$20M Flips Apts. to Kushner Portfolio

EASTAMPTON, NJ-Following quickly on the heels of its acquisition a month ago of 537 apartments and 100 acres of undeveloped land in New Jersey and Pennsylvania from the Sheng Corp., Kushner Cos. has snapped up the 304-unit Sherwood Village apartment complex on 25 acres in this Burlington County community. The sale price was announced as $20 million.

Robert Ploshnick and Joseph Brecher of Gebroe-Hammer Associates, Livingston, NJ, brokered the deal. Westminster Capital LLC, one of the companies making up the Florham Park, NJ-based Kushner group, placed the financing with Morgan Stanley Mortgage Capital Inc. The identity of the seller was not disclosed.

“Sherwood Village is located in a region in which we already own and manage a number of multifamily properties that are performing well,” explains Richard Stadtmauer, Kushner’s vice chairman and managing partner. “Part of our growth strategy involves maintaining and building a concentrated presence in good market locations.”

The acquisition runs Kushner’s South Jersey multifamily holdings to eight properties totaling 1,500 units in Burlington and Gloucester counties, all managed by Westminster Management, the company’s residential property management division. Altogether, Kushner’s multifamily housing portfolio totals more than 25,000 residential units. Company officials indicate that Westminster will make some capital improvements to its newest asset, mostly of the cosmetic variety.