Kushner Companies acquire units in NJ

Real Estate Weekly, June 7, 2000

Kushner Companies, one of New Jersey's leading private real estate companies, has continued its geographic reach southward with the acquisition of Briarwood Manor in Deptford Twp., N.J. The company purchased the 99-unit garden apartment complex, renamed Woodbury Arms, from Briarwood Manor, a general partnership, in a transaction valued in excess of $3.2 million, negotiated by Jeffrey P. Wiener, president of The Kislak Company, Inc. of Woodbridge, N.J.

Kushner Companies currently owns and manages more than 15,000 apartment units in New Jersey, New York and Florida. In 1999, the company purchased Inverness Apartments, a 368-unit garden apartment complex, also located in Deptford, through Kislak. "New Jersey's residential real estate market is one of the strongest in the nation," said Richard Stadtmauer, managing director for Kushner Companies. "Although Kushner has traditionally been more active in central and northern New Jersey, the company is looking to expand its holdings in southern New Jersey. As industry moves south, regions such as Gloucester County, where Woodbury Arms and Inverness are located, offer excellent investment potential," Stadtmauer said.

Woodbury Arms' three brick buildings with vinyl exterior accents contain 66 one-bedroom units and 33 two-bedroom units, ranging from 638 to 897 square feet. Each unit has either a patio or balcony. All apartments feature wall-to-wall carpeting, modern galley-style kitchens with linoleum flooring, individually controlled forced gas heat and central air conditioning.

The garden apartment complex, built in 1965, is located near the intersection of Route 47 and Interstate 295, two miles east of The New Jersey Turnpike (I-95). The Turnpike provides, direct access to Philadelphia, Newark and New York City, while I-295 offers direct access to Trenton. Deptford is a suburban, neighborhood community in the northern section of Gloucester County. Woodbury Arms is just three miles from the Deptford Mall.

According to Wiener, Gloucester County is an excellent location for both business/industry and residential housing because of its network of highways and close proximity to major cities. "With downtown Philadelphia just 20 minutes away, the property is a prime commuters' residence," he added.

In addition to residential activity, Kushner Companies is expanding its commercial portfolio, which consists of several million square feet of office, industrial and retail space.

The firm has more than 45 years of development experience, With in-house capabilities to handle all real estate activities from site selection, planning, development and acquisitions to construction, financing, insurance, leasing, sales, marketing and ongoing property management. Kushner Companies also has affiliated businesses involved in banking, insurance, real estate brokerage and technology.