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Kushner Bulks Up Apartment Portfolio with $1.1B Lone Star Deal
Kushner Cos. has acquired more than 6,000 apartments in the Washington, D.C. suburbs of Maryland and Virginia from Lone Star Funds for $1.1 billion, according to the Wall Street Journal.
It’s the family-owned company’s biggest acquisition since acquiring 666 Fifth Ave. in Manhattan for a then-record $1.8 billion in 2007, and comes just months after Kushner sold its 666 Fifth stake to Brookfield Asset Management.
The deal represents a return to Kushner Cos.’ roots. By the early 2000s, the company had built up a portfolio of more than 30,000 apartments, selling more than half of them in 2007.
More recently, the company has been rebuilding its suburban apartment portfolio. The Lone Star deal will increase it to about 22,000 units, and the WSJ reported that Kushner has another 6,000 in the acquisition pipeline.
“Multifamily is the DNA of our company,” Kushner president Laurent Morali told the WSJ.
Pictured: Kushner Cos. headquarters at 666 Fifth Ave.
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