News: Front Section
Posted: February 5, 2016
Roseland completes acquisition of a former joint venture partner’s interest in The Chase at Overlook Ridge
The Chase at Overlook Ridge - Malden, MAMalden, MA Roseland, a subsidiary of Mack-Cali Realty Corporation, completed the acquisition of a former joint venture partner’s interest in The Chase at Overlook Ridge, a 371-unit luxury residential building, located six miles outside Boston. The Chase, completed in early 2014, is currently more than 96% 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 increase Roseland’s return on investment.
The building features studios, one- and two-bedrooms, and two bedrooms-plus-den units, as well as a host ofhigh-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.
Tags:
Front Section
MORE FROM Front Section
Newmark negotiates sale of 10 Liberty Sq. and 12 Post Office Sq.
Boston, MA Newmark has completed the sale of 10 Liberty Sq. and 12 Post Office Sq. Newmark co-head of U.S. Capital Markets Robert Griffin and Boston Capital Markets executive vice chairman Edward Maher, vice chairman Matthew Pullen, executive managing director James Tribble,
Columns and Thought Leadership
Make PR pop by highlighting unique angles - by Stanley Hurwitz
Coming out of the pandemic, a client with three hotels in Provincetown, Mass., needed ways to let the world know his properties were open for business for the 2021 tourist season.
Five ways to ruin a Section 1031 Like-Kind Exchange - by Bill Lopriore
While there is some flexibility when structuring a like-kind exchange, some important requirements must be met. A mistake can ruin your exchange. Here are five mistakes to avoid:
Four tips for a smooth 1031 Exchange - by Bill Lopriore
Many real estate investors do not understand the specific requirements that must be met to secure the benefits of a tax-deferred 1031 exchange. For example, the replacement property must be identified within 45 days of the closing date of the relinquished property.
How COVID-19 has impacted office leasing - by Noble Allen and John Sokul
To say that the effects of COVID-19 has transformed office leasing is an understatement. When COVID-19 was at its peak, office spaces were practically abandoned either through governmental mandates or through actions taken by businesses themselves.