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Mack-Cali Realty buys NJ residential tower for $409M

Mack-Cali Realty Corp. acquired the 648-unit Liberty Towers residential property on the Jersey City Gold Coast in New Jersey for $409 million.

The office and multifamily real estate investment trust is also selling The Chase at Overlook Ridge and Alterra at Overlook Ridge properties in Boston to Rockpoint Group LLC for approximately $411.5 million, with closing expected by the end of October.

The company will use the sale proceeds mainly to finance its acquisition of the Liberty Towers property.

In disclosing the deals, the company said it closed on the first transaction in a 1031 exchange that will total more than $820 million in value.

Mack-Cali added that it expects to receive the $2.6 million of proceeds associated with the sale of its Urby tax credit in the fourth quarter.