Affinius-Led Group to Take Veris Private in $3.4B Deal

Veris Residential is going private.

The Jersey City-based multifamily landlord agreed to be acquired by an investor consortium led by Affinius Capital, alongside Vista Hill Partners, in an all-cash deal valued at $3.4 billion, including debt. The $19-per-share price represents a 23 percent premium to the company’s unaffected share price earlier this month.

The transaction, announced Monday, marks the end of Veris’ five-year pivot away from office and into a Class A multifamily platform concentrated in the Northeast. Once a hybrid office and apartment owner formerly known as Mack-Cali, the real estate investment trust spent years shedding suburban office assets, slimming its balance sheet and rebranding in an effort to win back investor confidence.

The buyer group is backing that bet. Affinius, which has roughly $61 billion in assets under management, has been an active multifamily investor across the country. Vista Hill is led by Bradford Klatt, co-founder of Roseland Property Company, and Jonathan Kushner of Kushner Real Estate Group. The partners are expected to finance the deal with a mix of equity and debt, including a $2.08 billion senior secured bridge loan.

Veris’ board unanimously approved the sale following what the company described as a comprehensive strategic review process that included outreach to financial sponsors, sovereign wealth funds and pension investors. Bow Street, which owns about 5.6 percent of the company’s shares, agreed to vote in favor of the merger.

The deal is expected to close in the second quarter, subject to shareholder approval and customary conditions. After that, Veris’ shares will be delisted from the New York Stock Exchange.

The company reported fourth-quarter earnings Monday but scrapped its scheduled earnings call and declined to issue 2026 guidance, citing the pending transaction. It plans to pay its regular first-quarter dividend, then suspend payouts.

The deal was announced only weeks after activist investor pressure mounted against Veris’ state of affairs.

Erez Asset Management, which owns a 5 percent stake in the company, was pushing for Veris to put itself up for sale or undergo a review of strategic alternatives. Erez estimated “shareholders could realize approximately $22-$25 per share in a sale, after transaction expenses,” a mark this deal appears to fall short of.

Three years ago, Veris announced plans for a future review, coming on the heels of the company’s rebranding and a failed unsolicited takeover bid from Kushner Companies.

The acquisition attempt quickly turned ugly; at one point, Kushner accused Veris of misleading the public. Kushner ultimately dropped the takeover bid.