ROSELAND, N.J. — RHO Residential has been selected by the new ownership of Veris Residential to manage 15 properties in New Jersey and greater Boston. Veris Residential (NYSE: VRE) was taken private in an acquisition finalized in May. Craig Solomon of Affinius Capital in partnership with Vista Hill Partners, a real estate investment and development group headed by Bradford Klatt and Jonathan Kushner, bought the REIT for $3.5 billion. The assignment nearly doubles RHO Residential’s unit count to just under 12,000 apartments across 40 communities as well as approximately 182,000 square feet of retail.
Most of the portfolio is concentrated in Jersey City, where seven properties totaling 3,783 units are located. Additional assets include Port Imperial, the $2 billion, 200-acre Hudson River New Jersey waterfront neighborhood spanning Weehawken, West New York and Guttenberg. Management oversight also extends to the Riverwalk at Port Imperial retail component consisting of 90,900 square feet. RHO is onboarding 136 former Veris employees across onsite, regional and corporate roles.