NEW YORK CITY-Kushner Cos. is offering $165 million to $190 million to buy AIG’s equity interest in 17,000 apartments, Bloomberg reported Thursday. The insurer is reportedly considering a sale of its stake in the 86 complexes, which it bought with Morgan Properties for $1.9 billion in September 2007.

Real Capital Analytics’ Ben Thypin told Bloomberg last month that AIG and Morgan paid “significantly over market” when they bought the apartment complexes, located primarily in New Jersey and Pennsylvania. The ’07 deal valued the apartments at about $120,000 per unit, compared to a market comparable of about $93,000 that year. Today, based on the few transactions that have occurred, they’d sell for about $70,000 per unit, Thypin told Bloomberg.

AIG is now weighing a sale of its stake to help pay back the $182.3 billion it received in federal bailout funds following the Wall Street meltdown of September 2008. To access the complete article, click here.