project will include all-steel construction and higher-quality finishes than originally envisioned, Spencer said. The 1,000-square-foot-range units are designed to contrast with the smaller footprints in newer developments in the downtown area. Completion is estimated to take 14 months. Prices will start at approximately $650,000, Spencer said.​