Guardian Life Insurance Co. of America has acquired the 163-unit Lumiere apartment complex in Medford for $66.8 million from Criterion Development Partners.

The complex at 3780 Mystic Valley Parkway opened in 2014 and is nearly 97 percent occupied, according to CBRE research. The purchase price works out to $410,000 per unit. Managed by WinnResidential, the complex contains 16 income-restricted affordable units.

As of the third quarter, average rents at Lumiere ranged from $2,125 for studios to $3,135 for two-bedroom units, or $2.67 per square foot across the complex.

CBRE’s capital markets team represented the seller.

The neighborhood off Mystic Valley Parkway near I-93 is seeing an uptick in recent development activity.

Equity One Inc. submitted plans last month for a 490-unit apartment complex at 61 Locust St., which currently contains a vacant former Shaw’s Supermarket and Eastern Bank branch.

And New England Development is partially demolishing the 37-year-old Meadow Glen Mall to make room for a new supermarket anchor tenant believed to be Wegmans.

Average rents in complexes in the Mystic River North and Cambridge-Watertown submarkets were $2,343 per unit at the end of the third quarter with a 4.5 percent vacancy rate, according to research by CBRE Econometric Advisors.