EDISON, NJ—Mack-Cali Realty Corp. in a joint venture with a fund advised by UBS Global Asset Management has acquired the 828-unit multifamily property known as Crystal House in the Crystal City section of Arlington, Va., for approximately $262.5 million.

The acquisition includes land to accommodate the development of approximately 295 additional units, 252 of which are currently approved. The venture has obtained a $165 million mortgage loan from Walker & Dunlop LLC under the delegated underwriting and servicing program of Fannie Mae.

The luxury multi-family property currently consists of two twelve-story towers with garage and surface parking. The units are comprised of studios, one, two, and three bedrooms and boast large, well laid out floor plans. The property, which is 95.7 percent leased, was acquired from Avalon Bay.

Mack-Cali’s Roseland subsidiary will manage the property and will oversee the renovation of the unrented units to “designer” standards. 

 “The Mack Cali/Roseland team is thrilled to be entering the Metro D.C. market, one that offers enormous potential,” Mack-Cali President & CEO Mitchell E Hersh said in a statement. “When we’ve completed the renovation project, we are confident that we’ll be able to command rents at the highest end of the market.”