Mack-Cali Closes on $264M Deal for Jersey City Apartment Tower
“Investors responded very favorably to this offering, given the lack of multi-housing opportunities on the waterfront and the building’s high-quality construction,” HFF’s Cruz states.
JERSEY CITY, NJ—Mack-Cali Realty Corp. has closed on its previously announced purchase of the 377-unit SoHo Lofts apartment tower here from AEW for $263.8 million.
The closing of the deal was announced today by Holliday Fenoglio Fowler, LP, which marketed the property exclusively on behalf of the seller, AEW, and procured the buyer, Mack-Cali Realty, acting on behalf of subsidiary Roseland Residential Trust.
Mack-Cali recently sold its 56-building office-flex portfolio to an affiliate of Robert Martin Co. of Elmsford, NY for $487.5 million. The New Jersey-based REIT stated that it planned to use the proceeds of the sale of the 3.1-million-square-foot portfolio in Westchester County and Fairfield County (CT) to help finance its purchase of the SoHo Lofts property, located at 273 16th St. on the border of Jersey City and Hoboken.
The HFF investment advisory team that represented AEW in the transaction included Jose Cruz, Michael Oliver, Kevin O’Hearn, Stephen Simonelli, Jordan Avanzato and Mark Mahasky.
“Investors responded very favorably to this offering, given the lack of multi-housing opportunities on the waterfront and the building’s high-quality construction,” HFF’s Cruz states. “Core offerings like Soho Lofts in core locations like Jersey City provide significant future capital appreciation along with current returns.”
The property is immediately adjacent to Interstate 78 and the Holland Tunnel and is proximate to downtown Hoboken, as well as the PATH train, ferry terminal and NJ Transit Bus Terminal. Completed in 2018, the property consists of 369 studios through three-bedroom units as well as eight townhouses situated within 13- and 20-story towers connected by four- and seven-story structures.
Soho Lofts also includes 17,300 square feet of ground-floor retail space and a 375-space parking garage. Units average 1,191 square feet in size with best-in-class features, including gourmet kitchens with stainless steel appliances, custom cabinetry and granite countertops; bathrooms with enclosed glass showers, rain shower heads and Carrara tile; expansive windows with views of the Manhattan skyline; 10-foot ceilings; white oak flooring; exposed duct work; and in-unit washers and dryers.
The property includes numerous amenities, including an infinity edge pool, private poolside cabanas, fireside seating with outdoor TV, cinema room, Zen garden, expansive fitness center, indoor/outdoor yoga room, 10-person sauna, demonstration kitchen and private party room, arcade lounge with billiards and shuffleboard, tech lounge, children’s playroom and dog grooming rooms.
Roseland Residential Trust is an owner, manager and developer of luxury lifestyle-oriented multifamily and mixed-use properties in select waterfront and transit-oriented markets throughout the Northeast. A subsidiary of Mack-Cali Realty, Roseland is the master developer for a number of mixed-use destinations, including the $3-billion Port Imperial community on the Hudson River waterfront in New Jersey.