Deals

Kushner Cos. Sells Stake in Hard-Partying Apartment Complex

Local apartment developer pays $44.1 million for Kushner share
Kushner family firm bought the property in 2013 with Oaktree

Schmidt’s Commons in Philadelphia. — Schmidt’s Commons in Philadelphia.
Source: Post Brothers

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By Oshrat Carmiel

May 25, 2018 at 5:53 PM UTC

Updated on

May 25, 2018 at 8:10 PM UTC

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Kushner Cos. is leaving Philadelphia with the sale of its only asset in the city, a stake in an apartment-and-retail complex with a party-ready courtyard.

The real estate firm once run by presidential son-in-law Jared Kushner sold its portion of Schmidt’s Commons, a 10-building complex in the Northern Liberties neighborhood, for $44.1 million, according to the buyer, Post Brothers. The company is a local apartment developer that had been eyeing the property ever since Kushner Cos. and Oaktree Capital Management LP acquired it five years ago.