Quail Ridge in Plainsboro — Courtesy: HFF
By Joshua Burd
Kushner Cos. has acquired a 1,032-unit garden apartment community near Princeton for $190 million, bringing the property back under its control more than a decade after selling it.
The firm, owned by the family of Jared Kushner, the son-in-law and senior adviser to President Donald Trump, announced Monday that it had acquired the Quail Ridge complex in Plainsboro from Angelo, Gordon & Co. L.P. and Candlebrook Properties LLC. The transaction closed Sept. 14, in what Kushner says is part of a strategic plan to acquire residential and commercial properties with high investment potential.
“We’re excited to continue to invest in the high-value and growing central New Jersey residential market,” said Laurent Morali, president of Kushner. “Quail Ridge presents an outstanding opportunity to continue the expansion of our multifamily portfolio while helping to improve an already great community.
“It reflects our strategy of vigorously pursuing investment where we see significant potential value.”
Brokers with HFF’s Florham Park office marketed the property on behalf of the seller.
Earlier this year, Kushner purchased 5,517 multifamily units in Maryland for $520 million, according to a news release. It is exploring additional multifamily and other opportunities nationally and in New Jersey and New York.
Kushner has completed more than $2 billion in transactions over the last two years, the firm said, including the acquisition of 203,000 square feet of creative office space in Jersey City and several high-profile deals in New York City. It has also announced development plans for three residential towers in Jersey City’s Journal Square section and has opened a 52-story luxury residential tower at 65 Bay St. on the Hudson River.
The Quail Ridge property had been on the market since earlier this year. At the time of an offering memorandum by HFF, the 36-year-old complex was 92.5 percent occupied and had undergone extensive renovations since 2000.
The HFF investment sales team representing the seller included Senior Managing Director Jose Cruz, Managing Director Kevin O’Hearn and senior directors Michael Oliver and Stephen Simonelli.
“Plainsboro multi-housing locations are considered among the most sought after in central New Jersey given the school districts, access to the workforce and adjacent retail/restaurants,” Cruz said. “The investment community aggressively bids on these types of deals when they become available.”