Kushner Companies acquired two New Jersey apartment buildings, marking its first deal in the state since 2007, when it sold a $2 billion portfolio to AIG. That transaction holds the record for the largest multi-family deal in New Jersey’s history.
This week’s deal covers 338 units in the Skyline Apartments and Boulevard Apartments complexes, built in the early 1950s by Hekemian & Co and Herbert Klein. The partnership retained ownership of the properties until the sale, which was worth $57.5 million, according to a source with knowledge of the deal. The off-market transaction was brokered by Ivan Dochter of Excel Realty Advisors.
“We will continue to invest in these properties which are located in one of the best rental markets in the country,” Kushner Companies CEO Jared Kushner said in a statement.
The complexes are a series of attached two-story buildings in the Hasbrouck Heights section of Bergen County, near the Teterboro Airport, with studios, one- and two-bedroom units that rent for between $1,150 and $1,550.
Kushner has been on an acquisition spree of late; his company said it added 5,300 U.S. rental units to its portfolio in 2011. In New York City, the company recently led a partnership that sold the retail base of 666 Fifth Avenue to Vornado Realty Trust for $710 million. — Adam Fusfeld