The latest acquisition adds to Kushner's residential portfolio, which currently stands at more than 20,000 units in New Jersey, New York, Connecticut, Pennsylvania, Maryland, Delaware, Massachusetts and Florida. The one- and two-bedroom units are configured in a layout with a total of 19 buildings.

The heavily landscaped grounds encompassing the property include an outdoor pool. Tanglewood Terrace, located at 42 Lenox Court, is currently 100% occupied, but Kushner is planning to upgrade the individual apartments as they turn over. The property is located not far from I-287, the Garden State Parkway and the New Jersey Turnpike.

"Tanglewood Terrace is an established rental community that has had a successful leasing history of more than 20 years," according to Richard Stadtmauer, managing director at Kushner. "At the same time, the property's rents are currently undervalued. That, coupled with its location in the strong Middlesex County market, made this a very good investment opportunity for us."

Besides its apartment portfolio, Kushner also manages more than three million sf of office, industrial and retail space and has an ownership interest in more than six million sf of commercial real estate. Its construction division, Westminster Communities, also based in Florham Park, develops more than 500 residential units a year. Westminster currently has some 40 projects in various stages of approval and development, mostly in New Jersey and New York, including active adult communities, multifamily, urban mixed-use redevelopments and single-family homes.

Besides its ownership, development and construction functions, Kushner also has affiliated businesses involved in banking, insurance, real estate brokerage and technology.