A company with a huge residential footprint in the Garden State has picked who will manage their massive portfolio just a few months after purchasing the sprawling assets.
RHO Residential LLC has been selected by the new ownership group of the former Veris Residential portfolio to manage 15 multifamily properties. The assets total over 6,000 apartments across the Northeast, marking a significant expansion of its third-party management platform.
The assignment nearly doubles RHO Residential’s unit count to just under 12,000 apartments across 40 communities. The newly added properties span New Jersey and the greater Boston metropolitan area, including prominent Jersey City complexes at Sable, Haus25, and more.
RHO Residential’s appointment follows the $3.4 billion acquisition of Veris Residential by an investor consortium led by 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.
“As we evaluated the long-term operating strategy for this portfolio, it became clear that RHO Residential offered a unique combination of institutional management expertise, operational depth, and longstanding familiarity with these Class A properties,” said Brad Klatt. “We believe RHO is exceptionally well-positioned to guide these properties through this transition while building on the strong foundation already in place.”
Other New Jersey assets RHO will be managing under the portfolio include much of Port Imperial, a 200-acre Hudson River waterfront neighborhood spanning Weehawken, West New York, and Guttenberg.
The transition will reunite many longtime colleagues who previously worked together at Roseland Property Management and Mack-Cali, predecessors to Veris Residential. RHO is onboarding 136 former Veris employees across onsite, regional, and corporate functions, increasing its total workforce to 250.
