The Hamilton Co. has acquired a 135-unit multifamily residence in Allston for $22.5 million with financing by Peoples United Bank.

The building, formerly owned and operated by Forest Properties, is the largest Allston acquisition in 10 years for The Hamilton Co. The property is located at 435-441 Cambridge St. and 506-524 Cambridge St.

The 100 percent occupied multifamily portfolio consists of five studios, 48 one-bedroom units, 62 two-bedroom units and 20 three-bedroom units.

"We are proud to increase our ownership stake in the Allston neighborhood, where Hamilton established its roots nearly 60 years ago," said Carl Valeri, president and COO of The Hamilton Co. "Forest Properties operated a first class property and it is rare for an opportunity such as this to occur in our backyard."

According to Valeri, the property underwent many upgrades during the previous ownership, including multiple unit renovations and common area updates. Susan Allen of Allen Assoc. of Newton brokered the transaction for the seller and Sally Michael of Saul Ewing represented Hamilton in the transfer.