The Kushner Cos. buys $1b apartment portfolio

The Kushner Cos. has purchased a $1.1 billion portfolio of apartments from Lone Star Funds, reported The Wall Street Journal.

The portfolio consist of 6,000 units located in Maryland and Virginia. With its latest acquisition, Kushner Cos. owns about 22,000 apartment units with plans to boost its portfolio to nearly 30,000 units.

The transaction is reportedly the company’s largest purchase since 2007, according to the Associated Press. And It marks Kushner Cos.’ most expensive purchase since paying $1.8 billion for a Manhattan skyscraper in 2007, reported ABC News.