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EAST BRUNSWICK, NJ-Kushner Cos. has been aggressively buying up multifamily properties in Central New Jersey’s Middlesex County recently, and the Florham Park, NJ-based organization has just added another major property to its residential holdings. The company has agreed to pay “in excess of $20 million,” according to officials, for the 160-unit Cranbury Crossing Apartments here.

The seller was the Sovereign Group in association with K. Hovnanian Investment Properties of Red Bank, NJ. Jeff Wiener and Chuck Puth of the Kislak Co., Woodbridge, NJ, represented Kushner in the transaction, while the seller was spoken for by senior vice president Joel Schwartz and vice president Joseph Brecher of Gebroe-Hammer Associates, Livingston, NJ.

“Cranbury Crossing is an established, successful rental property,” explains Richard Stadtmauer, vice president and managing partner of Kushner. “We look forward to adding to our Middlesex County portfolio.”

His company, which currently has a residential portfolio of more than 25,000 units as well as commercial holdings of more than 7.5 million sf of space and land holdings for a lot more, owns and manages properties in such other Middlesex County communities as Edison, Highland Park, New Brunswick, Old Bridge, Plainsboro, Sayreville, South Plainfield and South River. Kushner’s latest acquisition also sits directly adjacent to its 148-unit Horizons at East Brunswick, an active adult condo community now under construction.

Built in the mid-1980s, Cranbury Crossing has undergone some capital improvements in recent years, and the new owner has more in store in that regard. “We plan to renovate the clubhouse, replace roofs and siding and create model apartments at the property,” according to Stadtmauer.

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