Photo courtesy of Arrowpoint Properties

An apartment building overlooking the Merrimack River in Bedford has traded hands.

The new owner is an affiliate of Arrowpoint Properties, a privately owned multifamily investment firm based in Lawrence, Massachusetts.

The 85-unit building at 66 Hawthorne Drive fetched $20.45 million for the seller, an affiliate of Nashua-based investor and home-flipper Property Possible, according to a Hillsborough County deed.

The company had bought the complex in December 2023 for $9.35 million, county property records show.

The full extend of the renovations Property Possible had applied to the 2007-vintage building during its ownership weren’t immediately clear, but Arrowpoint’s announcement of the transaction called out new amenities like a “fully equipped fitness center, community and recreation rooms, pet spa, library, on-site laundry facilities, high-speed internet, carport concierge, and on-site management and maintenance.”

The building is set along a stretch of Bedford’s South River Road that’s attracted numerous multifamily complexes in recent years, thanks in part to its proximity to the town’s largest retail hub and the Route 101-Interstate 293 interchange.

“This acquisition aligns with our strategy of investing in well-located, high-quality multifamily communities that offer long-term value for both residents and investors,” Arrowpoint President and CEO David Lamattina said in a statement. “The Meridian’s recent renovation, strong amenity offering, and prime Bedford location make it an excellent addition to our growing portfolio.”