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New York & Tri-State  + New Jersey  + Apartments  | 

JLL Closes $114M Sale for Kushner Companies

JLL Capital Markets closed the $114.45-million sale of the 360-unit Prospect Place Apartments in Hackensack, NJ. The team of Jose Cruz, Steve Simonelli, Kevin O’Hearn, Michael Oliver, J.B. Bruno and Michael Kavanagh represented the seller, Kushner Companies, to complete the sale to the buyers, Khosla Capital LLC and DKJ Equity LLC. 
 
Khosla Capital LLC, representing the buyers, was led by Raman Khosla, CEO and founder. “We are excited to be a part of a community that continues to expand, and to enhance and add value to a great asset,” said Khosla.
 
“The in-fill location and upside in these assets drove very strong interest from the investment community,” said Cruz. “Multi-housing demand is stronger than it was pre-COVID.” 
 
Built in 1995 and 2005, Prospect Place Apartments was recently renovated, with updated units including in-home washers and dryers, hardwood-style flooring, stainless steel appliances and granite countertops. 

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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