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(Read more on the multifamily market.)

FLORHAM PARK, NJ-Kushner Cos. has put its 18,500-unit residential portfolio on the market and has hired the tandem of CB Richard Ellis and Goldman Sachs to find a buyer or buyers. The offering does not include another 6,500-unit residential group in which the company has an ownership interest, or the company’s 6.5 million sf of office, industrial, hotel and retail properties.

The move signals Kushner’s growing appetite for trophy properties, particularly those located in Manhattan. As reported by GlobeSt.com, the company bought the office tower at 666 Fifth Ave. in Manhattan earlier this year, paying a record $1.8 billion for the landmark asset.

“We have made a strategic decision to shift our real estate focus in a meaningful way in order to concentrate on significant asset investments, particularly in New York City,” says Jared Kushner, a principal of the company. “We have assembled a comprehensive portfolio of apartment complexes, and this transaction would allow a new owner to automatically become one of the largest multifamily owner/operators in the State of New Jersey, which has the highest median household income in the US.”

And if all goes according to plan, Kushner could assemble a substantial war chest for its search for significant assets. “Based on sales of comparable multifamily assets, the portfolio should generate bids in the $2-billion range,” says Darcy A. Stacom, who is heading the CBRE team on the assignment.

Most of the properties on the market are located in New Jersey, with additional holdings in Pennsylvania, Delaware and New York. All of them are both owned and managed by Kushner Cos.

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