EDISON, NJ-Moving in unswerving fashion to expand its multi-family portfolio, Mack-Cali Realty Corp. acquired a three-building apartment complex in New Brunswick Thursday for $41.1 million from Ironstate Holdings.
The Riverwatch Commons and Richmond Court, which has 200 rental units, is situated in the heart of downtown, within walking distance of the NJ Transit Train Station, and near shopping, restaurants, theaters and Rutgers University.
Johnson & Johnson's headquarters is also nearby; the buildings are adjacent to Hiram Square, a townhome community built by Mack-Cali's Roseland subsidiary.
The Riverwatch Commons and Richmond Court communities consist of studio, one-, and two-bedroom units, ranging in size from 623-950 square feet. They are 95% leased.
Amenities include fitness centers, laundry facilities, bike racks and on-site parking.
Roseland will manage and lease the property. It plans to upgrade the apartments with top-grade finishes in kitchens and bathrooms and to install en-suite washer/dryer units. Expanded amenities are also planned.
Mitchell E. Hersh, president and CEO of the Mack-Cali REIT said the company was “thrilled” to acquire the high-quality apartments in a transit-oriented location. The company has been in full-throttle transition to a focus on multi-familiy property for more than two years now, after confronting a declining office market in New Jersey.
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