Roseland Residential Trust Makes Key Gold Coast Investments
Roseland Residential Trust—which was formed Jan. 1 to own, manage and develop Mack-Cali’s luxury multifamily residential portfolio—has bought out, or agreed to buy out, its JV partners in Port Imperial and West New York.
In Weehawken's Port Imperial, it bought out its partners' interests in five development parcels, while simultaneously beginning construction on one of the acquired parcels, RiverHouse, a 295-unit apartment community.
It also bought out interests in Port Imperial South 4/5 garage and retail, increasing Roseland's ownership to 70%, and Parcel 2—a potential condo parcel—will be transferred to a new entity in which Roseland and a JV partner will hold 50% ownership stakes. (The Port Imperial transactions result in Roseland acquiring waterfront parcels with development potential for approximately 900 apartment units and 300k SF of office space.)
In West New York, Roseland bought out its partner's 25% interest in RiverTrace (above), a 316-unit apartment community. Roseland now controls about 50% in this joint venture with majority partner UBS.
The Weehawken deals totaled $36M while West New York totaled $11.3M. Roseland's multifamily portfolio is projected to more than double in size from approximately 7,000 apartment homes either operating or in construction to over 14,000 apartments by year-end 2018.