New York-based TGM Assoc. has acquired the 240-unit Addison at Andover Park apartment complex in Lawrence from Fairfield Residential for $50.3 million.

Completed in 2001, Addison at Andover Park contains 100 percent market-rate units in eight buildings on 17 acres. At the time of the sale, 92 units had been renovated.

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