Veris Residential Strengthens Position with Major Acquisition of Jersey City Urby

Veris Residential Expands Portfolio with Jersey City Urby Acquisition

In a major development for the real estate sector, Veris Residential, Inc. has consolidated its ownership stake in Jersey City Urby, enhancing its multifamily portfolio in the heart of the Northeast. The company recently announced the acquisition of the remaining 15% stake from Ironstate Holdings for $38.5 million, turning the spotlight on this vibrant waterfront property that boasts 762 high-quality rental units.

The transaction, finalized on April 21, 2025, marks a significant milestone for Veris Residential. Following the acquisition, the property, now rebranded as Sable, will be managed directly by Veris Residential, a move aimed at streamlining operations and leveraging synergies across its portfolio. Mahbod Nia, the CEO of Veris Residential, expressed his enthusiasm for the acquisition. He highlighted that this move not only simplifies their holdings but also aligns with their strategic goal of enhancing earnings through informed capital allocation.

Situated on the scenic Jersey City Waterfront, Sable offers expansive views of Manhattan and an array of premium amenities. The property includes a mix of studios, one-bedroom, and two-bedroom apartments that provide larger living spaces at competitive price points compared to similar options in New York City. With a focus on creating a modern and vibrant living experience, Sable features state-of-the-art facilities, including a fitness center, yoga studio, and a heated rooftop pool. Furthermore, it houses several retail establishments, such as Canard Cafe and Japanese restaurant DOMODOMO, ensuring that residents enjoy an urban lifestyle within walking distance of their homes.

In conjunction with the acquisition, Veris Residential aims to strengthen the resident experience at Sable, aligning it closely with its corporate ethos while maintaining the high standards established by Urby. Veris Residential's commitment to a vertically integrated operational model suggests a strategic move to maximize the value offered to stakeholders, creating a cohesive living environment that resonates with modern residents.

David Barry, CEO and Founder of Urby, reflected on the positive impact the property has made during its time under Urby management. He expressed confidence in Veris Residential's vision and operational prowess as they take over management. Barry also emphasized Urby's focus on new developments, which will include future projects in cities such as Miami and Washington, D.C.

This acquisition comes at a time when there is a growing demand for multifamily living spaces in urban centers. Sable's location, just a short walk from the PATH train and Harborside Light Rail station, provides residents with effortless access to public transport, enhancing the appeal of urban living in this pivotal area.

Overall, Veris Residential's acquisition and rebranding of Jersey City Urby to Sable exemplify the company's strategy to consolidate its market position while enhancing the living experience for its tenants. By focusing on high-quality, amenity-rich living spaces, Veris is well-equipped to meet the evolving demands of urban residents and capitalize on the growing multifamily real estate market in the Northeast. The future seems promising for both Veris Residential and Sable as they embark on this new chapter, poised for growth and innovation in the realm of high-end multifamily living.