EDISON, NJ—Mack-Cali Realty Corp. took another step along its path of expanding its multi-family portfolio Monday, with another purchase in the Boston area.
The Edison-based REIT, which has been striving to build its profits with a shift to a multi-family focus, acquired the 220-unit Andover Place apartments in Andover, MA, for $37.7 million. The building is 94% leased.
Last year, Mack-Cali had picked up two other buildings near Boston for $150 million. Those properties had been developed and managed by Roseland Property Co., which is now a Mack-Cali subsidiary. Mack-Cali Roseland will manage and lease the Andover property as well.
This is the first Mack-Cali acquistion since its move last month to sell 15 office properties in northern New Jersey, New York and Connecticut for $230.8 million to Keystone Properties.
The Andover community was acquired from AEW Capital Management and Corcoran.
Its units, ranging from studios to three-bedrooms, plus some three-bedroom duplexes, will be upgraded with top-quality finishes in kitchens and bathrooms, en-suite washer/dryer units. Also, the pool deck will be refurbished and amenities expanded, according to Mack-Cali..
The apartments are located on 30 acres of landscaped grounds situated a mile from I-93.
Mitchell E. Hersh, president and CEO of Mack-Cali, called it a “strategic location close to employment and recreational centers.
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