Mack-Cali Realty Corporation has completed the first transaction in a $820m 1031 exchange. The company paid $409m for Liberty Towers, a 648-unit residential tower on the Jersey City waterfront. Amenities include a yoga studio and a spin studio, a rooftop pool, a boxing gym and an on-site concierge along with a pharmacy, florist and nail salon. The second deal involves the sale of the Chase at Overlook Ridge and Alterra at Overlook Ridge apartment towers just outside of Boston. Selling for a combined $411.5m to the Rockpoint Group, the assets total 1,345 units. The sale of the Overlook Ridge properties is expected to close by the end of October.
“We are pleased to further add to our portfolio on the highly desirable Jersey City waterfront through the efficient sale of a portion of our Boston multifamily properties and the purchase of Liberty Towers. This transaction allows us to further concentrate our capital on the waterfront where we believe our market share and operating familiarity with the community should allow us to enhance the performance of Liberty Towers,” said Michael DeMarco, CEO of Mack-Cali Realty.
