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Mack-Cali closes on $46.5M stake in DC residential project

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Edison-based Mack-Cali announced Monday its acquisition through a joint venture with Fisher Brothers of a $46.5 million, 50 percent interest in Washington, D.C. multi-family project.

According to the announcement, the 377-unit residential project, currently under construction, includes approximately 25,000 square feet of retail space and a 309-space underground parking garage. The project is expected to begin leasing in the first quarter of 2015, with construction scheduled to finish by the middle of that year.

The Mack-Cali/Fisher Brothers joint venture includes specific provisions, including a right of first offer on all development deals in the D.C. metropolitan area that involve either party, with specific qualifications on any properties in Arlington County, Virginia.

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

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