Photo courtesy of CBRE

An institutional investor paid nearly $96.2 million to acquire a seven-year-old suburban apartment complex.

An affiliate of New York-based Apollo Commercial Real Estate Finance acquired the 249-unit Parc Westborough complex at 346 Turnpike Road. The price equates to over $386,000 per unit.

The seller, Cottonwood Residential of Salt Lake City, Utah, paid $65.5 million for the property in 2018, according to data compiled by The Warren Group, publisher of Banker & Tradesman.

Completed in 2018, the complex comprises four 4-story buildings and a clubhouse. Unit sizes average 1,008 square feet. Resident amenities include a fitness center and swimming pool.

CBRE represented the seller and procured the buyer.

“The community is strategically located just off Route 9, providing superior access to the numerous employers throughout the Metro West,” CBRE Vice Chairman Simon Butler said in a statement.

The property currently lists units renting from $2,175 to $4,640, according to Apartments.com.