Boston Residential Group and investment partner Broder Properties have purchased a former Boston Wharf Co. office in Boston’s Fort Point Channel neighborhood for $12.5 million.

The 48,000-square-foot building at 319A St., near Melcher Street, will be redeveloped into residential condominiums. The seller of the property is a partnership of Synergy and Divco West.

The 48 units will include studios, one-bedrooms and two-bedroom spaces. Studios will be around 400 square feet and two-bedrooms will range up to 1,200 square feet. The units will be "will be more affordable than units in many of Boston’s more traditional neighborhoods," according to a press release.

The residential building will feature a roof deck and bike storage. Boston Residential Group is in discussion with national and local restaurant owners and chefs to locate a restaurant on the ground floor of 319A St.

"This is Boston’s hottest neighborhood, where people want to be, and we think the moment is right to offer this customer homeownership opportunities," Curtis R. Kemeny, founder and CEO of Boston Residential Group, said in a statement. "Many people looking to live here appreciate the feel of these industrial-era buildings, and we will introduce contemporary design elements and conveniences that make it feel like today’s living space."

Construction is expected to begin in January 2015, with an opening early in 2016. The architect is ADD Inc., which has designed several properties in the neighborhood, including the rental apartments at The Lofts at 381 Congress St., location of the new restaurant Row 34.