Mack-Cali Realty sells off Andover, MA multifamily

A 220-unit multifamily property in Andover, Mass. has been picked for up for $40 million by a joint venture between Taymil Partners and LEM Capita. Located at 650 Bulfinch Drive, the garden-style community offers floor plans ranging between 518 and 1,225 sqf and encompasses 132 one-, 74 two- and 12 three-bedroom units. The seller, Roseland Residential Trust, a subsidiary of the Jersey City-based Mack-Cali Realty Corp., was represented by CBRE’s Vice-Chairmen & Partners Simon Butler and Biria St. John. “Andover Place Apartments is a high-quality asset with good upside potential for the new ownership and is located in a top-tier community,” said Simon Butler, CBRE/New England Multifamily Group. According to Yardi Matrix, Andover Place has a 2016 average rental rate of $1,641 and is currently 96.8 percent occupied.