The Rockpoint Group has sold a 25 percent interest in a portfolio of nine multifamily properties in Maryland to the Kushner Companies. The portfolio of 5,517 apartment units is valued at approximately $500 million, although the price that Kushner paid for its stake could not be determined.
The nine properties are located in Middle River, Halethorpe, Parkville, Essex, Rosedale and Hyattsville, with the largest being the Commons at White Marsh, a 1,212-unit complex in Middle River. Market sources noted that New York-based Kushner has been an active buyer in the US multifamily space, having purchased roughly 11,000 units in the past year.
As part of the deal, Boston-based Rockpoint will retain a majority interest in the portfolio. Representatives from Rockpoint and Kushner declined to comment.