The New Brunswick skyline
By Joshua Burd
Mack-Cali Realty Corp. has announced the sale of two luxury multifamily properties, including a 200-unit complex in New Brunswick that changed hands for $47 million.
The company on Wednesday said its sale of Riverwatch Commons, which is located at 5 Dennis St., 10 Dennis St. and 100 Hiram Square, was among three newly completed transactions within its residential portfolio. The deal came alongside its sale of its joint venture interest in Crystal House Apartments in Arlington, Virginia, an 825-unit property that is a block from Amazon’s proposed second headquarters site, and a nearby development parcel.
The Virginia assets were sold for a combined $377 million, Mack-Cali said, noting that the New Brunswick and Arlington properties were its two oldest residential properties. It did not disclose the names of the buyers.
Along with those deals, the real estate investment trust announced that it refinanced a $60 million construction loan of the 326-unit Emery at Overlook Ridge in Malden, Massachusetts.
“As we’ve said before, moving forward our emphasis will be on our core markets, asset control and thoughtful management of our balance sheet,” said MaryAnne Gilmartin, Mack-Cali’s board chair and interim CEO. “Securing permanent financing of The Emery, a building that has nearly stabilized since its 1Q 2020 opening, provides the company with excess financing proceeds.”
JLL’s Jose Cruz, Michael Oliver, Steve Simonelli and Kevin O’Hearn represented Mack-Cali in the New Brunswick deal.
The REIT, whose residential holdings include assets built by its Roseland Residential Trust subsidiary, said the dispositions will elevate the portfolio’s average revenue per home to over $3,100 and reduce the average age of its assets to seven years. Those numbers will improve further with the scheduled delivery of three communities in 2021.
New York Community Bank provided the new loan for the Massachusetts property, which commenced leasing last February and is currently 93 percent leased.