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A two-year-old apartment complex in Wayland that’s seen steady rent increases in 2024 sold for $98 million to private equity giant BlackRock.

The 360,000-square-foot Alta Rivers Edge complex includes 218 apartments. The developer, Wood Partners, received $44.8 million in construction financing for the project in 2021 from Santander Bank.

A property offering sheet by brokerage Berkadia said the recently-stabilized property has been averaging 7 percent rent increases year-to-date, and represents the only class A apartment property in the town of Wayland.

Wood Partners completed the development in July 2022. The project includes a clubhouse with co-working space and conference room, hobby lounge, fitness center, golf simulator and wraparound porch.

The vacancy rate in the Greater Boston apartment market was 5.4 percent at the end of June, according to brokerage Colliers’ second-quarter multifamily report. Asking rents averaged $2,765, or $3.09 per square foot.