Kushner Cos. sells Hackensack apartments for $114M-plus, JLL says

A Hackensack apartment property has sold for $114.45 million, according to real estate firm JLL Capital Markets.

Prospect Place Apartments, which includes 360 units totaling 428,040 rentable square feet, was sold by the Kushner Cos. to Khosla Capital LLC and DKJ Equity LLC, the firm said in a news release.

“We are pleased with the excellent execution by our friends at JLL, and wish all the best to the buyers,” Kushner President Laurent Morali said in a prepared statement.

JLL represented the seller in the transaction, with a team including Jose Cruz, Steve Simonelli, Kevin O’Hearn, Michael Oliver, J.B. Bruno and Michael Kavanagh. Khosla Capital, representing the buyers, was led by Raman Khosla, founder and CEO.

“The in-fill location and upside in these assets drove very strong interest from the investment community,” Cruz said in a statement. “Multihousing demand is stronger than it was pre-COVID.”

The property, built in 1995 and 2005, includes one- to three-bedroom layouts, as well as amenities including two fitness centers, a swimming pool, business center and more.

“We are excited to be a part of a community that continues to expand, and to enhance and add value to a great asset,” Khosla said in a statement.