October 16, 2019
Mack-Cali Realty Corporation completed the first transaction in a 1031 exchange with its $409-million purchase of the Liberty Towers apartment property in Jersey City. The REIT is under contract to sell two Boston assets, Chase at Overlook Ridge and Alterra at Overlook Ridge, to Rockpoint Group for $411.5 million in a deal that will complete the exchange.
The Overlook Ridge properties, developed by Mack-Cali’s Roseland Residential Trust subsidiary, were completed in 2014 and 2008, respectively. Proceeds from the sale of the Overlook properties will be used to fund Mack-Cali’s purchase of Liberty Towers.
“This transaction allows us to further concentrate our capital on the [Hudson River] 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 J. DeMarco, Mack-Cali’s CEO.
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