Short Hills-based Roseland, a subsidiary of Mack-Cali Realty Corporation, announced the acquisition of a former joint venture partner’s interest in The Chase at Overlook Ridge, a 371-unit luxury residential building located in Malden, Massachusetts, just six miles outside Boston. The Chase, completed in early 2014, is currently more than 96 percent leased and is the most recent completion in Roseland’s Overlook Ridge community. Roseland had been a joint venture partner in the community. The conversion of ownership from a joint venture to wholly owned asset will immediately and significantly increaseRoseland’s return on investment.
The building features studios, one- and two-bedrooms, and two bedrooms-plus-den units, as well as a host of high-end community amenities, including two state-of-the-art fitness centers, yoga studio, clubhouse with fireplace and billiards table, dog washing station, a screening and gaming room, fire pits, outdoor swimming pool, playground, and tennis courts.
“The Chase acquisition allows Roseland to further expand our ownership and financial presence in our Overlook Ridge master planned community adjacent to the recent construction start of The Chase II,” said Andy Marshall, chief operating officer of Roseland.
In November 2015, Roseland commenced construction on The Chase II at Overlook Ridge, which will include 292 luxury residential units. When completed, the new development will be operated as part of a combined 663-unit community together with The Chase. As a result, The Chase I and II tenants will benefit from access to all communal amenities and financial performance will benefit from shared operations, resulting in lower expenses for each community. Roseland owns development rights to approximately 800 additional units at Overlook Ridge and owns the 722-unit Alterra community.
The community’s location provides easy access to a wide range of transportation options, including Route 1 and complimentary shuttle service to nearby T stations. It is also a quick trip to Logan International Airport and just minutes away from Revere Beach.Related Articles: