Image courtesy of Nauset Construction and Piatt Assoc.

A Newton developer and Nauset Construction are teaming up on their fourth project over the past decade, the latest of which will create 49 apartments in Cambridge’s Alewife neighborhood.

Nauset Construction recently broke ground on Acorn Holdings’ 605 Concord, a 6-story complex spanning 69,000 square feet. Designed by Boston-based Piatt Assoc., the complex includes balconies, roof terraces and a 12-foot-high glass storefront for the 2,500-square-foot retail component.

“As traffic returns to pre-pandemic levels, housing options located near transit hubs become even more attractive to tenants,” Phil Terzis, vice president of development for Acorn Holdings, said in a statement.

Units will range from studios to three-bedrooms, including a 15-percent income-restricted component.

Completion is scheduled for summer 2024.

Previously, Nauset Construction worked with Acorn Holdings on redevelopment of the former Rounder Records headquarters in Porter Square into a 37-unit apartment complex named 7 Cameron, a 46-unit multifamily project at St. James Episcopal Church in Porter Square and the 93-unit Park 77 apartment complex in Fresh Pond.