Photo courtesy of Garrett Rowland/Pembroke

Fidelity Investments’ real estate arm added a Kendall Square housing high-rise to its portfolio as it pursues a diversification strategy.

The 280-unit Proto tower at 88 Ames St. in Cambridge is 95 percent occupied, according to its new owner, Pembroke.

Average rents have increased 4.5 percent from $3,060 to $3,198 in the 12 months ending Sept. 30, according to an SEC filing by seller BXP.

The purchase price for 88 Ames St. was not announced, although the Boston Globe reported it at approximately $170 million. BXP developed the 22-story, 237,463 square-foot building, which opened in 2018.

BXP, the nation’s largest office REIT, is in the midst of a $1.9 billion divestment strategy for non-core assets.

In a statement, Pembroke President Edward Johnson said the company will continue to invest in residential properties in “leading metropolitan markets.” Pembroke has acquired five multifamily housing properties in the past two years as part of a global diversification strategy.

Pembroke’s current portfolio includes properties in 13 global markets.

Pembroke’s local properties includes the Commonwealth Pier complex in the Boston Seaport District, which includes Fidelity Investments offices and is undergoing a sweeping renovation project. The company also owns the 255 State St. and Seaport East and Seaport West office towers.

“We continue to focus on identifying the attractive opportunities in our target markets, be it high-quality existing assets or ground-up developments, and are in a unique position to close deals expediently,” Pembroke Head of Investments Jack Clark said in a statement.