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Mack-Cali Closes on 2nd Boston Multifamily

REVERE, MA-Having developed Alterra at Overlook Ridge 1A and 1B, Mack-Cali subsidiary Roseland is building more apartments at the master planned community.

By Paul Bubny | Updated on April 05, 2013

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.

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