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Lend Lease Real Estate Investments, based in New York City, has acquired the Pierre Apartments here on behalf of an institutional investor client from a charitable trust. The purchase price was not disclosed.

Built in 1970, the 17-story building has 269 rental units and is 99% occupied. It features 24-hour doorman service, a health club and outdoor pool.

“Besides the location and strong occupancy, we see upside potential through renovating the property,” says Paul Mucci, principal and head of Lend Lease’s metro NY acquisitions group.

Altogether, Lend Lease completed $12.7 billion in transactions last year, including $4.1 billion in equity acquisitions, $2.2 billion in mortgages, $2.2 billion in dispositions and $1.4 billion in financings.

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