The real estate firm run by White House adviser Jared Kushner's family has pulled off its biggest deal in more than a decade.
Kushner Cos. paid $1.1 billion for a portfolio of about 6,000 apartments in Maryland and Virginia that had been owned by Lone Star Funds, according to a story published Friday by The Wall Street Journal.
It marks Kushner Cos.' most expensive purchase since paying $1.8 billion for a Manhattan skyscraper in 2007.
The debt taken on in that the 2007 deal strained Kushner Cos.' finances until last year when it sold the building to Brookfield Asset Management. The 41-story tower located at 666 Fifth Ave. still serves as Kushner Cos. headquarters as part of a 99-year lease with Brookfield.
Kushner Cos.' dealings have been drawing more scrutiny because of its connections to Jared Kushner, who is President Donald Trump's son-in-law as well as a senior adviser. The company is run by Jared Kushner's father, Charles.
Kushner Cos. didn't respond to a request for comment Saturday from The Associated Press. The company previously has said that it has become more difficult to do business because of the heightened attention stemming from Jared Kushner's links to Trump, whose own business interests have raised questions about potential conflicts with his duties in the Oval Office.
With its latest acquisition, Kushner Cos. now owns about 22,000 apartment units with plans to boost its portfolio to nearly 30,000 units, according to the Journal.
Kushner Cos. already rents out apartments in Maryland through a company called Westminster Management. An investigation by the Baltimore Sun found that the Kushner Cos. engaged in aggressive tactics to collect debts from renters, including getting judges to order arrests.
After that report and other media investigations, Maryland Attorney General Brian Frosh began investigating complaints.
Kushner Cos. told ProPublica that they are cooperating with the investigation and comply with all laws.