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. [more]