MACK-CALI ACQUIRES 220-UNIT MULTIFAMILY COMMUNITY IN MASSACHUSETTS

ANDOVER, MASS. — Mack-Cali Realty Corp. has acquired Andover Place at 650 Bulfinch Drive in Andover for approximately $37.7 million. The 220-unit multifamily community consists of studio, one-, two-, and three-bedroom units, as well as three-bedroom duplexes. The property, which was 94 percent leased at the time of sale, was acquired from AEW Capital Management and Corcoran. The property features a clubhouse with fitness center, swimming pool with sundeck and barbecue area, abundant parking, and is located on 30 acres. The new owners plan to upgrade kitchens and bathrooms, add washer/dryers units to the apartments, and a refurbish the pool deck. Mack-Cali’s Roseland subsidiary will manage and lease the property, which is located one mile from Interstate 93 and near both the train station and Main Street in downtown Andover.