Mack-Cali Realty Corporation closed on the acquisition of Alterra at Overlook Ridge IB in Metro Boston for approximately $88 million.
The acquisition was pursuant to a signed contract which the company announced in January with the acquisition of the sister building – Alterra at Overlook Ridge IA.
The luxury multi-family property contains 412 rental units, and is currently 96.1 percent leased. Similar to its acquisition of Alterra 1A, this property was acquired from a Prudential Insurance Company of America joint venture. Combined with its acquisition of Overlook Ridge 1A, the company’s properties total 722 units with a price of $149.3 million.Mack-Cali’s recently acquired Roseland subsidiary developed Alterra IB in 2008 for the venture, and has managed the property since its completion.