Veris Residential to Go Private in $3.4B All-Cash Acquisition by Affinius JV

Affinius Capital and Vista Hill Partners lead a $3.4 billion all-cash acquisition of Veris Residential, marking the final pivot for the formerly Mack-Cali REIT.

By: AXL Media

Published: Mar 11, 2026, 6:09 AM EDT

Source: https://www.multihousingnews.com/

The Evolution of Veris: From Mack-Cali to Multifamily

This acquisition serves as the final chapter of a multi-year corporate transformation. Formerly known as Mack-Cali Realty Corp, the firm rebranded to Veris Residential in 2021 to signal its departure from the struggling office sector. By 2024, the company had successfully divested its entire office portfolio, reallocating capital into high-end, sustainable multifamily assets. The $3.4 billion valuation validates the firm's strategic pivot toward Class A residential holdings in supply-constrained urban markets.

Portfolio Status and Performance Metrics

As of late 2025, Veris Residential’s portfolio consisted of 6,581 units across 17 buildings, primarily concentrated along the New Jersey Gold Coast and select New York submarkets. Notable assets include the 648-unit Liberty Towers in Jersey City. At the time of the merger announcement, the portfolio maintained a healthy occupancy rate of 94.4%, reflecting strong demand for luxury rentals in the New York metropolitan area.

Strategic Asset Trimming Pre-Merger

In the months leading up to the acquisition, Veris aggressively "cleaned" its balance sheet through several high-profile divestments: