JLL Capital Markets closes on $114.45M sale of Prospect Place Apartments

JLL Capital Markets said April 28 it closed the $114.45 million sale of the 360-unit Prospect Place Apartments in Hackensack.

JLL represented the seller, Kushner Cos., 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, a game room, a swimming pool, a resident lounge and a business center as well as garage parking. The buyer has immense opportunity to continue updating original units.

Hackensack’s central positioning in Bergen County allows connectivity to everything the area has to offer, including more than 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 Chief Executive Officer and founder Raman Khosla.

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.