Thank you for sharing!

Your article was successfully shared with the contacts you provided.

DELRAN, NJ-And then there was one…Tenby Chase, one of only two multifamily residential properties in the 28.8 million-sf, 270-property portfolio of Mack-Cali Realty, has been sold to Tenby Chase Investors, an affiliate of Pantzer Properties. The Saddle Brook, NJ-based Pantzer owns and manages more than 7,000 apartments in the Mid-Atlantic region. Joseph Verdejo of Insignia/ESG represented Mack-Cali in the transaction.

The sale price for the 327-unit Tenby Chase was set at $20 million. The seller had developed the property itself back in the 1970s.

“This asset has provided solid operating returns and growth in value for us, but we decided that it didn’t fit with our portfolio strategy going forward,” according to Mitchell E. Hersh, Mack-Cali’s CEO. “We sold it to capitalize on the currently favorable climate for residential properties. The proceeds will be redeployed into office properties in the Northeast and Mid-Atlantic regions, where we continue to build on our presence in the office sector.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. APARTMENTS Fall 2021Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.