A Blackstone affiliate has sold a Greater Boston apartment complex for $130M to a new-to-market Chicago-based multifamily investor.

Waterton bought the 503-unit Rosemont Square in Randolph, a site including 20 three-to-four story buildings about 15 miles from Boston’s city center. The price was undisclosed, but public records show a $130M deed filed Tuesday to a Waterton affiliate from an LLC tied to Revantage, a Blackstone affiliate. It is Waterton's first buy in the Boston area.

“We have been watching the Boston market closely for some time and were attracted to the value-add potential, complexity and size of Rosemont Square,” Waterton Senior Vice President of Acquisitions Matt Masinter said in a statement.

Blackstone marketed the Rosemont Square Apartments for $258K per unit, describing the 38-acre community as 98% leased, according to a Blackstone spokesperson. Public records indicate Waterton acquired the buildings at asking price.

Half of the units were occupied by tenants holding housing vouchers, according to a July Real Estate Alert note, and Blackstone said a buyer could realize an additional $623K of annual revenue by raising those rents to market levels.

A representative for Waterton didn't respond to a request for comment.

Public records in Norfolk County show a $98M mortgage from Fannie Mae to Waterton, arranged by Walker & Dunlop, the nation's top Fannie Mae lender last year. The property’s last sale was in 2007 for $50M, according to Reonomy’s property database.

Waterton touts a $6B portfolio across approximately 20 markets. The multifamily property sits near Route 24 and Interstate 93, which Masinter said should draw employees of the region’s life sciences hubs who are priced out of downtown Boston and Cambridge.

A Zumper rent report for November said Cambridge one-bedroom rents were the highest in the Boston metro area at $2,260, while Boston one-bedroom rates were right behind at $2,210. The average one-bedroom rent in Randolph is $1,723, a 7% decrease from last year, according to Zumper.