Kushner Sells 276-Unit Westwood Multifamily Portfolio For $80 Million With JLL As Brokers

The asset involved in this transaction is a multifamily portfolio located across four addresses: 20 Charles Street, 500 Center Avenue, 99 Madison Avenue, and 229 Collignon Way, situated in the Westwood and River Vale markets. This portfolio encompasses 11.79 acres and comprises 276 units, which were sold for a total of $80,000,000, reflecting a price per unit of $289,855. The portfolio is 96% occupied and presents value-add potential with unrenovated units, alongside suburban amenities such as a fitness center and swimming pool.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $80,000,000
• Seller: Jonathan & Murray Kushner
• Brokerage Firm: JLL
• Broker Representatives: Austin Pierce, Elizabeth DeVesty, Jose Cruz, Michael Oliver, Steve Simonelli
• Units: 276
• Market: Westwood & River Vale
• Occupancy Rate: 96%
• Acres: 11.79
• Price Per Unit: $289,855

The sale was facilitated by JLL Capital Markets on behalf of the seller, Kushner, and involved a private buyer. The brokers played a crucial role in arranging this significant transaction in Bergen County, N.J.