The new ownership of Veris Residential has tapped a firm to manage the 15 multifamily properties, totaling more than 6,000 apartments, that came with the $3.5 billion acquisition.
Roseland, New Jersey-based RHO Residential has been selected to oversee the former Northeast portfolio of Jersey City, New Jersey-based Veris. In a sale that closed late last month, the real estate investment trust was purchased 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.
RHO’s new assignment will mark a significant expansion for the firm’s third-party management platform, nearly doubling its unit count to just under 12,000 apartments across 40 communities and more than 182,000 square feet of retail space.
The newly added Veris properties are in New Jersey and the greater Boston metropolitan area, representing RHO’s entry into that market. A significant portion of the portfolio is concentrated in Jersey City, where it has seven properties totaling 3,783 units.
Additional properties include Port Imperial, the $2 billion, 200-acre Hudson River waterfront neighborhood spanning Weehawken, West New York and Guttenberg. Management oversight also extends to the Riverwalk at Port Imperial retail component encompassing 90,900 square feet.
The assignment represents a full-circle moment for RHO Residential CEO and President Brenda Cioce, whose career has long been involved with many of the communities now coming under the firm’s oversight.
Cioce joined Roseland Property Management in 1998, where she later served as president of property management. She continued in that role after the company’s acquisition by Mack-Cali Realty in 2012, the REIT that later became Veris. In 2019, she founded RHO.
RHO will be onboarding 136 former Veris employees across onsite, regional and corporate functions, increasing its workforce to 250.