Kushner announces mid-Atlantic REIT acquisition.

Kushner Companies has announced the acquisition of the WNY Group, Inc., a self administered and self-managed privately held REIT headquartered in Freehold, N.J. As part of the transaction, which is valued at approximately $280 million, Kushner Companies acquired WNY's entire apartment portfolio of more than 8,000 apartment units consisting of 42 properties located in New Jersey, Delaware, Pennsylvania and Maryland. As a result, Kushner Companies now owns more than 20,000 apartment units, positioning the firm among the largest private multi-family owners in the country.

Bruce Schonbraun, managing partner of Schonbraun Safris McCann Bekritsky & Co., LLC, a real estate consulting and accounting firm headquartered in Roseland, New Jersey, served as advisor to Kushner Companies in the transaction. Salomon Smith Barney served as advisor to WNY. Schonbraun, who conceived and structured the transaction, commented: "We have been working with the Kushner organization on the development of a super regional strategy, and this transaction with WNY's strong regional management team is a perfect fit."

This acquisition gives Kushner Companies a significant presence in the South Jersey market and expands its portfolio to cover the entire state. The WNY portfolio of garden apartment communities and mid-rise buildings are situated in both suburban and urban locations, including Cherry Hill, Marlton and Eatontown, New Jersey; Newark and Wilmington, Delaware; Lancaster and Harrisburg, Pennsylvania; and Baltimore, Maryland.

"WNY has consistently improved and maintained its portfolio and has enjoyed high occupancy levels through its expertise in management and the company's commitment to invest in and improve the properties as needed," noted Charles Kushner, chairman of Kushner Companies. "As a result, the portfolio includes some of the most desirable, successful apartment communities in their respective regions."

"Our company has been on an aggressive path of growth for the past five years," added Richard Stadtmauer, a managing director of Kushner Companies. "The size and scope of this acquisition fits within our company goals and vision."

The acquisition of WNY will add approximately 300 staff members to Kushner Companies' existing base of more than 500 employees. "We have enhanced our management team in the past two years in response to our continued growth in both the residential and commercial real estate markets, and our organization will further benefit from the addition of key management and personnel at WNY," Stadtmauer said. Kushner Companies will maintain offices in Freehold to operate its South Jersey holdings.

WNY is an outgrowth of a company founded in 1981 by Peter Weidhorn. The firm commenced operations with the acquisition of 1,800 multi-family units in Hudson County New Jersey.