WNY's residential portfolio is spread throughout New Jersey (Cherry Hill, Marlton, Eatontown), Delaware, Pennsylvania and Maryland, and it will boost Kushner's own residential portfolio to more than 20,000 units. That, in any language, makes it one of the largest privately owned multifamily owners in the country. The acquisition will also add 300 staffers to Kushner's existing base of 500 employees.

"WNY has consistently improved and maintained its portfolio and has enjoyed high occupancy levels," says Charles Kushner, chairman of the company that bears his name. "That portfolio includes some of the most desirable apartment communities in their markets."

Kushner also manages over 3 million sf of office, industrial and retail space in several states and has ownership interests in more than 6 million feet. The company's Westminster Communities division is currently building 500 homes in NJ and has 40 other projects in various stages.

WNY is an outgrowth of a company founded 20 years ago by Peter Weidhorn. Its current structure as a privately held REIT dates to 1998, with Weidhorn as CEO.

"This move will provide for the continued infrastructure and growth that we needed in order to expand our market presence," according to Weidhorn, who is expected to take a senior position at Kushner.

Bruce Schonbraun, managing partner of the Roseland, NJ-based consulting firm of Schonbraun Safris McCann Bekritsky advised Kushner and structured the acquisition. Salomon Smith Barney was the advisor to WNY.