Mack-Cali Venture Pays $263M For Va. Apartment Towers

Law360, New York (March 21, 2013, 5:13 PM EDT) -- Mack-Cali Realty Corp. has teamed up with a UBS Global Asset Management-advised fund to pick up a multifamily property in Virginia's prized Crystal City submarket for $262.5 million, marking the real estate firm's first investment in the area, it said Thursday.

Per the deal, Mack-Cali and the fund are snagging an existing 828-unit complex dubbed Crystal House in the Arlington, Va., market, as well as land entitled for the development of up to 295 additional units. It will be Mack-Cali's first property in the metro Washington,...
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