The Hamilton Co. has purchased Oakley Court in Watertown, a 29-unit apartment building at 550 Belmont St., for $3.2 million.

"This property is uniquely located and boasts generous living space, a parking garage and  immediate MBTA access," Carl Valeri, president and chief operating officer of The Hamilton Co., said in a statement. "The property's condition will fit well with our other 180 units we own and manage in Watertown."

Valeri and Sally Michael of Saul Ewing coordinated the cash transaction on behalf of The Hamilton Co.

Oakley Court was originally built in 1942 by James Carrig, whose family held the property for 71 years. Upon completion of the acquisition, the property will be renamed Hamilton Court, according to Harold Brown, founder and chairman of The Hamilton Co.

The acquisition is Hamilton's fifth this year, bringing the company's total purchases to $129.5 million. Other purchases this year include the Douglas Apartments in Boston ($42 million), Windsor Green in Andover ($62. Million), a development parcel at 441 River Street parcel in Waltham ($2.4 million) and 41,000 square feet of retail space in Boston ($8.9 million).