CAMBRIDGE, MA—Leasing activity at the Twenty/20 residential tower here continues to be strong and is currently meeting targets set by the developer and now the former owner of the NorthPoint property.

Christina Fantone, general manager of Twenty/20 and the Bozzuto Group, says that last month's $197-million sale of the property by Canyon Partners Real Estate LLC to Prudential Real Estate Investors has not had any impact on the property whatsoever.

Sales began on the property in June and construction on the 20-story building was completed in August. Fantone says that the 355-unit building is currently 20% leased with about 60 apartments occupied.

“Our leasing pace is pretty steady,” she says. “We have about 20 to 25 tours per week and of that we are leasing about seven to 10 apartments per week, which is a pretty good closing ratio.”

Fantone says that leasing is on target to achieve its anticipated 95% leased level in about 18 months from the start of sales. She says that the property is definitely benefitting from the strong and growing economies in Boston and Cambridge. The demographic profile of the typical prospective tenant is a young well educated professional in the biopharmaceutical, biotech and health care sectors, she notes.

“The trend we are seeing is definitely a graduate student and an MGH (Massachusetts General Hospital) crowd of sorts given our proximity to Boston and the ability to walk to MGH from our front door,” Fantone says. “We are also picking up a lot of the professionals in the Kendall Square area.”

Rents are ranging from $2,290 (studio) to $7,750 (three bedroom apartment on penthouse level). The size of the apartments range from 423 square feet to 1,445 square feet. The property also features approximately 8,600 square feet of retail space on the ground floor.

These professionals are attracted to the property not just because of its prime location within walking distance to Massachusetts General Hospital, Kendall Square or the Charles River, but its amenities that total more than 8,000 square feet. Twenty|20 is located at the eastern end of the NorthPoint development site, adjacent to the Gilmore Bridge and the four-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 totaling approximately 3,000 square feet and a large bicycle room.

Another attractive amenity is the construction of a bridge to the Gilmore Bridge that provides a connection to the Lechmere station of the MBTA's Green and Orange lines and quick access to Downtown Boston.

Twenty/20 is part of the 42-acre NorthPoint master-planned community that also recently changed hands. Los Angeles-based Canyon-Johnson Urban Funds and its development partner, the HYM Investment Group, LLC of Boston sold the property to San Francisco-based Divco West for a price estimated between $291 million and $300 million

The NorthPoint property 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.