An investor consortium led by Affinius Capital and Vista Hill Partners has finalised the acquisition of Veris Residential in an all-cash deal worth approximately 3.5 billion dollars. The transaction officially takes the former real estate investment trust private following an initial agreement reached in early February to buy outstanding shares at 19.00 dollars per share.

The acquired portfolio contains 6,581 Class A multifamily housing units located across the Northeast of the United States. A significant portion of these premium assets sits along the Hudson River waterfront directly opposite Manhattan. Additional properties are located across Jersey City, Port Imperial, Short Hills, East Boston and Malden. Originally known as Mack-Cali, the firm rebranded to Veris Residential in 2021 after selling its commercial office spaces to concentrate entirely on residential properties.

“Completing the $3.5 billion acquisition of Veris Residential marks a significant achievement for our team and a clear expression of our House View on multifamily housing. Craig Solomon led this effort exceptionally well over more than a year, supported by a deep and committed team. The result is a high-quality portfolio of 6,581 Class A units that we believe offers investors durable cash flow, inflation protection, and long-term growth,” Len ODonnell, CEO and Chairman shared.

The transaction was funded through a combination of debt and equity, including a 2.1 billion dollar bridge loan. The corporate takeover stands as one of the largest residential property deals of the year.

“From the start, we viewed Veris as an opportunity to acquire a portfolio of Class A multifamily assets, most of which is strategically located across the Hudson River from Manhattan,” Craig Solomon, vice chairman and chief investment officer at Affinius Capital told Multi-Housing News. “Together with our partner Vista Hill we have an opportunity to enhance performance and meet our return objectives.”

Advising firms for Veris Residential included J.P. Morgan, Morgan Stanley & Co, Weil, Gotshal & Manges LLP and Seyfarth Shaw LLP. The purchasing group secured financial and legal advice from UBS Investment Bank, Goldman Sachs & Co LLC, Skadden, Arps, Slate, Meagher & Flom LLP,豪 Greenberg Traurig LLP and Simpson Thacher & Bartlett LLP.