6B — April 29 - May 12, 2016 — Owners, Developers & Managers — M id A tlantic
Real Estate Journal
www.marejournal.com
O wners , D evelopers & M anagers The cost of the Weehawken, NJ transactions is $36 million
Roseland announces key investment activity in the Hudson River Waterfront & Boston Markets
EEHAWKEN, NJ — Mack-Cali Real- ty Corp. announced Roseland Residential Trust (Roseland) reached an agree- ment or completed the ac- quisition of various partners’ interests in Port Imperial on the NJ Waterfront and in East Boston. In addition, Roseland is actively marketing for sale Andover Place in Andover, MA. Roseland Residential Trust was formed January 1 to own, manage, and develop Mack- Cali’s luxury multi-family resi- dential portfolio. As part of the formation, Marshall Tycher W
became chairman and Andrew Marshall became president and chief operating officer. The multi-family portfolio is projected to more than double in size from 7,000 apartment homes either operating or in construction to over 14,000 apartments by year-end 2018. Roseland agreed to: Port Imperial: • Weehawken, NJ: The buyout of its partner’s interests in five Port Imperial waterfront de- velopment parcels. Concurrent with the acquisition, Roseland commenced construction on one of the acquired parcels, RiverHouse, a 100% wholly owned 295-apartment home community. • Weehawken: The buyout of its partner’s interests in Port Imperial South 4/5 Garage and Retail, thereby increasing Roseland’s ownership to 70%. • Weehawken: Parcel 2 (po- tential condo parcel) will be transferred to a new entity with Roseland and its joint venture partner each holding a 50% ownership stake. The cost of the Weehawken transactions is $36 million. • West NY, NJ: The buyout of its partner’s 25% subordi- nate interest in RiverTrace, a 316-apartment community. Roseland now holds a 50% subordinate interest in the joint venture with UBS. The cost of the acquisition was $11.3 million. East Boston: • East Boston, MA: Acquired its majority partner’s interest in the 175-apartment Portside at East Pier 7 on the East Boston Waterfront, thereby increas- ing Roseland’s interest to 85%. The cost of the acquisition was $38.1 million. Roseland is currently building the ad- jacent 296-apartment project, Portside 5/6, also 85% owned by Roseland. “The acquisitions outlined above provide Roseland with greater ownership along one of NJ’s most valuable remaining waterfront areas, in addition to our waterfront presence in East Boston. It enables us to achieve one of our primary strategic objectives to be the premier waterfront developer and owner in NJ and other Core markets,” said Tycher, chairman of Roseland. “We were able to reach this goal at very attractive valuations, while at the same time greatly simplifying the ownership of our holdings.” n
RiverTrace at Port Imperial
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