Kushner Cos. has bought a 1,032-unit apartment community in Plainsboro in a deal valued at $190 million.
The purchase returns the 52-acre Quail Ridge to Kushner, which sold it 11 years ago.
It’s part of a strategic plan to acquire residential and commercial properties with high investment potential. The company purchased 5,517 multi-family units in Maryland for $520 million earlier this year, and is exploring additional opportunities, including other New Jersey properties.
“We’re excited to continue to invest in the high-value and growing central New Jersey residential market,” said Kushner President Laurent Morali. “Quail Ridge presents an outstanding opportunity to continue the expansion of our multifamily portfolio while helping to improve an already great community. It reflects our strategy of vigorously pursuing investment where we see significant potential value.”
Quail Ridge is located at the center of the Princeton area’s insurance, biotech and other corporate campuses.
Kushner has completed more than $2 billion in transactions in the past two years, including 203,000 square feet of creative office space in Jersey City.
The company also bought Brooklyn’s Watchtower, which consists of 830,000 square feet that it plans to convert into a high-tech corporate campus.
It also announced development plans for three residential towers in Jersey City’s Journal Square, one of which will be the tallest in the state, and has opened a 52-story luxury residential tower at 65 Bay St. on the Hudson River.
Kushner’s lending arm, Kushner Credit Opportunity Fund, is also expanding. Last month, it closed a $24.5 million land loan to Somerset Partners to spur the redevelopment of two parcels in the South Bronx neighborhood of Mott Haven.