PLAINSBORO, NJ—Kushner has repurchased Quail Ridge, a 1,032-unit apartment community on 52 acres in Plainsboro, New Jersey, that the company sold in 2006.
Kushner acquired the multifamily asset from Angelo, Gordon & Co., in a transaction valued at $190 million. American International Group was senior lender on the transaction.
This purchase returns Quail Ridge to Kushner’s expanding multi-family portfolio. Kushner previously owned the property until it sold it 11 years ago.
The acquisition, which closed on Sept. 14, is the latest transaction in a broader strategic plan by Kushner to acquire residential and commercial properties with high investment potential. Earlier this year, the company purchased 5,517 multifamily units in Maryland for $520 million. It is exploring additional multifamily and other opportunities nationally and in New Jersey and New York.
“We’re excited to continue to invest in the high-value and growing Central New Jersey residential market,” says 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.”
Quail Ridge is located at the center of the Princeton area’s insurance, biotech and other corporate campuses.
Kushner has completed more than $2 billion in transactions over the last two years, including the acquisition of 203,000 square feet of office space in Jersey City. It acquired the Watchtower, an iconic Brooklyn property that consists of 830,000 square feet it plans to convert into a high-tech corporate campus. In one of the top retail deals of 2016, the company repositioned 250,500 square feet of retail at 229 West 43rd Street in the heart of Times Square. It announced development plans for three residential towers in Jersey City’s Journal Square, one of which will be the tallest in the state, and has opened a 52-story luxury residential tower at 65 Bay Street on the Hudson River. Kushner also plans to start a $1.1 billion construction project this year at 85 Jay Street in the Dumbo neighborhood of Brooklyn for condominiums, apartments and retail.
Kushner’s lending arm, Kushner Credit Opportunity Fund, has also been expanding. Last month, it closed a $24.5 million land loan to Somerset Partners to spur the redevelopment of two parcels in the South Bronx neighborhood of Mott Haven. Kushner Credit Opportunity Fund is on a path to reach its goal of providing $250 million in real estate lending this year, the company says.