Prudential Real Estate Investors has acquired a luxury apartment tower in East Cambridge for $197 million.

The 355-unit Twenty |20 tower which opened in June is approximately 17 percent leased, with rents ranging from $2,490 for studios to $7,950 for three-bedroom penthouses.

Located a five-minute walk from the MBTA’s Lechmere station, the tower sits in relative isolation, surrounded by undeveloped land and a 4-acre park, but could soon be part of a major new mixed-use neighborhood. San Francisco-based DivcoWest acquired the 42-acre NorthPoint property in August for $291 million, with the goal of building out the rest of the long-delayed project. The site is approved for 4.5 million square feet of commercial and residential development, including up to 300,000 square feet of retail space.

“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,” Kevin R. Smith, head of Americas for PREI, said in a statement.

PREI is the real estate investment management arm of Prudential Financial Inc. Prudential Real Estate Investors acquired the property on behalf of institutional investors from Canyon Partners Real Estate.