NEW BRUNSWICK, NJ - Mack-Cali Realty Corporation announced that it has acquired Riverwatch Commons and Richmond Court in New Brunswick, New Jersey. The three-building, 200-unit properties were acquired for a purchase price of approximately $41.1 million.
The luxury properties consist of studio, one-, and two-bedroom units ranging in size from 623 to 950 square feet. The 95 percent leased properties were acquired from an affiliate of Ironstate Holdings.
Located in the heart of New Brunswick, the buildings are close to shopping, restaurants, nightlife, theaters, Johnson & Johnson's headquarters, and Rutgers University. Additionally, the buildings are located adjacent to Hiram Square, a townhome community built by Mack-Cali's Roseland subsidiary, and the renowned Frog and the Peach restaurant. Riverwatch Commons and Richmond Court offer residents an impressive amenity package including fitness centers, laundry facilities, bike racks, on-site parking, and more. The community is strategically located within walking distance of the NJ TRANSIT train station and offers easy access to the NJ Turnpike, I-287, and Route 18.
Roseland will manage and lease the property with the best-in-class standards for which it is known. Roseland will upgrade the apartments using the highest quality finishes. Upgrades include kitchens and bathrooms, en-suite washer/dryer units, a clubroom, as well expansion of the property's amenities in order to generate value-added returns.
Mitchell E. Hersh, president and chief executive officer of Mack-Cali, commented, "The Mack‑Cali/Roseland team is thrilled to acquire these properties, which offer residents spacious, well-appointed apartments in an ideal transit-oriented location. We look forward to upgrading the properties and offering residents an enhanced amenity package. Riverwatch Commons and Richmond Court further fulfill Roseland's mission of visionary lifestyle."
Mack-Cali Realty Corporation is a fully integrated, self-administered, self-managed real estate investment trust (REIT) providing management, leasing, development, construction and other tenant-related services for its class A real estate portfolio. Mack-Cali owns or has interests in 279 properties, consisting of 267 office and office/flex properties totaling approximately 31.1 million square feet and 12 multi-family rental properties containing over 3,600 residential units, all located in the Northeast. The properties enable the Company to provide a full complement of real estate opportunities to its diverse base of commercial and residential tenants.