Two Chesterfield apartment complexes sell for combined $138M, including one owned by Kushner Cos.

The Park at Salisbury sits on over 44 acres near the intersection of Route 288 and Midlothian Turnpike. (BizSense file photo)

Two apartment deals in Chesterfield County with a combined sales price of $138 million closed on the same day this week, one of which involved the president-elect’s son-in-law. 

The Park at Salisbury apartment complex changed hands Monday for $79.2 million, as did the Commonwealth Apartments, which fetched $59.2 million. 

The Park at Salisbury is the larger of the two complexes with 320 units. Commonwealth’s has 234. 

In addition to both selling on Nov. 18, the two complexes have other similarities. Both sit near Route 288, with The Park at 401 Lancaster Gate Drive near the Midlothian Turnpike interchange, and Commonwealth Apartments at 5401 Commonwealth Centre Parkway, near the Hull Street Road exit.

Both complexes were originally built by local developer Guy Blundon, who completed The Park in 2004 and Commonwealth in 2022. 

Kushner Cos., the family business of president-elect Donald Trump’s son-in-law Jared Kushner, was the seller in the Park at Salisbury deal. Kushner bought the complex in 2019 for $60.5 million and last week sold it to Ohio-based Coastal Ridge Real Estate.

The Park at Salisbury is the first acquisition Coastal Ridge has made in the Richmond area, and it joins the firm’s portfolio of over $5 billion in assets under management. The company, according to its website, also manages the Ascend RVA apartment tower near VCU. Neither Kushner nor Coastal Ridge responded to requests seeking comment. 

The per-door sales price clocked in at $248,000. Chesterfield County most recently assessed the complex at $63 million.

Commonwealth Apartments’ new owner is Mesa Capital Partners, an Atlanta-based firm that invests in and develops apartment complexes. Mesa previously owned The Livingston, a 327-unit complex near Cosby Village in Chesterfield. It sold that property a few years ago to Henrico-based Capital Square for $86 million. 

County records show the seller was an entity tied to Blundon, who wasn’t immediately available for comment. The per-door price for Commonwealth was $253,000. The county most recently assessed the complex at $48.6 million. 

Both sales were brokered by Berkadia’s Drew White, Carter Wood, Cole Carns and Hunter Wood. 

It’s been a busy end to the year for the Berkadia squad in the multifamily world, as they also worked the $35 million sale of The Villas at Cedarhurst apartments near Westover Hills, as well as the $13.2 million sale of the Crestwood at Libbie apartments in the West End.

White said he thinks out-of-town buyers such as Coastal Ridge and Mesa are noticing the momentum in Richmond and opting to invest here rather than in markets like Raleigh and the Washington, D.C., area. 

“We’re seeing a lot of fresh capital come to Richmond in pursuit of the good market fundamentals here,” White said. “When you look at Richmond’s pipeline and how it lines up for supporting future rent growth, it’s really strong. That’s the backbone.”