ANDOVER, MA—Mack-Cali Realty Corp., headquartered in Edison, NJ, has acquired the Andover Place multifamily community here for approximately $37.7 million from AEW Capital Management and Corcoran.
The firm adds to its increasing multifamily portfolio Andover Place, a 220-unit luxury development that consists of studio, one-, two-, and three-bedroom units, as well as three-bedroom duplexes. The 30-acre property, located a mile from I-93, is 94% leased. The property at 650 Bulfinch Drive features a clubhouse with fitness center, a swimming pool with sundeck and barbecue area, and parking. Mack-Cali's Roseland subsidiary will manage and lease the property.
Mack-Cali plans to make upgrades to the apartments that will include improvements to the units' kitchens and bathrooms, the installation of en-suite washer/dryer units, a refurbished pool deck, as well expansion of the property's other amenities in order to generate value-added returns.
Mitchell E. Hersh, president and chief executive officer of Mack-Cali, says of the company's latest purchase, “The Mack-Cali/Roseland team is thrilled to acquire Andover Place, which offers residents spacious, well-appointed apartments in a strategic location. We look forward to upgrading the property and offering residents an enhanced amenity package. Upon completion of the renovations, the community will further fulfil our mission of building visionary lifestyle.”
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