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Mack-Cali acquires second luxury multifamily property in Boston area

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Edison-based Mack-Cali Realty Corp. announced Thursday it closed on the acquisition of Alterra at Overlook Ridge IB, outside Boston, for approximately $88 million. The completed acquisition was pursuant to a signed contract which Maxck-Cali announced in January with the acquisition of the sister building, Alterra at Overlook Ridge IA.

The luxury multifamily property, in the master planned community of Overlook Ridge in Revere and Malden, Mass., contains 412 rental units, and is currently 96.1 percent leased. Similar to its acquisition of Alterra 1A, the property was acquired from a Prudential Insurance Co. of America joint venture.

Mack-Cali’s recently acquired Roseland subsidiary developed Alterra IB in 2008 for the venture, and has managed the property since its completion.

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