6C — March 2023 — Owners, Developers & Managers — M id A tlantic Real Estate Journal
www.marej.com
O wners , D evelopers & M anagers
750-unit state-of-the-art Jersey City waterfront high-rise achieves milestone Veris Residential announces stabilization of Haus25
J ERSEY CITY, NJ — Veris Residential, Inc ., a forward-thinking, envi - ronmentally- and socially- conscious real estate investment trust (REIT) that primarily owns, operates, acquires, and develops class A multifamily properties, announced that it has stabilized Haus25, a 750- unit luxury apartment tower lo - cated in downtown Jersey City. Haus25 received strong de - mand from renters with nearly 150 leases signed during ap - pointment-only previews prior to the launch of general leasing in April 2022. Demand contin - ued to outpace expectations,
enabling the property to sta - bilize in just 10 months (three months ahead of schedule). As of February 22nd, the property was 95.47% leased and nearly 93% occupied. "The rapid stabilization of Haus25 speaks to our commit - ment to building innovative spaces that align with the needs of our residents, employees and the communities we serve while generating value for our share - holders," said Mahbod Nia , chief executive officer of Veris Residential. "Achieving this milestone well before anticipat - ed, is a testament to Veris Resi - dential's experienced team and
investment in environmentally friendly design features and community-centric, responsible, and holistic living concepts that meet the lifestyle preferences of residents." Globally-recognized firm Elkus Manfredi Architects designed the 56-story tower with LEED Silver certification by the U.S. Green Building Council top of mind. The high- rise features interiors by award- winning Fogarty Finger and outdoor space design by land - scape architecture firm Melillo Bauer Carman . These world- class features, coupled with the Veris Residential leasing and marketing team's expertise, enabled the Company to achieve asking rents nearly 14% over initial underwriting. "Over the past 10 months, our Haus25 team has proven its ability to execute on our strategic action plan to success - fully stabilize the property while maximizing rents despite an everchanging market environ - ment," added Jay Minchilli , se - nior vice president of operations and asset management of Veris Residential. "We are thankful for their hard work and look for - ward to building upon this leas - ing momentum in the months and years ahead as a pure-play multifamily REIT." MAREJ Young’s Landscape Management, Inc. acquires Leonberg Nursery MOORESTOWN, NJ — Young’s Landscape Man- agement to announced the ac - quisition of Leonberg Nurs- ery , located in Moorestown. With over 25 years of experi - ence providing high-quality landscape services, Young’s has established itself as a lead - ing provider in the Delaware Valley to the Jersey Shore. The acquisition of Leonberg Nursery expands Young’s of - ferings to include a wider va - riety of mulch, soil, stone, and sand, in addition to its existing landscape and hardscape de - sign and installation, lighting accents, lawn care mainte - nance, and synthetic putting greens and lawn surfaces. Committed to providing ex - ceptional customer service, products, and craftsmanship, Young’s Landscape Manage - ment guarantees clients the highest quality materials and service. MAREJ
Haus25
QUALITY COMMITMENT PERFORMANCE
Geotechnical Design & Analy
nvironmental Site Assessments and
www.earthengineering.com Corporate Headquarters: 610-277-0880 Lehigh Valley: 610-967-4540 Central PA: 717-697-5701 South Jersey: 856-768-1001
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