(Read more on the multifamilymarket.)
FLORHAM PARK, NJ-The Kushner-to-AIG/Morgan apartment portfoliosale is officially a done deal. As reported by GlobeSt.com, thetransaction involving 16,784 apartments in 86 complexes in fourstates went under contract in June, just several weeks afterKushner Cos. had put most of its Westminster Management multifamilyportfolio on the block.
The largest concentration is in the South Jersey/MetroPhiladelphia market, amounting to 25 communities and nearly 5,300units. The rest are scattered around New Jersey, plus Pennsylvania,Delaware and New York. The sale price was not released, butmultiple sources put the final number in the $1.9-billion range,including the assumption of $900 million of debt.
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