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Kushner Companies Agrees To Sell 17,628 Multi-Family Units

Kushner Companies has agreed to sell part of its multi-family residential portfolio comprising over 17,500 apartments in five states.Kushner Companies has agreed to sell part of its multi-family residential portfolio comprising over 17,500 apartments in five states. The announcement comes just eight weeks after the Florham Park-based real estate firm put its portfolio of residential units on the market in the states of New Jersey, Pennsylvania, Delaware, Maryland and New York.

The bulk of the portfolio is being sold to a joint venture comprised of AIG Global Real Estate Investment Corp. and an affiliate of King of Prussia, Pa.-based Morgan Properties. 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 is in southern New Jersey and Philadelphia, with 25 apartment complexes comprising 5,282 units, and northern New Jersey, with 23 complexes totaling 3,473 units. The rest of the package includes 14 complexes encompassing 2,991 units in central New Jersey and nine complexes with 1,306 units on the Jersey shore.

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