www.marejournal.com O WNERS , D EVELOPERS & M ANAGERS F EATURING M ULTIFAMILY -POA Roseland to manage the $262.5 million property in the Crystal City section of Arlington, VA Mack-Cali enters DC multi-family market through joint venture acquisition of 828-unit property A RLINGTON, VA — Mack-Cali Realty Corporat ion an- Mid Atlantic Real Estate Journal — March 29 - April 11, 2013 — 11A
Hackensack’s “Hill” section in 1972, The Ivanhoe, which is still considered by many to be the premier apartment building in the county. The Sanzari’s commitment to Hackensack’s transformation continued with development of the Court Plaza complex, and they also transformed an aging block of buildings on Essex St. into the spectacular 85,000 s/f, four-story Alfred N. Sanzari Medical Arts Building. Alfred Sanzari was described as a man with integrity who displayed confidence and sincer- ity when he dealt with people. Even after all of his success, Sanzari was never one to rest on his laurels according to real estate professionals who knew him, and he continued to work long hours every day of his 55- year career. “It is appropriate that we recognize Alfred and Mary Sanzari’s contributions to the local community by creating this garden in their honor,” said Andrew Gerleit , Alfred San- zari Enterprises’ vice-president of construction. ■ studios, one, two, and three bedrooms and boast large, well laid out floor plans. The prop- erty, which is 95.7% leased, was acquired from Avalon Bay. Mack-Cal i ’s Roseland subsidiary will manage the property and will oversee the renovation of the unrented units to “designer” standards, repositioning the asset to bring it in line with the best- in-class standards Roseland is known for. Mitchell Hersh , presi- dent and CEO of Mack-Cali, said, “The Mack-Cali/Roseland team is thrilled to be entering the Metro D.C. market, one that offers enormous poten- tial. When we’ve completed the renovation project, we are confident that we’ll be able to command rents at the highest end of the market.” ■
nounced that in a joint venture with a fund advised by UBS Global Asset Management it has acquired the 828-unit multi-family property known as Crystal House in the Crys- tal City section of Arlington, Virginia, for $262.5 million. The acquisition includes land to accommodate the develop- ment of 295 additional units, 252 of which are currently approved. The venture has obtained a $165 million mort- gage loan fromWalker & Dun- lop, LLC under the Delegated Underwriting and Servicing program of Fannie Mae. The luxury multi-family property currently consists of two twelve-story towers with garage and surface parking. The units are comprised of HACKENSACK, NJ — Al- fred Sanzari Enterprises has developed a new public garden adjacent to its Court Plaza of- fice complex in Hackensack, to honor the legacy of Alfred and Mary Sanzari, co-founders of the real estate development firm. Located on the corner of Main and Essex streets, the 10,000 s/f site will open this winter and be dedicated to the city as “The Alfred and Mary Sanzari Garden.” The area was designed as a place to relax and enjoy nature for members of the community as well as Court Plaza’s ten- ants and area professionals. It is situated in a hub of cor- porate activity across from the courthouse, andAlfred Sanzari Enterprises is headquartered in the complex. The garden features a foun- tain, brick and stone pathways and walls, benches and decora- tive lighting, all surrounded by lush plantings. Oversized stone steps and a bronze plaque inscribed with “Because of You” mark the garden’s entrance. Ev- ergreen varieties provide inter-
Crystal House in the Crystal City
Meumann Associates designs public garden developed by Alfred Sanzari Enterprises located in Hackensack, NJ
LoIacono said. “The Garden is developing into something that is absolutely stunning, and it will be a wonderful gateway to Hackensack’s downtown area. We are extremely grateful for this gift from Alfred Sanzari Enterprises.” A key ingredient in the suc- cess of Alfred Sanzari Enter- prises always is its ongoing commitment to enhance the quality of life for residents in areas in which it is active. For David Sanzari, who conceived the idea of creating a garden, this addition to the city’s land- scape is a fitting tribute to his parents and the principles on which the company was founded. The Legacy of Alfred and Mary Sanzari Alfred Sanzari was a lifelong resident of Hackensack, and he and Mary lived in the City for 70 years. They founded Alfred Sanzari Enterprises in 1945. The company was instru- mental in the revitalization of Hackensack, and Sanzari was one of the first to build a luxury apartment complex on
New Public Garden in Hackensack in honor of company founders Alfred and Mary Sanzari
est during the winter months, and in the summer, seasonal flowers, perennials, shrubs and other foliage will enhance the garden’s aesthetic. “We purchased this site from Bank of America and, after giv- ing it some thought, I decided to have a beautiful landscaped area designed to honor my parents, hence the Alfred and Mary Sanzari Garden was built,” said president and CEO David Sanzari . Designed by landscape archi-
tect Brad Meumann of Meu- mannAssociates , the Garden is consistent with Hackensack’s Main St. Rehabilitation Plan, whichwas adopted by the Coun- cil in June, 2012. According to Stephen LoIacono, city man- ager, the plan was intended to transform the city’s downtown into a walkable, livable and sustainable community. “We are thrilled about the garden, and the council has supported this project from the moment we heard about it,”
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