{"id":1004127512,"date":"2015-09-16T04:15:21","date_gmt":"2015-09-16T12:15:21","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004127512"},"modified":"2020-05-11T01:41:26","modified_gmt":"2020-05-11T09:41:26","slug":"prudential-real-estates-new-life-in-cambridge","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/prudential-real-estates-new-life-in-cambridge\/","title":{"rendered":"Prudential Real Estate\u2019s New Life in Cambridge"},"content":{"rendered":"<p><em>By Barbra Murray, Contributing Editor<\/em><\/p>\n<p><a href=\"https:\/\/www.prei.com\" target=\"_blank\" rel=\"nofollow\">Prudential Real Estate Investors <\/a>has just grabbed Twenty|20, a brand new luxury multifamily property in Cambridge, Mass., for its ever-growing portfolio. PREI, the investment business of Prudential Financial, purchased the 355-unit property from Canyon Partners Real Estate L.L.C., which developed the tower at a cost of approximately $147.3 million. The acquisition price was not disclosed.<\/p>\n<div id=\"attachment_1004127514\" style=\"width: 160px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/09\/Kevin-R.-Smith-PREI.jpg\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004127514\" data-attachment-id=\"1004127514\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/prudential-real-estates-new-life-in-cambridge\/kevin-r-smith-prei\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/09\/Kevin-R.-Smith-PREI.jpg\" data-orig-size=\"250,192\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Kevin R. Smith PREI\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Kevin Smith, PREI&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/09\/Kevin-R.-Smith-PREI.jpg?w=250\" class=\"size-thumbnail wp-image-1004127514\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/09\/Kevin-R.-Smith-PREI.jpg\" alt=\"Kevin R. Smith PREI\" width=\"150\" height=\"150\" \/><\/a><p id=\"caption-attachment-1004127514\" class=\"wp-caption-text\">Kevin Smith, PREI<\/p><\/div>\n<p>Twenty|20 carries the address of 20 Child St., and with its position within the 42-acre NorthPoint master-planned development project, its tenants will be able to watch a transit-oriented, 24\/7 community sprout up around them.  The 20-story high-rise, which also features 8,000 square feet of ground level retail, was constructed with Canyon equity as well as a construction loan funded by Wells Fargo.<\/p>\n<p>Canyon wrapped up development of Twenty|20 in August, and PREI wasted precious little time taking over ownership. Given the current state of the apartment sector, there was no reason to wait; it\u2019s a landlords\u2019 market in Cambridge. With an average monthly rent of nearly $3,000, Cambridge, along with Intown Boston, boasts the highest average rent in metropolitan Boston, according to a second quarter study by real estate investment services firm Marcus &amp; Millichap.<\/p>\n<p>The life sciences sector has more than a little to do with Cambridge\u2019s rising rental rates, which are spurred by rising demand. Cambridge is not the No. 1 life sciences market in the U.S.; it is the No. 1 life sciences market in the world, as noted in a report by commercial real estate services firm JLL, so job growth is on the upswing in Harvard University\u2019s hometown, and therefore, so is demand. And, per the M&amp;M report, job creation in the biosciences industry in the Boston area in general will remain elevated for the foreseeable future.<\/p>\n<p>Kevin Smith, head of Americas for PREI, summarizes the perfect storm for Twenty|20\u2019s success. \u201cThe 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 \u2018live-work-play\u2019 community over the coming years,\u201d Smith said in a prepared statement.<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The global real estate investment business of Prudential Financial has just grabbed a brand new luxury property for its ever-growing portfolio. <\/p>\n","protected":false},"author":969,"featured_media":1004127514,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21783,11,21742,10],"tags":[],"class_list":["post-1004127512","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment","category-midatlantic","category-latest","category-northeast"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - 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