Commercial developer Kushner Companies recently announced the completion of a $190 million purchase in Plainsboro.
Quail Ridge, a 1,032-unit apartment community Kushner owned 11 years ago, was jointly purchased by Angelo, Gordon & Co. and Candlebrook Properties.
“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 multifamily portfolio while helping to improve an already great community. It reflects our strategy of vigorously pursuing investment where we see significant potential value.”
American International Group served as the senior lender on the transaction.
HFF’s senior managing director Jose Cruz, managing director Kevin O’Hearn, and senior directors Michael Oliver and Stephen Simonelli represented Angelo, Gordon & Co. and Candlebrook.
Quail Ridge is comprised of 54 two- and three-story buildings. The community sits on 51.7 acres in the Princeton submarket of Middlesex.
“Plainsboro multihousing locations are considered among the most sought after in central New Jersey given the school districts, access to the workforce and adjacent retail/restaurants,” Cruz said. “The investment community aggressively bids on these types of deals when they become available.”
The property is within five miles of the New Jersey Turnpike and Route 1, and is 5.5 miles from Princeton University and the Princeton Junction train station.
In the last two years, Kushner acquired 203,000 square feet of office space and opened a 52-story luxury high rise, 65 Bay Street, in Jersey City.
Earlier this year, the company also completed the purchase of 5,517 units in Maryland for $520 million.