HACKENSACK, NJ—Kushner Companies has acquired Prospect Place, a 360-unit, two-building multi-housing property in Hackensack, NJ. Industry observers familiar with the property say the purchase price was around $100 million.
Holliday Fenoglio Fowler marketed the property exclusively on behalf of the property owner, who was not identified. However, Real Capital Analytics, a proprietary transaction database, indicates that the property's most recent owner was a joint venture of Goldman Sachs, Greystar, and Ivanhoe Cambridge, which acquired the asset in January 2013 for nearly $99.2 million as part of a 27-property Equity Residential Apartment Portfolio. HFF says Kushner purchased the property free and clear of existing debt.
The HFF investment advisory team representing the seller included senior managing director José Cruz, managing director Kevin O'Hearn, senior directors Michael Oliver and Stephen Simonelli and director Marc Duval.
“Prospect Place represents the right mix of infill Northern New Jersey multifamily product with renovation upside,” Cruz says. “Its Bergen County location with direct access to New York City attracts a wide array of tenants.”
Prospect Place, 300 and 310 Prospect Avenue, offers convenient access to the New York City metropolitan area via the nearby NJ Transit Anderson Street station and Interstates 80 and 95. The two-phase property consists of an 18-story high-rise comprising 157 units averaging 1,331 square feet and a four-story mid-rise building comprising 203 units averaging 1,077 square feet. Community amenities include an outdoor lap pool with sundeck, landscaped courtyard, grilling stations, fitness centers, billiards room, resident lounges, concierge service and 653 covered parking spaces. Prospect Place is 96-percent occupied.
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
