Kushner Cos. buys three-property portfolio in Virginia

The Kushner Cos. has acquired a 710-unit, three-property portfolio of apartment assets in Virginia for $113 million. The seller was DF Ventures, a business unit of Drucker + Falk.

The portfolio consists of Chesapeake Bay Apartments, located in Newport News, Va.; Hanover Crossing in Mechanicsville, Va.; and Wilde Lake Apartments in Henrico, Va.

Guy Buck, CFO of Drucker + Falk, said, “This was a great opportunity to leverage DF Multifamily’s management and renovation expertise. We are very proud to have delivered extraordinary returns to our investors. DF Ventures, along with a partner, acquired the properties in May of 2016 for $68.5 million and implemented a $10.5 million renovation plan across the three properties which, combined with stellar property management, resulted in an average return on investment exceeding 30 percent annually.”

“DF Ventures is very pleased with the success of our value-add business plan for this portfolio. Renovating each comm