Kushner Companies sells two Maryland apartment complexes for $240M

Company says it already has buyers for another six properties

National /
Apr.April 22, 2021 12:20 PM
Kushner's Laurent Morali and one of the apartment complexes (Google Maps)

Kushner’s Laurent Morali and one of the apartment complexes (Google Maps)

Kushner Companies has found a buyer for more of its Maryland multifamily portfolio.

The real estate firm sold two apartment complexes in the Baltimore area for $240 million, Bloomberg News reported, citing sources familiar with the deal. The move comes after it sold another pair of apartment buildings in the area earlier this year for about $69.3 million.

The company listed 10 multifamily properties in the Baltimore area for $800 million in December.

Company president Laurent Morali told the publication that the Maryland properties were purchased a decade ago and had reached the end of their investment horizon.

“We are following through with our original business plan to create an exit for our partners after 10 years of ownership,” Morali said in a statement. Kushner Cos. declined to comment to The Real Deal.

But Bloomberg reported that buyers are already lined up for six additional apartment buildings in the portfolio, with those deals expected to close in the next few months.

The properties are part of a lawsuit from Maryland Attorney General Brian Frosh who claimed the company’s Westminster Management engaged in “unfair or deceptive” rental practices, lying about the quality of rental units and levels of maintenance it would provide, according to the state’s attorney general.

The case is still active and awaiting a decision from the administrative law judge, the publication reported. The sale is unrelated to the charges, according to Morali.

[Bloomberg News] — Cordilia James





    Related Articles

    arrow_forward_ios
    U.S. shopping mall values have struggled in recent years before valuations tanked in the wake of the pandemic amid an e-commerce boom.
    US mall values plummeted by one-third in 4 years
    US mall values plummeted by one-third in 4 years
    CoStar CEO Andy Florance
    CoStar comes home to play
    CoStar comes home to play
    Big Silicon Valley firm grabs 34K sf in Soho
    Big Silicon Valley firm grabs 34K sf in Soho
    Big Silicon Valley firm grabs 34K sf in Soho
    Behind the Vale: Conflict dogs Zelig Weiss and his hip hotel
    Behind the Vale: Conflict dogs Zelig Weiss and his hip hotel
    Behind the Vale: Conflict dogs Zelig Weiss and his hip hotel
    Stephen Ross and Charles Kushner (Getty)
    Stephen Ross, Charles Kushner, other titans paid no federal taxes for years
    Stephen Ross, Charles Kushner, other titans paid no federal taxes for years
    Last call? Cipriani facing possible foreclosure after mortgage default
    Last call? Cipriani facing possible foreclosure after mortgage default
    Last call? Cipriani facing possible foreclosure after mortgage default
    Northpath Investments nabs Milford Plaza for $11M
    Northpath Investments nabs Milford Plaza for $11M
    Northpath Investments nabs Milford Plaza for $11M
    Miki Naftali makes $73M dev play on Upper East Side
    Miki Naftali makes $73M dev play on Upper East Side
    Miki Naftali makes $73M dev play on Upper East Side
    arrow_forward_ios

    The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

    Loading...