Image courtesy of Google Maps

Arrowpoint Properties expanded its portfolio in the city with Greater Boston’s fastest growing apartment rents, acquiring a 17-year-old rental complex in Lawrence.

The Legacy Park complex at 112 Marston St. has been rebranded as Elora Flats and Townhomes. The property includes a 4-story, 80-unit apartment building and 24 direct-entry townhomes.

The price was $30.2 million, according to an Essex County deed. The seller was Legacy Park NBM LLC of Woodcliff Lake, New Jersey, which paid $21.5 million for the property in May 2023.

Lawrence has Greater Boston’s fastest annual rent growth at 2.9 percent, according to a May 28 report by Apartment List. Median rents are $1,314 for one-bedroom apartments and $1,998 for two-bedroom units.

Founded in 2009 by David Lamattina, Lawrence-based Arrowpoint Properties owns 21 properties, primarily in the Merrimack Valley, and seeks to acquire class B rental properties with stable performance and long-term growth potential. 

The Elora Flats & Townhomes, completed in 2009, will receive “targeted capital improvements” under Arrowpoint Properties’ ownership, the company said.