A joint venture has acquired a multifamily property at 134 Cottage St. in Chelsea with a value-add strategy.

P&N Investments, a partnership between Brookline-based Newman Properties and Tanner Payne of Apex Real Estate Group, paid $790,000 for the property with acquisition financing from Winchester Savings Bank in the form of a seven-year, fixed-rate loan.

P&N specializes in the acquisition of investment properties with a portfolio that includes retail, commercial and multifamily residential properties.

“We feel that there is great value in Chelsea due to its close proximity to Boston and the waterfront. Research shows that Chelsea has experienced strong growth and demand in the past few years and that this trend will continue in the future,” Matthew Newman of Newman Properties said in a statement.

Newman Properties owns and manages over 500 residential units along with office and retail properties.