Kushner announced that it has acquired Quail Ridge, a 1,032-unit apartment community on 52 acres in Plainsboro, New Jersey, from Angelo, Gordon & Co., in a transaction valued at $190 million.
American International Group Inc. served as the senior lender on the transaction.
The 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 September 14, 2017, 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 multi-family units in Maryland for $520 million. It is exploring additional multi-family 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,” said Laurent Morali, President of Kushner.
“Quail Ridge presents an outstanding opportunity to continue the expansion of our multi-family 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 s/f of creative office space in Jersey City.
It acquired the most iconic property on the Brooklyn skyline, known as the Watchtower, which consists of 830,000 s/f that it plans to convert into a high tech corporate campus. The company repositioned 250,500 s/f of retail at 229 West 43rd Street in Times Square; announced development plans for three residential towers in Jersey City’s Journal Square; and 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 Dumbo neighborhood 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.