Prospect Place Apartments at 300 and 310 Prospect Ave. in Hackensack — Courtesy: JLL
By Joshua Burd
Kushner Cos. has sold a two-building, 360-unit apartment property in Hackensack for more than $114 million, under a newly announced transaction by JLL.
The complex, known as Prospect Place Apartments, is a collection of recently renovated one-, two- and three-bedroom apartments at 300 and 310 Prospect Ave. A joint venture of Khosla Capital LLC and DKJ Equity LLC acquired the property for $114.45 million, in a deal that comes three years after Kushner purchased the buildings.
JLL’s Jose Cruz, Steve Simonelli, Kevin O’Hearn, Michael Oliver, J.B. Bruno and Michael Kavanagh represented the seller.
“The infill location and upside in these assets drove very strong interest from the investment community,” said Cruz, a senior managing director and co-head of JLL’s Morristown-based capital markets team. “Multi-housing demand is stronger than it was pre-COVID.”
Prospect Place Apartments includes an 18-story high-rise with 157 units and a four-story midrise building with 203 units. Built in 1995 and 2005, the property boasts recently updated units and amenities such as fitness centers, a game room, a swimming pool and a resident lounge.
JLL announced the deal Wednesday, noting that the buyer “has immense opportunity to continue updating original units.” The firm also pointed to Hackensack’s connectivity, ongoing redevelopment in the city and the site’s proximity to retail, dining and cultural amenities.
“We are excited to be a part of a community that continues to expand, and to enhance and add value to a great asset,” said Raman Khosla, CEO and founder of Khosla Capital.
The brokerage team, while members of HFF at the time, also arranged the sale to Kushner in 2018.
“We are pleased with the excellent execution by our friends at JLL, and wish all the best to the buyers,” said Laurent Morali, president of Kushner Cos.