While President Donald Trump was preparing to take the stage at the first presidential debate of 2020, his son-in-law’s real estate firm was busy working an eight-figure deal in the Richmond market.
An entity tied to the Kushner Cos., controlled by the family of White House Senior Advisor Jared Kushner, last week purchased the 190-unit Wilde Lake Apartments at 2900 Bywater Drive near Short Pump for $35.2 million, Henrico property records show. The price tag equates to $185,263 per door.
The deal is the Kushner Cos.’ third in the Richmond region. Last year, the company spent nearly $100 million on a pair of apartment complexes totaling over 500 units in Chesterfield County.
Built in 1989, the Wilde Lake complex sits on nearly 18 acres near the intersection of Lauderdale Drive and Church Road. The land was most recently assessed by Henrico County at $30.1 million.
The buying entity in the Sept. 24 deal was Richmond Wilde LLC. Matthew Burrows, a vice president at Kushner Cos., signed the deed on the company’s behalf.
Kushner Cos. said in an emailed statement: “This purchase more than doubles our unit count in the Richmond-Tidewater market since we first planted our flag there 15 months ago. We’re excited to continue growing our roster of investment partners who have footprints in this region.”
It’s the second time in four years the Wilde Lake apartment complex has changed hands. In 2016, Newport News-based real estate investment firm Drucker & Falk bought the complex for $20.9 million.
Founded by Charles Kushner in the 1980s, Kushner Cos. owns millions of square feet of residential, office and retail space along the East Coast. Per its website, the firm added 6,500 apartments to its portfolio in 2019, including a $1.2 billion portfolio of apartment buildings in Maryland and Virginia.