March 29, 2017
Kushner Real Estate Group (KRE) paid $70 million for Summit Hill, a 228-unit rental community in Springfield, NJ. Avenue Realty Capital partnered with the buyer on the buy.
The acquisition is KRE’s third in the past 15 months. To date, the company has spent $222 million for 1,065 units spread over three garden apartment complexes.
“The common thread in all three of these assets is they are well-located properties in high-demand, supply-constrained markets, and they all offer the opportunity to create value through investments in capital improvements, unit renovations and improved property management,” said Darin Raiken, director of acquisitions for The KRE Group.
Summit Hill, at 100 Stone Hill Rd., has historically been a well-occupied community, with average occupancy rates in the mid- to high-90% range.
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