CAMBRIDGE, MA—Prudential Real Estate Investors has acquired the recently completed Twenty|20 residential tower building located next to the NorthPoint development site here from Canyon Partners Real Estate LLC.

PREI, headquartered in Madison, NJ reportedly paid $197 million for the 355-unit residential tower that was completed in August of this year, according to a report in Banker & Tradesman. The two parties did not disclose terms of the transaction in their joint announcement.

The 355-unit residential tower, which was built to LEED Silver specifications, is part of the NorthPoint development site, a 42 acre master-planned development project that looks to transform a former rail yard into a mixed-use, transit-oriented community. Construction on Twenty|20 was completed in August 2015. Canyon Partners was the developer of the project.

The sale of Twenty|20 comes less than a month after Canyon Partners Real Estate sold off its adjoining NorthPoint development site to San Francisco-based real estate investment and management firm DivcoWest.

The 42-acre master planned property changed hands for a reported purchase price of between $291 million and approximately $300 million, which would make the deal one of the most expensive development site transactions in years in Greater Boston. The property, which includes a few residential buildings, has received all necessary approvals for the development of approximately 4.5 million gross square feet, including 2.4 million gross square feet of residential and 2.1 million square feet of commercial space. The property was sold by Los Angeles-based Canyon-Johnson Urban Funds and its development partner, the HYM Investment Group, LLC of Boston,

Twenty|20 is located at the eastern end of the NorthPoint development site, adjacent to the Gilmore Bridge and the 4-acre NorthPoint Common park. The apartment units feature high-end finishes, energy-efficient appliances and oversized windows. Common area amenities include a rooftop terrace with panoramic views, a 3,000-square-foot fitness center and yoga sundeck, an open-air courtyard, and an indoor basketball court. At press time the property was 18% leased.

“The Boston metro area offers solid, long-term growth prospects thanks to an expanding job market and a thriving biotechnology and pharmaceutical presence, and we expect that Twenty|20 will benefit from the transformation of NorthPoint into a dynamic, urban 'live-work-play' community over the coming years,” says Kevin R. Smith, head of Americas for PREI. “We are pleased to deliver this high-quality property to prospective tenants, the Cambridge community and our investors.”

“The sale of Twenty|20 underscores Canyon's commitment to urban revitalization while simultaneously creating value for our investors. We look forward to future opportunities to make a similar impact with other investments in the Boston metro area,” says Frank Liu, senior director at Canyon Partners Real Estate LLC.