A new multifamily complex that attracted nearly 6,000 applications for 239 income-restricted units is welcoming its first generation of residents in Boston.

A ceremony this week marked the opening of The Beverly, a 239-unit multifamily complex in Boston’s Bulfinch Triangle that is billed as a model for private development of affordable housing.

The complex near the TD Garden reserves 48 units for residents earning between 30 percent and 50 percent of the area median income. The remaining 191 units are restricted for households that make 110 percent to 165 percent of AMI.

Nearly 6,000 residents submitted applications to live in The Beverly during a housing lottery in 2017.

Developer Related Beal leased the parcel at 101 Beverly St. from the Massachusetts Department of Transportation for 99 years at $12.3 million. The site became developable following the completion of the Big Dig.

The project received tax-exempt bonds from MassDevelopment, low-income tax credits and a contribution from Boston Properties and Delaware North Cos. related to development of The Hub on Causeway. The Beverly also received Chapter 121A property tax incentives from the city of Boston.

“Cities benefit from diversity in housing to attract and keep the families, talent and companies that make our city great,” Related Beal President Kimberly Sherman Stamler said at a ceremony marking the complex’s opening this week.

The 484,000-square-foot complex also includes a Courtyard by Marriott hotel and retail space, including a planned A&B Burgers restaurant.