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Kushner Exits Philly Following MF Asset Sale
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Kushner Cos. is divesting its stake in Schmidt’s Commons, a 500-unit multifamily property in Philadelphia for $44.1 million. Post Brothers is acquiring the 10-building complex in the Northern Liberties neighborhood.
A partnership of Kushner Cos. and Oaktree Capital Management LP. bought the property five years ago for $130 million. Oaktree will retain its ownership stake, but the sale represents Kushner’s last holding in Philadelphia.
The asset also includes 130,000 square feet of ground-floor retail and a cobblestone plaza. Office sharing company WeWork opened its first Philadelphia location at the complex. It has seven years left on its lease, with a five-year renewal option.
The apartment units will be upgraded with new kitchens and bathrooms. Planned additions to the community amenity base include a pool, playground, outdoor lounge area and other features. Local retailers and restaurants will be sought to fill eight vacant retail spaces in an effort to reactivate the street life.
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Sale/Acquisition
