The Davis Cos. of Boston has acquired the River City Renaissance multifamily portfolio in Richmond, Va. for $37.35 million.

The deal represents the first acquisition in the Richmond area for The Davis Cos., which owns 12 million square feet of real estate across the eastern U.S.

The 29-building complex contains 441 apartments in Richmond’s Fan and Museum districts, one of the largest intact 19th and early 20th-century neighborhoods in the U.S. The occupancy rate is 70 percent.

TDC plans a significant investment in renovations throughout the complex beginning this spring and concluding in summer 2016. Spy Rock Real Estate Group of Richmond is partnering with The Davis Cos. on development and operation of the complex. The company has developed more than 2,500 multifamily units in Virginia.

“This is truly irreplaceable real estate. The continued growth of the Midtown Richmond area coupled with its high barriers to entry make this project especially unique,” Spy Rock Principal Andrew Masham said in a statement.

Bonaventure Property Management Services will be the onsite property manager.

TDC recently completed renovations of Woodfield Crossing, a 662-unit apartment complex in Rolling Meadows, Ill. and is repositioning the 500,000-square-foot Union Trust Building in Pittsbuild into a class A office and retail building.