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Chicago-based real estate investor Mesirow paid $188 million for a 329-unit apartment complex located next to a growing life science cluster in Somerville’s Assembly Square.

The Alta Revolution apartments at 290 Revolution Drive spans 343,630 square feet. The seller, Wood Partners, paid $34 million for the 1.7-acre approved development site in 2019 and completed construction in 2022. The complex includes 66 income-restricted units and 10,000 square feet of retail space.

The acquisition price works out to over $571,000 per unit. Walker & Dunlop provided $104,944,000 in acquisition financing, according to a mortgage filed with the Middlesex County Registry of Deeds.

The complex lists rents for studios starting at $2,685 and sits next to a growing life science development cluster.

BioMed Realty is scheduled to complete the first phase of its 1.5 million-square-foot Assembly Innovation Park campus, a 495,000-square-foot lab tower, in June 2024.

And Greystar is developing a 465,000-square-foot life science tower known as 74M at 74 Middlesex Ave., which is scheduled for completion in early 2024.

Greater Boston apartment vacancies have increased from 4.2 to 5.6 percent over the past year, according to a recent report by brokerage Colliers, reflecting the delivery of more than 8,000 newly-developed units since the beginning of 2022. Another 17,000 units are in the development pipeline, with more than 60 percent of the construction located in Boston, Cambridge and the inner suburbs.

Asking rents across the region have remained relatively flat in the past year, Colliers reported. But rising interest rates have prevented many renters from entering the first-time homebuyer market, Colliers noted, propping up demand for apartments.