The transaction includes Riverwatch Commons and Richmond Court, a three-building portfolio acquired from an affiliate of Ironstate Holdings, Mack-Cali said in a news release. The buildings are 95 percent leased.
The properties, which include studio, one- and two-bedroom units, are adjacent to the Hiram Square townhome complex built by Mack-Cali’s Roseland subsidiary, the release said. Roseland will manage, lease and renovate the units, while adding new amenities.
The deal announcement is the second this week for the real estate investment trust, which has pushed aggressively to gain a foothold in the red-hot multifamily sector. Mack-Cali announced Monday it will pay $46.5 million to become a partner in a 377-unit luxury apartment project in Washington, D.C.
The company, traditionally a commercial owner in the Northeast, now has a portfolio that includes 12 multifamily rental properties with more than 3,600 units, the news release said. It also has aggressive plans for building its development pipeline in the residential sector.