Mack-Cali Realty Corp. is in negotiations to acquire the newly completed 377-unit apartment community in Jersey City’s Soho West neighborhood near the Hoboken border with an average unit size of roughly 1,200 square feet for approximately $263.5 million. Amenities include an infinity pool with cabanas, state-of-the-art fitness center with a multipurpose fitness classroom, indoor and outdoor theaters, a billiards/game room, meditation garden, playground, dog walk, conference rooms, and resident lounge.
Mack-Cali Realty Corp. also has plans to acquire 99 Wood Ave. South, a 272,000-square-foot, class A office property in the Iselin section of Woodbridge, N.J., for $61.5 million. And the REIT has plans to consolidate its ownership in M2, an existing 311-unit residential tower along the Jersey City waterfront.
In addition, the company is in negotiations to sell its remaining 56-building flex portfolio, comprised of 3.1 million square feet for approximately $487.5 million.
