O wners , D evelopers & M anagers

Real Estate Journal — Section B


M id A tlantic

Brian Moulder and Dhaval Patel of CBRE represent seller Philadelphia-based Equus announces sale of a multi-family portfolio for $64.8m P

ville,” said Greg Curci , vice president of Equus who was responsible for overseeing the disposition for the firm. “Jacksonville’s ongoing em- ployment and rent growth resulted in strong investor interest and competitive pricing for these well-located assets.” Located in the Mandarin, West, and Arlington sub- markets of Jacksonville, the garden style communities were developed between 1971 and 1985. All three properties are well-situated in their respective submar- kets and offer residents a diverse mix of unit types and resort style amenities in low-density and attractive settings. EDISON, NJ — Mack- Cali Realty Corporation and IronstateDevelopment Company announced the topping out of URL Harbor- side 1 at 713 feet, making the newmulti-family tower on the Jersey City waterfront the tallest residential building in New Jersey. Jersey City Mayor Steven Fulop and fellow municipal officials joined the develop- ment partners and more than 200 tradespeople to celebrate the construction milestone of URL Harborside 1, a unique- ly-designed, 69-story resi- dential tower that will bring 763 contemporary rental resi- dences to Mack-Cali’s Har- borside. The approximately $330 million development, the first phase of what will ulti- mately feature three towers comprising 2,358 residences overlooking the Manhattan skyline, is expected to open for leasing in the fourth quarter of 2016. The ambitious proj- ect has created hundreds of jobs in Jersey City, including construction and eventual full-time employment oppor- tunities. “This is a special project in

HI-LIGHTS O ct . 30 - N ov . 12, 2015 “This portfolio offered in- vestors an opportunity to acquire a meaningful foot- print in the city of Jackson- HI LADELPHIA , PA — Equus Capi- tal Partners, Ltd. (“Equus”) , one of the na- tion’s leading private equity fund managers, announced the sale of a three-property, 1,040-unit multi-family port- folio in Jacksonville, FL. The portfolio was sold to Florida- based Blue Rock Partners for $64.8 million. At the time of the sale, the portfolio was over 95% occupied.

The seller was represented by BrianMoulder and Dha- val Patel of CBRE . The Jacksonville portfolio was part of an 11-property transaction that was con- cluded in 2008 by affiliates of BPG Investment Partnership

VIII, LP. The 2008 transac- tion included 11 properties comprising over 3,000 units in Seattle, Portland, Salt Lake, Dallas, and Jacksonville. Equus is currently invest- ing through Equus Invest- ment Partnership X, LP ,

the firm’s latest value add investment vehicle. Since its launch in July 2015, the Fund has made four acquisi- tions, which include a mix of multifamily and office assets totaling approximately $125 million. n

69-Story Mack-Cali/Ironstate Development Co. tower to include 763 rental units URL Harborside I tops out at 713 feet to become the tallest residential building in New Jersey

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every way,” saidMayor Fulop. “It will help redefine the en- tire New Jersey skyline. We couldn’t be more proud of the growth of Jersey City.” The URL concept, which stands for Urban Ready Life, was developed by Ironstate president David Barry to deliver an innovative hous- ing solution that maximizes space, reduces energy use, provides close and easy access to public transit, and serves the community with cafes, residential rooftop gardens, and other unique amenities. Designed by acclaimed Dutch architecture firm Concrete , URL Harborside 1 will be a flagship property with a dis- tinctive tower reflective of its waterfront landscape. “Today’s topping out of the first Urban Ready Life tower at Harborside in Jersey City is extremely exciting for us,” said David Barry. “At 713 feet and the tallest residen- tial structure in New Jersey, it is symbolic of Jersey City’s vibrancy, growth and impor- tance in this state. When completed, it will capture the spirit of the Jersey City wa- terfront in a way that hasn’t

port of Mayor Fulop, the City Council and the New Jersey Economic Development Authority (NJEDA) who have been invaluable to this effort.” Michael DeMarco , presi- dent of Mack-Cali, said “With our partner, Ironstate, URL Harborside will be part of our transformed waterfront – where we’re creating a true live, work, play neighbor- hood with amazing views of Manhattan. This project is a key part of a series of devel- opments transforming Mack- Cali into a premier urban waterfront and transit-based office and luxury multi-family owner.” URL Harborside 1 has risen on a vacant parcel located within Mack-Cali’s Harbor- side mixed-use complex. The project will provide a new east-west connection of Bay Street within Harborside and add public spaces and retail vibrancy to the neighbor- hood. The location provides unparalleled easy access to public transportation via the Exchange Place PATH station, the Hudson-Bergen Light Rail, and nearby ferry. n


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Topping out of URL Harborside

been done before. Similar to what Mies van der Rohe and Philip Johnson created with the Seagrams building in Manhattan, Urban Ready Life at Harborside will be a special building for a variety of reasons and a timeless milestone in the trajectory of Jersey city. We’re delighted to work alongside our partner, Mack-Cali, who believed in this vision from day one, and appreciate the steadfast sup-


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