The newest multifamily development on the East Boston waterfront is 40 percent leased as it begins welcoming tenants to 200 apartments.

The $71 million Boston East was developed by Boston-based Trinity Financial, which acquired the 7-acre former shipbuilding and coal storage parcel in 2015 for $2 million.

Designed by ICON Architecture, the complex includes multiple decks, a rooftop lounge and on-site kayak and paddleboard launch. MassWorks provided a $3-million infrastructure grant for an extension of the Boston Harborwalk.

Trinity acquired the long-vacant property from the city for $2 million in 2015. The city’s Department of Neighborhood Development first sought proposals to redevelop the property in 2004, but attempts stalled during the recession. East Boston Community Development Corp. is overseeing the future of a portion of the property set aside for marine industrial use.

Along with six artist units, the complex contains studios and one- through three-bedroom units and lofts. The property lists one-bedroom units starting at $2,427.

J.P. Morgan provided the $45.7-million construction loan.