Mack-Cali Closes on 2nd Boston Multifamily

REVERE, MA-Mack-Cali Realty Corp. on Thursday said it had closed on its previously reported purchase of the Alterra at Overlook Ridge 1B here. The purchase price for the rental apartment property, currently 96.1% leased, was approximately $88 million, the Edison, NJ-based REIT said in a release.

This past January, GlobeSt.com reported that Mack-Cali had acquired the 412-unit's sister property, the 310-unit Alterra at Overlook Ridge 1A, for $61.3 million, and was in contract on Alterra 1B. The two acquisitions combined total 722 units and $149.3 million, Mack-Cali said Thursday. A CBRE New England team brokered both sales.

As with the Alterra 1A purchase, Alterra 1B was acquired from a joint venture between affiliates of Prudential Insurance Co. of America and Roseland Partners, according to an SEC filing. Roseland, which developed Alterra IA in 2004 and Alterra IB in 2008 for the JV and has managed both properties since completion, was acquired by Mack-Cali for $135 million this past October.

Located five miles north of downtown Boston in Revere and Malden, MA, Overlook Ridge is a master-planned community at the former Rowe's Quarry site. Roseland has been the master developer of the community approved for 2,800 units with ancillary commercial uses since 2002.

Along with managing Alterra, Roseland developed and manages the adjacent Quarrystone community and is actively constructing the 371-unit Highlands at Overlook Ridge in a JV with UBS. “The acquisition of Alterra perfectly complements our recent acquisition of our Roseland subsidiary and our development interests at Overlook Ridge,” Mitchell E. Hersh, president and CEO of Mack-Cali, says in the release.