Mesirow Acquires 355-Unit Cambridge Apartment Complex For $218M
Mesirow Financial acquired the Twenty20 apartment complex in Cambridge Crossing this past week.
The Chicago-based investment firm bought the 20-story, 355-unit apartment complex from PGIM Real Estate for $218M, according to public records. The sale was listed on Feb. 10.
PGIM sold it for $21M more than was last paid for the complex in 2015.
HYM Investment Group and Canyon Johnson Urban Fund III partnered on the project, which opened in 2015. PGIM, then known as Prudential Real Estate Investors, acquired the asset for $197M, according to public records.
For this most recent sale, Walker & Dunlop provided Mesirow with a $139M mortgage, according to public records.
The property is 98% leased as of June, according to CoStar. It also includes 8,625 SF of retail space. Doner Shack, a fast-casual kebab restaurant, filed plans with the city of Cambridge in December 2025 to take up 1,500 SF, the Boston Business Journal reported.
The apartment community includes a mix of studio, one-, two- and three-bedroom units. The property also has 186 private parking spaces. Amenities include a fitness center, a rooftop terrace, pet grooming and a full-time concierge.
The property is located within the 43-acre Cambridge Crossing mixed-use neighborhood, which is home to several life sciences companies, including Sanofi and Bristol Myers Squibb, as well as local dining and outdoor activities. It is also located within walking distance from the Lechmere MBTA station.
CBRE's Simon Butler, Biria St. John, John McLaughlin and Brian Bowler represented the seller and procured the buyer in the deal.
The neighborhood is owned by DivcoWest, which developed another multifamily project in the area, the 20-story Park 151. The property is roughly 90% leased as of June, according to CoStar.
In May, Mesirow raised $1.24B from its Real Estate Value Fund V. The firm said it planned to target value-add multifamily assets across the top 30 U.S. markets.
