EDISON, NJ—New Jersey-based Mack-Cali Realty Corp. has closed on the acquisition of Alterra at Overlook Ridge IB, a multifamily property for approximately $88 million.

The property is part of the master-planned Overlook Ridge in Revere and Malden, Mass., which contains 412 rental units. Currently more than 96 percent leased, the property was acquired from a Prudential Insurance Co. of America joint venture.

Amenities at the property includes heated outdoor pools, fitness centers, business centers, screening rooms and direct access to parking garages. The Overlook Ridge community is located five miles north of downtown Boston and provides access to major roadways and public transportation.