Prospect Place at 300 and 310 Prospect Ave. in Hackensack — Courtesy: HFF
By Joshua Burd
Kushner Cos. has acquired a two-building, 360-unit apartment property in Hackensack for a reported $100 million, marking its latest multifamily purchase in New Jersey in recent years.
Brokers with HFF on Wednesday announced the sale of the property, located at 300 and 310 Prospect Ave., after marketing it on behalf of the seller. Known as Prospect Place, the property includes an 18-story high-rise with 157 units and a four-story midrise building with 203 units.
HFF did not disclose the sale price, but multiple reports said the property traded for $100 million. Published reports also identified Greystar as the seller.
The HFF team included Senior Managing Director Jose Cruz, Managing Director Kevin O’Hearn, Senior Directors Michael Oliver and Stephen Simonelli and Director Marc Duval.
“Prospect Place represents the right mix of infill northern New Jersey multifamily product with renovation upside,” Cruz said. “Its Bergen County location with direct access to New York City attracts a wide array of tenants.”
For Kushner, the deal represents another high-profile acquisition of a New Jersey apartment complex with value-add potential. The firm last fall paid $190 million for 1,032 apartments in Plainsboro. In 2015, it acquired a 308-unit complex in Chatham for a reported $123 million.
Multiple reports pointed to Kushner’s continued return to the New Jersey multifamily market, where it came to prominence over several decades before shifting to New York City real estate.
“We are excited about this submarket of multifamily in New Jersey that has great employers, top institutions, an educated workforce, and easy access to the New York City metro area,” Laurent Morali, Kushner Cos.’ president, said in a statement circulated to media outlets.
Prospect Place, which is 96 percent occupied, offers easy access to New York City and the surrounding region via the nearby NJ Transit Anderson Street station and interstates 80 and 95. Amenities include an outdoor lap pool with sundeck, landscaped courtyard, fitness centers and other offerings.