Hackensack, NJ apartments sold for $114.45M
JLL Capital Markets closed the sale of the recently updated Prospect Place Apartments
JLL represented the seller, Kushner Companies, to complete the sale to the buyers, Khosla Capital LLC and DKJ Equity LLC.
Prospect Place Apartments total 428,040 rentable square feet and consist of one-, two- and three-bedroom floorplan options. Built in 1995 and 2005, the property was recently renovated, with updated units including in-home washers and dryers, hardwood-style flooring, stainless steel appliances and granite countertops. The building is pet-friendly and features top of the market community amenities including two fitness centers, game room, swimming pool, resident lounge and business center as well as garage parking. The buyer has immense opportunity to continue updating original units.
Experiencing a renaissance, Hackensack’s central positioning in the county allows connectivity to everything the area has to offer, including over 9,000 acres of outdoor parks and recreation. The property is also proximate to the Bergen Museum of Art & Science, Hackensack University Medical Center and various retail, dining and entertainment options.
The JLL Capital Markets team representing the seller was led by Jose Cruz, Steve Simonelli, Kevin O’Hearn, Michael Oliver, J.B. Bruno and Michael Kavanagh. Khosla Capital LLC, representing the buyers, was led by Raman Khosla, CEO and founder.
Khosla stated, “We are excited to be a part of a community that continues to expand, and to enhance and add value to a great asset.”
“The in-fill location and upside in these assets drove very strong interest from the investment community,” stated Cruz. “Multi-housing demand is stronger than it was pre-covid.”
“We are pleased with the excellent execution by our friends at JLL, and wish all the best to the buyers,” stated Laurent Morali, President of Kushner.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion, operations in over 80 countries and a global workforce of more than 91,000 as of December 31, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Khosla Capital LLC and DKJ Equity LLC
Together these privately held real estate companies own, manage, acquire, rehabilitate and develop multi-family apartment complexes in the Northeastern and mid-Atlantic United States. With over 25 years of experience in investment real estate, Khosla Capital and DKJ Equity have a track record of securing superior risk-adjusted returns and preserving real estate values.