Jared Kushner pays $123M for N.J. apartments

Chatham Hill Apartments complex, 25 miles from NYC, contains 308 units
By E.B. Solomont | October 19, 2015 10:14AM

Jared Kushner’s Kushner Companies scooped up a 308-unit apartment complex in Chatham Township, a wealthy suburban enclave in the developer’s home state of New Jersey, The Real Deal has learned.

The firm paid $123 million for Chatham Hill Apartments, sources close to the deal said.

Located 25 miles from New York City, the complex is situated on 25 acres and is comprised of one-, two- and three-bedroom apartments. The development also features amenities including a swimming pool, tennis courts and garage.

Joseph Brecher of Gebroe Hammer represented the seller, Home Properties/Lone Star Funds. Meridian Capital Group arranged acquisition financing through New York Community Bank.

“Communities like Chatham Hill Apartments – an A+ quality asset – don’t trade very often, so we were excited to have this investment opportunity,” CEO Jared Kushner said in a statement.

In New Jersey, Kushner and KABR Group are also developing a tower at 30 Journal Square. The partners also paid $27 million for a vacant site at One Journal Square, a stalled development that was supposed to have two 60-story residential towers with 1,500 rental apartments and 150,000 square feet of retail space.

Last year, Kushner Cos. completed $2 billion in deals, including 80-90 Maiden Lane, which it bought with Normandy Real Estate Partners in a deal valued at about $210 million. The developer also acquired 2,000 multi-family apartments in New York City and Maryland, according to the company’s website.

In New York City, Kushner has been snapping up residential buildings and development sites in Brooklyn and Queens. Kusher Cos. paid $131.5 million for a 16-building, 291-unit rental portfolio in Manhattan and Brooklyn, where he is also developing the former Watchtower buildings in Dumbo with RFR Realty.

In January, Kushner made its first Queens buy, paying $51 million for a four-building, mixed-use portfolio in Astoria.