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Kushner Cos. Snaps Up Hackensack Apartments
Kushner Companies has acquired Prospect Place, a two-building, 360-unit multifamily complex in Hackensack, NJ. Seller and sale price weren’t divulged by HFF, which marketed the property. NJ.com reported that Greystar sold Prospect Place to Kushner for about $100 million.
“Prospect Place represents the right mix of infill Northern New Jersey multifamily product with renovation upside,” said HFF’s Jose Cruz. “Its Bergen County location with direct access to New York City attracts a wide array of tenants.”
Cruz led an HFF team that included Kevin O’Hearn, Michael Oliver, Stephen Simonelli and Marc Duval. The two-phase complex consists of an 18-story high-rise with 157 units averaging 1,331 square feet, and a four-story mid-rise building comprising 203 units averaging 1,077 square feet. Kushner acquired the property, which is 96% occupied, free and clear of existing debt.
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