Prudential Real Estate Investors acquires newly developed luxury residential tower in Cambridge, Mass.

Prudential Real Estate Investors has acquired Twenty|20, a newly developed, high-rise luxury residential tower in Cambridge, Mass. from Canyon Partners Real Estate LLC (“Canyon”), the companies announced today. PREI, acting on behalf of institutional investors, is the real estate investment management and advisory business of Prudential Financial, Inc. (NYSE:PRU), and operates as Pramerica Real Estate Investors in markets outside the Americas, Korea and Japan.

The developer and seller of the property is Canyon Partners Real Estate LLC through its Canyon-Johnson Urban Funds. Terms of the transaction were not disclosed.

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 will transform a former rail yard into a mixed-use, transit-oriented community. Construction on Twenty|20 was completed in August 2015.

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, with convenient access to public transportation and walking and biking access along the Charles River. 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.

“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,” said 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,” said Frank Liu, Senior Director at Canyon Partners Real Estate LLC.

Prudential Real Estate Investors is the global real estate investment business of Prudential Financial, Inc. (NYSE:PRU), and operates as Pramerica Real Estate Investors in markets outside of the Americas, Korea and Japan. Redefining the real estate investing landscape since 1970, PREI has professionals in 18 locations in the Americas, Europe and Asia Pacific with deep local knowledge and expertise, and gross assets under management of $61.5 billion ($45.7 billion net) as of June 30, 2015. PREI’s tenured team offers to its global client base a broad range of real estate investment vehicles that span the risk-return spectrum across core, core plus, value-add, debt, securities, and specialized investment strategies. For more information, visit www.prei.com.

Prudential Financial, Inc. (NYSE:PRU), a financial services leader with more than $1 trillion of assets under management as of June 30, 2015, has operations in the United States, Asia, Europe, and Latin America. Prudential’s diverse and talented employees are committed to helping individual and institutional customers grow and protect their wealth through a variety of products and services, including life insurance, annuities, retirement-related services, mutual funds and investment management. In the U.S., Prudential’s iconic Rock symbol has stood for strength, stability, expertise and innovation for more than a century. For more information, please visit www.news.prudential.com.

Canyon Partners Real Estate LLC (Canyon) (f/k/a Canyon Capital Realty Advisors LLC) is the real estate direct investing arm of Canyon Partners, LLC. Founded in 1990, Canyon Partners, LLC and its affiliates are investment management firms headquartered in Los Angeles, with approximately $24 billion in assets under management. Canyon focuses on providing value-added debt and equity capital to real estate owners, operators, developers, mortgage lenders and corporations involved in time-sensitive and complicated projects, as well as in markets and transactions that are often overlooked, misperceived and difficult to underwrite. Since inception, Canyon has invested over $5.8 billion of capital in over 220 commercial real estate and mortgage transactions with a total capitalization of $15.0 billion through its distinct real estate investment platforms. For more information visit: www.canyonpartners.com.

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