Property Type

REVERE AND MALDEN, MASS. — Mack-Cali Realty Corp. has closed on the acquisition of Alterra at Overlook Ridge IB in metro Boston for $88 million. The acquisition was pursuant to a signed contract in January, when Mack-Cali purchased the sister building — Alterra at Overlook Ridge IA — for $61.3 million. The luxury multifamily property, located in the master planned community of Overlook Ridge in Revere and Malden, includes 412 rental units. The property was 96.1 percent leased at the time of sale. Similar to its acquisition of Alterra 1A, this property was acquired from a Prudential Insurance Co. of America joint venture. Roseland, a subsidiary of Mack-Cali, developed Alterra 1B and has managed the property since its completion.

LAFAYETTE HILL, PA. — An affiliated company of BET Investments Inc. has acquired Lincoln Woods Apartments, located at 9801 Germantown Pike in Lafayette Hill, about 20 miles north of Philadelphia. TIAA-CREF sold the property for $29.3 million, according to the Philadelphia Inquirer. The multifamily property was 98 percent leased at the time of sale. The average unit size is 774 square feet. With the addition of Lincoln Woods, BET Investments and its affiliates now own more than 2,500 apartment units in the Philadelphia area.Berkadia Commercial Mortgage LLC originated a 10-year, $25.5 million loan through Fannie Mae’s DUS platform for the acquisition. Lizann McGowan and Robert Fahey of CBRE represented the seller in the transaction.