From Hostile Bid to Boardroom Accord
The takeover follows a turbulent chapter in Veris’ history.
In 2022, Kushner Cos. launched a $1.46 billion hostile bid for the company, claiming in a letter that Veris had lost 46% of its value over three years due to mismanagement. Negotiations ultimately fractured over a nondisclosure agreement, and the deal unraveled.
By August 2023, Kushner struck a different tone, applauding Veris’ operational gains, including expanded multifamily investments and a $420 million sale of New Jersey office properties.
A Refined Residential Portfolio
As of Sept. 30, Veris owned 17 residential buildings in the Northeast totaling 6,581 apartment units. In the third quarter of 2025, those properties posted a 94.7% occupancy rate and blended net rental growth of 3.9%, according to earnings reports.
Throughout 2025, Veris sold or placed under contract $542 million in nonstrategic assets — spanning office, residential and undeveloped sites — as part of its sharpening focus. The company also maintains a land bank across Massachusetts and New Jersey with development potential for up to 2,174 residential units.
