Kushner Buys Luxury Apt. Towers, Closes on Site Acquisition

In Cherry Hill, NJ, located in the greater Philadelphia market, the company is paying $45 million to buy the 525-unit Towers of Windsor Park, two 13-story luxury apartment buildings. Robert Ploshnick and Joseph Brecher of Gebroe-Hammer Associates brokered the transaction, which factors out to an average of almost $86,000 per unit. The seller of the complex, which was built in the mid '60s, was a local group.

"They are a prestigious addition to our portfolio," says Richard Stadtmauer, vice chairman and managing partner of Kushner. Kushner's multifamily portfolio in Cherry Hill includes three other properties, including the 89-unit Lexington House, the 188-unit Colonial Apartments and the 59-unit Sussex House. According to Stadtmauer, his company plans to "invest significantly in capital improvements for Windsor Park. Upgrades and capital improvements always rank high on our list of priorities."

In Asbury Park, NJ, meanwhile, Kushner has closed title on the site of phase one of what will ultimately be 750 residential units in the city's redevelopment area. The purchase clears the way for the company to break ground later this summer on the 146 townhouses and condos making up the initial phase of its portion of the larger project.

The seller of the two-block tract was Asbury Partners, master developer for Oceanfront Asbury, as the 56-acre waterfront redevelopment is called. Overall, the nearly $1.3 billion project will consist of 3,000 residential units and a 450,000-sf retail/entertainment component with a 10-year build-out. While controlled by Asbury Partners, the project will be done by several different developers.

Earlier this year, Kushner received preliminary and final site plan approval from the Asbury Park Planning Board, as well as a comprehensive coastal development permit from the New Jersey DEP. Construction will be done by Kushner's development and construction arm, Westminster Communities.