Photo courtesy of Hanover Assessing department

A 300-unit apartment complex developed as part of the mixed-use transformation of the Hanover Mall traded for nearly $156 million.

AEW Capital Management acquired the Hanover Crossing apartments from the Hanover Co. of Houston.

PECO Real Estate Properties (PREP) bought the Route 53 mall in 2016 for $40 million and submitted redevelopment plans for an open-air shopping center and mixed-use development including multifamily housing.

PREP sold the apartment parcel at 80 Mill St. in 2022 to an affiliate of The Hanover Co. The four-building residential complex was completed in 2022 and currently lists one-bedroom units renting from $2,240 per month.

Apartment vacancies in Greater Boston rose to 6.3 percent, the highest level in more than four years, during the second quarter, according to a recent report by Colliers. Asking rents increased 2.2 percent over the past year.