Kushner buys 160-unit, Cranbury Road property

EAST BRUNSWICK — Kushner Cos. expanded its presence in Middlesex County recently by acquiring Cranbury Crossing Apartments, located on Cranbury Road near Route 18.

The real estate firm purchased the 160-unit luxury garden apartment property from the Sovereign Group in association with K. Hovnanian Investment Properties in a transaction valued in excess of $20 million, according to a statement released by Kushner Cos.

Cranbury Crossing has maintained nearly 100-percent occupancy throughout its 18-year history, its new owner indicated. The development’s one- and two-bedroom apartments feature fully equipped kitchens; washers and dryers in each unit, and patios or balconies. Fireplaces, skylights and cathedral ceilings are available in selected apartments. There is also an on-site clubhouse with modern equipment, outdoor swimming pool, tennis court, meticulously landscaped grounds and other facilities.

Kushner Cos. plans to renovate the clubhouse, replace roofs and siding, and create model apartments at the property.

The Kushner firm owns and man­ages properties in Edison, Highland Park, New Brunswick, Old Bridge, Plainsboro, Sayreville, South Plain­field and South River.

Most noteworthy is Cranbury Crossing’s location next to the firm’s Horizons at East Brunswick, an upscale adult condo­minium community now under con­struction. This project contains 148 one- and two-bedroom condominiums in a four-story building for residents ages 55 and over.

"We are pleased to further our commitment to the East Brunswick community," said Richard Stadt­mauer, vice chairman and managing partner of Kushner Cos. "This vital township offers outstanding quality of life in the heart of Middlesex County."

Founded in 1954, Kushner Cos. is based in Florham Park and has of­fices in New York City. The company owns and manages more than 25,000 apartment units with a commercial portfolio consisting of more than 7.5 million square feet of office, indus­trial and retail space and many thou­sands of acres of land suitable for de­velopment.

Properties are located in New Jer­sey, New York, Connecticut, Pennsyl­vania, Maryland, Delaware and Mas­sachusetts.