Image courtesy of CBRE

A 20-acre parcel in Woburn has been acquired for $23.4 million by San Diego multifamily developer Fairfield Residential following approval of its plans for a 425-unit apartment complex.

The seller was DM Five Inc., formerly known as New England Resins & Pigments Corp., according to a Middlesex County deed filing.

The approval follows the city of Woburn’s approval of the Commerce Way Overlay District, which allows higher-density multifamily development in the former industrial corridor.

The property will connect to the MBTA’s Anderson Woburn Regional Transportation Center and improve access to Commerce Way and Interstate 93 following the construction of a 1,850-foot, three-span bridge over the MBTA tracks on New Boston Street. Massachusetts Department of Transportation directors approved the $23.5-million project, which is estimated to take 39 months to complete, in February.

The project will reserve 15 percent of the units for households earning 80 percent or less of the area median income. The site also includes 2.8 acres located within the town of Wilmington.

CBRE’s Simon Butler, Biria St. John and John McLaughlin represented the seller and procured the buyer.

“Woburn is undergoing tremendous transformation and this development will provide high-quality housing to a growing workforce and much needed affordable housing,” St. John said in a statement.