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Veris Residential Goes Private in $3.4B Deal

Veris Residential Goes Private in $3.4B Deal

Another apartment REIT exits the public markets as private capital doubles down on multifamily discounts.

Nina Dale
February 24, 2026

Together with

Good morning. Private equity keeps circling the public REIT space — and it just claimed another target. Veris Residential is set to go private in a $3.4B all-cash deal, underscoring the widening gap between public apartment valuations and private-market pricing.

Today’s issue is sponsored by Covercy—make K-1 season painless with bulk uploads and automatic investor delivery.

🎙️This Week on No Cap: Matt Brody of Canyon Partners breaks down where real estate credit is moving—from looming maturities to quiet distress and today’s recap opportunities.

CRE Trivia 🧠

Which U.S. Olympic host city leveraged the Games to reposition itself as a year-round destination, boosting second-home real estate demand?

(Answer at the bottom of the newsletter)

Market Snapshot

S&P 500

GSPC

6,837.75

Pct Chg:
-1.04%

FTSE NAREIT

FNER

823.75

Pct Chg:
+0.26%

10Y Treasury

TNX

4.033%

Pct Chg:
-0.054

SOFR

30-DAY AVERAGE

3.67%

Pct Chg:
-0.00

*Data as of 2/23/2026 market close.

Going Private

Veris Residential Goes Private in $3.4B Deal

Courtesy of Veris Residential | Veris Residential’s Portside in Boston

Private capital strikes again as another apartment REIT exits the public markets.

Deal terms: Veris Residential will be acquired by an Affinius Capital-led group, including Vista Hill Partners, in an all-cash $3.4B deal. Shareholders will receive $19 per share, a 27.5% premium to the 30-day VWAP through Feb. 4. The transaction, unanimously approved, is expected to close in Q2, subject to shareholder approval.

Transformation complete: The deal caps a five-year shift from office landlord to pure-play multifamily REIT. Formerly Mack-Cali, the company rebranded in 2021 and exited office entirely by 2024. Today, Veris owns about 6,500 Class A units across 17 properties in Northern New Jersey and Boston.

Investor pressure: The sale follows investor pressure to explore strategic alternatives, including a December letter from Erez Asset Management pushing for a sale. Although Erez floated a higher valuation range, the $19 price still sent shares up more than 12%. The premium underscores the gap between public REIT pricing and private market values.

What’s next: The deal will be funded with equity and debt, including a $2.08B bridge loan. Veris will pay its first-quarter dividend but suspend payouts afterward. Upon closing, the company will delist from the NYSE and go private.

➥ THE TAKEAWAY

Another exit: Veris is the latest apartment REIT going private as institutions chase discounted public names. With IPOs stalled and REITs trading below NAV, buyouts are picking up. The shrinking public pool means fewer benchmarks for multifamily.

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✍️ Editor’s Picks

Valuation edge: Most investors miss undervalued properties because they're looking at the wrong comps. Crexi's new guide shows you how to identify mispriced assets and seize opportunities. (sponsored)
Data kingmaker: A major data center developer is leveraging land and power control to structure high-stakes deals with Big Tech amid surging AI demand.
Tariff limbo: Despite a Supreme Court ruling, new executive actions are keeping tariff uncertainty alive, prolonging volatility for commercial real estate.
Sentiment gap: Recent economic data suggests conditions may be more resilient than headlines imply, offering cautious optimism for CRE fundamentals.
Commission compression: Commercial brokers face a market selloff as Wall Street bets AI will pressure margins, even as firms position the technology as a growth driver.
Maturity wall: Roughly one-third of the $76.6 billion in 2026’s hard commercial mortgage maturities—heavily concentrated in office, retail and multifamily—carry debt yields at or below 8%.
Financing denial: Blue Owl denied reports that a $4B CoreWeave data center project faces financing issues, pushing back on concerns about capital availability.

🏘️ MULTIFAMILY

Housing fast-track: The first NYC housing project under an expedited review program has entered the approval process, aiming to accelerate affordable unit delivery.
Concession creep: Apartment concessions increased in January 2026 as operators used incentives to sustain occupancy amid softer leasing demand.
Veris sale: Veris Residential agreed to be acquired by an Affinius Capital-led group, taking the REIT private in a strategic ownership shift.
Vacancy uptick: NAHB forecasts apartment vacancies will rise in 2026 as new supply deliveries outpace renter demand.
Manufactured momentum: Manufactured housing operators are positioned for growth as affordability pressures drive demand and institutional capital expands exposure.
Retention shift: Older Americans are renting longer, boosting renter retention rates amid persistent affordability challenges for homeownership.

🏭 Industrial

Capital rethink: Data center developers are scrambling for new financing tools as soaring land and power costs outpace traditional lenders.
Facility closures: UPS will close 22 U.S. facilities — including major hubs in Atlanta and South Carolina — as part of a broader cost-cutting and network overhaul
Storage squeeze: A surge of new supply and a cooler housing market have dented occupancy and revenue growth for Greater Philadelphia self-storage owners.
Portfolio exit: Nuveen sold a 1.6M SF industrial portfolio, executing a strategic disposition amid sustained investor appetite for logistics assets.

🏬 RETAIL

Brewed experience: Nespresso opened a 13,900 SF Flatiron flagship featuring a hidden coffee bar, tasting zones and classes, anchoring its experiential retail push in NYC.
Creative foothold: Pop Mart leased the 22,000 SF Slash building in Culver City for its LA headquarters, signaling confidence in the city’s creative hub.
Retail rebound: Retail is outperforming other CRE sectors with rising prices, low vacancy and strong investor demand, driven by necessity-based tenants, experiential concepts and limited new supply.
California resilience: California’s retail sector is positioned to outperform national headwinds due to constrained supply and stable tenant demand.

🏢 OFFICE

Capital comeback: JBG Smith says the tide is turning for the D.C. office market, pointing to improving fundamentals and new investment opportunities across the Washington region.
Debt boost: Olayan raised total financing on 550 Madison to $800 million with a new $230 million loan, capitalizing on strong Midtown demand and 96% occupancy.
Richmond exit: Highwoods Properties sold a 357,000 SF, 92%-leased Richmond office portfolio for $42.3M, marking its full exit from the market.
Grove goldmine: Azora Private paid a record $61M for a Coconut Grove office building, netting sellers a $28M gain just one year after a distressed buy.

🏨 HOSPITALITY

Premium pitch: Chicago Fire owner Joe Mansueto is launching a Wrigley Building experience center to sell a privately funded $750 million stadium—MLS’s priciest ever.
Core comeback: Park Hotels & Resorts’ core hotels outperformed on strong group demand as the REIT shed non-core assets and reinvested for 2026 growth.

A MESSAGE FROM HENRY

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*This is a paid advertisement. Please see the full disclosure at the bottom of the newsletter.

📈 CHART OF THE DAY

By 2026, tariffs are projected to account for 5.2% of federal revenue, with the average effective rate reaching 11.7% through November 2025.

CRE Trivia (Answer)🧠

Lake Placid — Home to the 1980 “Miracle on Ice,” the city used its Olympic legacy and global recognition to grow into a four-season resort market with strong second-home demand.

Veris Residential Goes Private in $3.4B Deal

Another apartment REIT exits the public markets as private capital doubles down on multifamily discounts.