Kushner Cos. Lands 1,032-Unit NJ Community
A joint venture between Angelo, Gordon & Co. and Candlebrook Properties sold the asset in Plainsboro, N.J. The buyer assumed the in-place debt on the property.
By D.C. Stribling
Quail Ridge Apartments in Plainsboro, N.J.
Kushner Cos., the real estate firm run by Jared Kushner’s family, acquired Quail Ridge Apartments in Plainsboro, N.J., for $146 million. The 1,032-unit, garden-style apartment community was sold by a joint venture between Angelo, Gordon & Co. and Candlebrook Properties, represented by HFF in the transaction. The buyer purchased the asset assuming the in-place debt.
Quail Ridge Apartments occupies 51.7 acres at 2005 Quail Ridge Drive in the Princeton submarket of Middlesex County. The property is comprised of 54 two- and three-story residential buildings consisting of a mix of studio, one- and two-bedroom units averaging 741 square feet.
Golf course views
Common amenities include two swimming pools with sundecks, six tennis courts, basketball court, two playgrounds, children’s clubhouse, fitness center, dog parks. The property is adjacent to the Meadows at Middlesex Golf Course and offers golf course views in a park-like setting. The community has undergone significant capital improvements since 2000.
The HFF investment sales team representing the seller included Senior Managing Director Jose Cruz, Managing Director Kevin O’Hearn and Senior Directors Michael Oliver and Stephen Simonelli.
“Plainsboro multi-housing locations are considered among the most sought-after in central New Jersey,” Cruz said. “The investment community aggressively bids on these types of deals when they become available.”
Image courtesy of Kushner Cos.
