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