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Mack-Cali multifamily surge continues with D.C. acquisition

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U.S. Capitol
U.S. Capitol - ()

Mack-Cali Realty Corp. will pay $46.5 million to become a partner in a 377-unit luxury apartment project in Washington, D.C., continuing the company's aggressive push into the booming multifamily sector.

The real estate giant has entered into agreements to acquire a 50 percent interest in the development through a joint venture with New York-based Fisher Bros., according to an announcement Monday. The project is currently under construction at 701 2nd St. NE, one block from the city's Union Station, and is expected to be complete by mid-2015.
Plans for the site also call for 25,000 square feet of retail space and a 309-space underground parking garage, Edison-based Mack-Cali said in a news release.
The deal also provides for a "right of first offer" on all development deals in the D.C.-metro area that involve either party, the news release said. Meantime, the venture will form a property and asset management platform to oversee the new site and future assets, using the services of Mack-Cali's Roseland subsidiary.
The move by the real estate investment trust, a longtime commercial property powerhouse, is the latest of many over the past year as it dives into the multifamily market. The company acquired Roseland Property Co. last fall, leading to a wave of acquisitions and activity on residential construction projects.
Mack-Cali entered the D.C. multifamily market in March with the acquisition of more than 800 units and future development rights in Arlington, Va.

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