Jersey City-based Veris Residential, Inc., a prominent REIT specializing in Class A multifamily properties, announced Monday that it has entered into a definitive agreement to be acquired by an investor consortium led by Affinius Capital and Vista Hill Partners.
The all-cash transaction is valued at approximately $3.4 billion, including debt. Under the terms of the agreement, Veris shareholders will receive $19.00 per share in cash.
The deal marks the final chapter in a multi-year strategic pivot for Veris, which transitioned from a diversified real estate holder into a “pure-play” multifamily REIT focused on the Northeast U.S. market.
- Purchase price: $19.00 per share in cash.
- Enterprise value: $3.4 billion.
- Expected close: Second quarter of 2026.
- Unanimous approval: The Veris Board of Directors has already greenlit the merger.
The sale follows an exhaustive review of strategic alternatives assisted by financial heavyweights J.P. Morgan and Morgan Stanley. According to company leadership, the deal validates the work done since 2020 to divest non-core assets—specifically office spaces—and focus exclusively on high-end residential units.
“Today’s announcement marks the culmination of our strategic transformation into a top-performing pure-play multifamily REIT,” Mahbod Nia, CEO of Veris said. “Over the past five years, we have undertaken meaningful steps to pivot away from office… and enhance our operational platform.”
Tammy Jones, chair of the Board, echoed this sentiment, noting that the all-cash offer provides “compelling value and certainty” to shareholders in an evolving market.
The acquisition will be funded through a mix of equity and debt, supported by a $2.08 billion committed senior secured bridge loan facility.
While the board has approved the move, the deal still requires the blessing of Veris shareholders and must meet standard regulatory closing conditions. Veris confirmed it expects to pay its regular quarterly cash dividend for the first quarter of 2026 before the deal’s anticipated completion in Q2.
