Roseland Acquires Interest in Malden Multifamily Project

MALDEN, MA—Mack-Cali Realty Corp., subsidiary Roseland has acquired the interest of a former joint venture partner in the 377-unit Chase at Overlook Ridge complex here.

The luxury residential building was completed in early 2014 and is currently more than 96% leased. The property is the most recent completion in Roseland's Overlook Ridge community. Roseland had been a joint venture partner in the community. No financial details of the transaction were released.

"The Chase acquisition allows Roseland to further expand our ownership and financial presence in our Overlook Ridge master planned community adjacent to the recent construction start of The Chase II," states Andy Marshall, COO of Roseland.

The building features studios, one- and two-bedrooms, and two bedrooms-plus-den units. Among the property's amenities include two fitness centers, a yoga studio, a clubhouse with fireplace and billiards table, a dog washing station, a screening and gaming room, fire pits, an outdoor swimming pool, playground, and tennis courts.

Last November, Roseland commenced construction on The Chase II at Overlook Ridge, which will include 292 luxury residential units. When completed, the new development will be operated as part of a combined 663-unit community together with The Chase. Roseland owns development rights to approximately 800 additional units at the 92-acre master planned Overlook Ridge property and also owns the 722-unit Alterra community in Revere, MA. The same month Roseland initiated construction on its 145 Front @ City Square development, a 237-unit luxury apartment community in Worcester.

Once construction on The Chase II development is completed, company officials note that tenants at the properties will be able to access communal amenities, while Roseland will benefit from shared operations, resulting in lower expenses for each community.