Mack-Cali Acquires New Jersey Community for $264M

Roseland Residential Trust, a multifamily arm of the REIT, purchased a 377-unit luxury apartment building in Jersey City, N.J., from seller AEW.
Soho Lofts. Image courtesy of HFF

Roseland Residential Trust, a multifamily investment arm of Mack-Cali, has closed on Soho Lofts, a 377-unit property in Jersey City, N.J., for $263.8 million. The luxury building was sold by  AEW.

The community is located at 273 16th St., on the northern edge of Jersey City, bordering the city of Hoboken. Newport Green Park, on the waterfront of the Hudson River, is a 15-minute walk from the property, while Interstate 78 is situated one block away.

Built in 2018 by developer Manhattan Building Co., the community offers a mix of one- to four-bedroom apartments as well as private townhomes, with unit sizes ranging from 622 to more than 3,397 square feet. Apartment interiors feature 10-foot ceilings, white oak flooring, granite countertops, in-unit washers and dryers and stainless-steel appliances.

Resident amenities at the property include a swimming pool, poolside cabanas, fireside seating with outdoor TV, a media room, Zen garden, fitness center, indoor/outdoor yoga room, sauna, demonstration kitchen and private party room, arcade lounge, tech lounge, children’s playroom and dog grooming rooms.

An HFF investment advisory team of Jose Cruz, Michael Oliver, Kevin O’Hearn, Stephen Simonelli, Jordan Avanzato and Mark Mahasky represented the seller in the deal.

“The demand for multifamily product on the waterfront, specifically Jersey City and Hoboken, from both New York City buyers as well as offshore capital is at one of the highest levels we have seen since the recession,” Cruz told Multi-Housing News.

Jersey City has been a magnet for multifamily investment and development in recent months. Earlier this year, LMC topped out The Lively, an 18-story luxury community at 321 Warren St., luxury communities The Avenir and Madox were both acquired by investors in separate deals and the Journal Squared development closed on $258 million in financing.