Veris Residential Nears Full Acquisition of $430 Million Jersey City Tower

Veris Residential is close to acquiring the remaining 25% stake in the luxury apartment tower formerly known as Jersey City Urby, consolidating full ownership of the high-rise valued at $430 million. This strategic move aligns with Veris’s plan to streamline its portfolio and gain greater control over operations at key, amenity-rich properties in high-growth metro areas like Jersey City. The acquisition follows Veris's earlier purchase of Ironstate Holdings’ 15% stake and the rebranding of the property to Sable. Financial analysts project a potential upside of 24-27% in Veris Residential’s stock price, with a consensus 'Outperform' rating from brokerage firms. The tower features upscale amenities and is positioned as a more affordable alternative to similar New York City residences, further strengthening Veris’s presence in the competitive multifamily market. The deal underscores the company’s commitment to expanding its footprint in the premium, urban residential sector.