Kushner's blow-out sale.Kushner Companies has reached agreement to sell part of its multi-family residential Multi-family residential is a classification of housing where multiple separate housing units are contained within one building. The most common form is an apartment building. Many intentional communities incorporate multi-family residences, such as in cohousing projects. portfolio comprising over 17,500 apartments in five states. The announcement comes just eight weeks after the prized portfolio of Kushner owned and managed residential units in the states of New Jersey, Pennsylvania, Delaware, Maryland and New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of was put on the market. The bulk of the portfolio is being sold to a joint venture comprised of AIG AIG addressee indicator group (US DoD) AIG American International Group, Inc AiG Answers in Genesis (religious group in defense of Scripture) AIG Artificial Intelligence Group AIG Australian Industry Group Global Real Estate Investment Corp. and an affiliate of Morgan Properties of King of Prussia King of Prussia, industrialized suburban area (1990 pop. 18,406), Montgomery co., SE Pa. It has glass and steel fabricating, food processing, printing and publishing, and varied manufacturing (textiles, liquified petroleum gas, water-treatment and electrical , PA. The purchase, which consists of 86 individual apartment complexes totaling 16,784 units, is expected to close within 90 days. The largest concentration of these residences are in southern New Jersey and Philadelphia and northern New Jersey. In separate transactions, Kushner also agreed to sell 844 units in Maryland and southern New Jersey to investment clients of The Kislak Company for a total of $42 million. Those sales, both of which were brokered by The Kislak Company, are expected to close within 30 days. Not included in either offering was Kushner's commercial real estate portfolio, which includes over 6.5 million square feet of prime office, industrial, hotel and retail facilities as well as about 6,500 residential units in which the company has ownership interests. "We are delighted that such preeminent real estate groups will be assuming the ownership and operation of this exceptional portfolio of quality apartment complexes," stated Jared Kushner Jared Kushner (born 1981) is the owner of the New York Observer and son of prominent New Jersey real estate developer Charles Kushner[1]. Jared Kushner is now at the New York University School of Law, and at 25 years old has recently bought the , a principal of Kushner Companies, which is shifting its real estate focus from its traditional multi-family roots to larger asset investments, such as Class A office buildings in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. . Earlier this year it purchased 666 Fifth Avenue for $1.8 billion. A CB Richard Ellis CB Richard Ellis Group, Inc. NYSE: CBG is a multinational real estate corporation currently based in Los Angeles, California, U.S.A.. On December 20, 2006, the corporation, also known as CBRE, completed acquisition of Trammell Crow Co. in a transaction valued at $2. team headed by Darcy A. Stacom, in conjunction with Goldman Sachs, represented Kushner Companies in the portfolio offering and purchase. "There was a lot of interest from institutions, off shore investors and operating companies from around the world," stated Stacom, "but in the end, AIG Global Real Estate and Morgan Properties decided they were simply not going to miss out on this unique opportunity to acquire a critical mass of quality residential properties in one of the hottest regions of the country." |
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