The Top 10 Multifamily Deals of the Decade

It took Charles Kushner 25 years to assemble the 16,784 units in his portfolio—and just one weekend to sell it off. The deal was consummated quickly, with initial contracts signed over a single weekend. The Kushner Cos.’ broker, CBRE, received the offer on a Friday, but it was contingent on Kushner agreeing not to review any other bids. Kushner said that as long as the contracts were signed before Monday, it wouldn’t look at any other offers. All told, 86 buildings were sold in 90 days start to finish—a tight timeframe even when selling just one building. For Morgan Properties, the acquisition more than doubled its existing portfolio of 14,000 units. Morgan assumed $480 million of existing debt, and Fannie Mae provided a $1 billion loan through Wachovia, which also kicked in a $125 million mezzanine loan. The partners provided the remaining financing, about $295 million in equity.