Kushner looks to unload multifamily properties for $800M

Firm puts 10 Baltimore buildings on the market

Charlie Kushner and Laurent Morali with Commons at White Marsh Apartments in Maryland (Photos via Sasha Maslov and CommonsatWhiteMarsh)
Charlie Kushner and Laurent Morali with Commons at White Marsh Apartments in Maryland (Photos via Sasha Maslov and Commons at White Marsh)

Kushner Companies just put 10 Baltimore multi-family properties on the market, a portfolio that the firm’s president believes could sell for $800 million.

Kushner Companies president Laurent Morali said the company bought the properties nearly 10 years ago and is listing them because they reached the end of their investment time horizon. He said the decision to sell was part of an agreement with investment partners, whom he declined to name.

“In the perfect world I would keep them forever,” Morali said of the buildings.

Morali said he expects the properties, which total thousands of units, to sell in the first half of next year.

The apartments are being listed through three brokerages: Berkadia, CBRE and Newmark.

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CBRE is marketing five properties: White Marsh, Cove Village, Fontana Village, Harbor Point Estates and Whispering Woods. Newmark is listing Pleasantview and Dutch Village, and Berkadia is listing Hamilton Manor, Highland Village Townhomes and Riverview Townhomes, according to Morali.

Last year, Maryland Attorney General Brian Frosh sued a company owned by the Kushner family that managed some of the Baltimore properties. Frosh alleged the company, Westminster Management, engaged in “unfair or deceptive” rental practices.

Morali previously said the allegations were “bogus” and politically motivated. He said the lawsuit would not impede the sales process.

“The lawsuits have nothing to do with the properties,” said Morali.

Kushner Companies was formerly led by Jared Kushner, who is now an adviser to President Donald Trump. The New York-based company has bet big on multifamily in recent years. It recently bought seven rental buildings from First Real Estate Investment Trust of New Jersey for $266.5 million.