{"id":1004058216,"date":"2013-01-23T07:45:16","date_gmt":"2013-01-23T15:45:16","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004058216"},"modified":"2022-03-03T07:26:12","modified_gmt":"2022-03-03T15:26:12","slug":"mack-cali-acquires-two-luxury-m-f-properties-in-metro-boston","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/mack-cali-acquires-two-luxury-m-f-properties-in-metro-boston\/","title":{"rendered":"Mack-Cali Acquires Two Luxury M-F Properties in Metro Boston"},"content":{"rendered":"<p><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/01\/MACK_CALI.jpg\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004058218\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/mack-cali-acquires-two-luxury-m-f-properties-in-metro-boston\/mack_cali\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/01\/MACK_CALI.jpg\" data-orig-size=\"1498,996\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;}\" data-image-title=\"MACK_CALI\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/01\/MACK_CALI.jpg?w=1024\" class=\"alignleft size-medium wp-image-1004058218\" title=\"MACK_CALI\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/01\/MACK_CALI.jpg\" alt=\"\" width=\"300\" height=\"199\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/01\/MACK_CALI.jpg 1498w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/01\/MACK_CALI.jpg?resize=300,199 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/01\/MACK_CALI.jpg?resize=768,511 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/01\/MACK_CALI.jpg?resize=1024,681 1024w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><\/p>\n<p>Mack-Cali Realty Corporation has acquired Alterra at Overlook Ridge IA in Metro Boston for approximately $61.3 million and has also agreed to acquire Alterra at Overlook Ridge IB for approximately $88.7 million from a joint venture that includes Prudential Insurance Co. of America.<\/p>\n<p>Combined, the multi-family properties consist of 722 units in the master-planned community of Overlook Ridge in Revere and Malden, Mass, with Alterra at Overlook Ridge IA containing 310-units and Alterra at Overlook Ridge IB home to 412 units.<\/p>\n<p>Mack-Cali\u2019s recently acquired Roseland subsidiary developed Alterra IA in 2004 and Alterra IB in 2008 for the venture, and has managed the properties since completion. The properties were 97.2 percent leased at the time of the sale.<\/p>\n<p>\u201cThe acquisition of Alterra perfectly complements our recent acquisition of the real estate development and management businesses of Roseland and its imminent development interests at Overlook Ridge,\u201d said Mitchell E. Hersh, Mack-Cali\u2019s president and CEO<em>. \u201c<\/em>We expect to place mortgage financing on the property that will provide a cash on cash yield in excess of 9 percent.\u201d<\/p>\n<p>Both are Class A properties with resort-style amenities, including heated outdoor pools, fitness centers, lounges with billiards, business centers, cinema screening rooms and direct access parking garages.<\/p>\n<p>\u201cWe were attracted to this acquisition because these premier assets represent the finest in luxury, location, and amenities, and are consistent with the highest quality properties in the marketplace, as well as the opportunity for a value-add component,\u201d said Marshall B. Tycher, Roseland\u2019s co-president. \u201cWith a planned interior cosmetic modernization we are confident we can command today\u2019s higher market rents.\u201d<\/p>\n<p>The Overlook Ridge community is located just five miles north of downtown Boston and is nearby to many restaurants, shopping and attractions. It also features superior access to a vast highway network, direct access to MBTA bus service, as well as private shuttle service.<\/p>\n<p>In addition to managing Alterra, Roseland developed and manages the adjacent Quarrystone and is actively constructing the 371-unit Highlands at Overlook Ridge in joint venture with UBS.<\/p>\n<p><strong>Like us on facebook:<\/strong><em><a title=\"Commercial Property Executive\" href=\"https:\/\/www.facebook.com\/pages\/Commercial-Property-Executive\/258033884191\"> https:\/\/www.facebook.com\/pages\/Commercial-Property-Executive\/258033884191<\/a><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Mack-Cali Realty Corp. has acquired Alterra at Overlook Ridge IA in Metro Boston for approximately $61 million and has also agreed to acquire Alterra at Overlook Ridge IB for approximately $89 million from a joint venture that includes Prudential Insurance Co. of America.<\/p>\n","protected":false},"author":1269,"featured_media":1004058218,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1490,21783,11,21742],"tags":[],"class_list":["post-1004058216","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-boston","category-investment","category-midatlantic","category-latest"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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