Mack-Cali Announces Sale of Riverwatch Commons and Crystal House Apartments
January 06, 2021 at 11:00 am
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Mack-Cali Realty Corporation announced a trio of transactions across its residential portfolio, including the sale of its interests in Riverwatch Commons in New Brunswick, NJ and Crystal House Apartments in Arlington, VA, as well as the construction take-out financing of The Emery at Overlook Ridge in Malden, MA. Mack-Cali sold its JV interest in Crystal House Apartments in Arlington, VA, which it owned in partnership with an institutional investor. Crystal House Apartments, located a block from Amazon's proposed HQ2, are comprised of an 825-unit operating property and land held for future development. The assets were sold for $377 million comprised of $40 million for the land and $337 million for the operating property. Additionally, the firm sold Riverwatch Commons for a total of $47 million. The asset is comprised of 200 units in New Brunswick, NJ, at 5 Dennis Street, 10 Dennis Street, and 100 Hiram Square – and is ideally located near Rutgers University and Robert Wood Johnson University Hospital. The dispositions of the Company's two oldest properties will elevate the portfolio's average revenue per home to over $3,100 and reduce the average age of its assets to seven (7) years, which will be further reduced upon the scheduled delivery of three communities in 2021.
Veris Residential, Inc. is a fully integrated, self-administered, and self-managed real estate investment trust (REIT). The Company owns, operates, and develops multifamily rental properties located primarily in the Northeast, as well as a portfolio of non-strategic land and commercial assets. The Company operates through two segments: multifamily real estate and services and commercial and other real estate. The Company provides property management, leasing, acquisition, development, construction and tenant-related services for its multifamily real estate portfolio and commercial and other real estate located in the United States. The Company owns and has interests in 24 multifamily rental properties as well as non-strategic assets comprised of one office property, four parking/retail properties, and developable land. It seeks to own a portfolio comprised primarily of Class A multifamily properties with premium amenities and offerings that reflect its commitment to sustainability.