An affiliate of Brookline-based Newman Properties has acquired a multifamily property in East Boston’s Maverick Square as a value-add investment property.

Havre Street Apartments paid $900,000 for 12 Chelsea St. and with financing from Norwood Bank in the form of a seven-year, fixed-rate loan. The new owners plan to renovate the property before renting out its three two-bedroom units.

“East Boston is booming, and this is a premier location. The property is steps away from the Maverick T-Stop, which is one stop by train to downtown Boston. We have been working in East Boston for 10 years now and feel that the market has developed from up and coming growth into a stable long-term hold market,” Principal Matthew Newman said in a statement.

Hacienda Realty represented the sellers. Newman Properties owns and manages more than 500 multifamily units.