Kushner Companies has acquired a 710-unit multifamily property in Virginia for a reported $113 million.
Colliers International brokered the sale of the three-property from LEM Capital and Drucker & Falk.
Built in the late 1980s, the portfolio includes Wilde Lake in Richmond (pictured top), Hanover Crossing in Mechanicsville and Chesapeake Bay in Newport News.
Chesapeake Bay is located at 550 St. Michaels Way in Newport News. The community includes 300 apartments with superior curb appeal and an impressive amenity package. It is strategically located off Jefferson Avenue, one of the most heavily traveled arterial roads on the Peninsula.
Hanover Crossing, located at 9258 Hanover Crossing Dr. in Mechanicsville, has 220 units and is conveniently located near I-295, a major commuter traffic route.
Wilde Lake, 2900 Bywater Dr., Richmond, has 190 units and a location with proximity to an abundance of retail, the superior Henrico County public school system and easy access to I-95.
Charles Wentworth, senior vice president; G.S. (Hank) Hankins, senior vice president; Will Mathews, managing director; Victoria Pickett, first vice president; Clay Ellis, associate; and Garrison Gore, associate, with the Colliers National Multifamily Advisory Group, represented the seller.
In 2019, Kushner acquired a $1.2 billion portfolio of multifamily units in Maryland and Virginia from the private-equity firm Lone Star Funds.
“This purchase more than doubles our unit count in the Richmond-Tidewater market since we first planted our flag there 15 months ago. We’re excited to continue growing our roster of investment partners who have footprints in this region, ” said Riley Wilson of the Kushner acquisitions team.