Boston real-estate firm Berkshire Group announced its purchase of One Santa Fe, a 438-unit, 500,000-square-foot apartment community located in the Arts District.

The building’s value was estimated at roughly $200 million by sources familiar with the market. Berkshire’s purchase marks the first example of mega-development in the Arts District.

Century City’s McGregor Brown Co., Cowley Real Estate Partners of Culver City, DTLA’s Polis Builders and Canyon Partners Real Estate of Century City sold the property. L.A. County Metropolitan Transportation Authority owns the underlying land parcel.

Designed by Los Feliz firm Michael Maltzan Architecture, the property covers four city blocks and is comprised of two buildings situated around a commercial plaza.

“The purchase of One Santa Fe reflects our focus on purchasing quality multifamily properties in select markets across the country,” said Berkshire Group Senior Vice President of Multifamily Acquisitions, Eric Schrumpf.

One Santa Fe includes a mezzanine level pool, fitness center, sixth-floor sundeck and a fully equipped resident clubhouse, among other amenities.