The Grossman Cos. Inc. of Quincy and The Waypoint Cos. of Boston have purchased a 0.70 acre site at 61-89 Braintree St. in Boston’s Allston neighborhood which is permitted for an 80-unit, $26 million apartment complex.

“We are enthusiastic about this location and its potential,” Grossman Cos. Co-President Jake Grossman said in a statement. “This is the latest  epicenter of Boston’s 21st century development.” He named the site’s proximity to downtown Boston and Cambridge and the new New Balance headquarters at Boston Landing as particular attractions.

In a press release, Grossman said 51 of the 80 apartments will be 568-square-foot studio units. The remaining units will be mostly one- and two-bedroom spaces ranging in size from 840 to 1,122 square feet, along with a handful of of 1,173-square-foot three-bedroom units. Plans call for 68 parking spaces, a fitness center and a common roof deck. Rooftop solar panels will help reduce utility costs. It will be the largest modular construction project in the city of Boston.

The units are intended to serve the area’s recent graduates, young professionals and grad students.

The Grossman Cos. made seven acquisitions during 2014 in Massachusetts, Connecticut and Rhode Island.

In another joint venture residential real estate arrangement, Grossman has acquired a portfolio of 110 two- to six-family multi-unit properties in East Boston. That portfolio comprises 120,000 square feet in 30 properties. Jake Grossman said the partnership is seeking additional East Boston multi-families.  The company is currently permitting land in Connecticut for a new apartment complex.