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Kushner Cos acquires NJ apartment complex for US$190m
[NEW YORK] Kushner Cos, the real estate firm owned by Jared Kushner's family, repurchased an apartment complex in Central New Jersey that it sold 11 years ago.
The 1,032-unit Quail Ridge Apartments was sold by Angelo Gordon & Co for US$190 million, Kushner Cos said Monday in a statement. The 52-acre Plainsboro property, near Princeton, was among buildings it sold in 2007 to help finance a US$1.8 billion purchase of a Manhattan office tower. The deal was completed Sept 14.
Kushner, 36, a senior adviser and son-in-law to President Donald Trump, divested his holdings to relatives in connection with his decision to take a job in the White House.
The Quail Ridge acquisition "reflects our strategy of vigorously pursuing investment where we see significant potential value," Kushner Cos President Laurent Morali said in the statement.
The purchase may signal a shifting interest for Kushner Cos., away from New York and toward its home state of New Jersey. After a decade-long expansion into New York, Kushner Cos has been pulling back. The Kushners' partner in two Manhattan office towers spent US$54 million to increase its stake, the Real Dealreported in late August. Kushner Cos also bowed out of a partnership to purchase a Brooklyn hotel, Bloombergreported a day later.