NEW YORK, NY - AREA Property Partners in a joint venture with Wood Partners has acquired a multifamily portfolio in Texas with a total of nine properties and 2,589 units. Five properties are located in Dallas/Fort Worth, three in Houston and one in San Antonio. The seller and purchase price were not disclosed.
"This acquisition greatly expands AREA's presence in a region that is generally projected to rank among the top multifamily markets in the next few years," said Lee Neibart, AREA Property Partners global CEO. "The portfolio offers best-in-class product in well-located submarkets with strong demographics."
In order to complete the close of the Texas portfolio, both companies mobilized their respective array of national resources, including Wood's on-the-ground development and construction teams based in Dallas and Houston and AREA's national property management team, to perform due diligence to expedite the transaction.
"Our positive relationship with AREA and the fact that we had a very strong previous relationship with them enabled both teams to quickly and effectively underwrite the opportunity, complete due diligence and close this major transaction in record time," said Jay Jacobson, director of national acquisitions for Wood Partners.
Built between 1997 and 2007, the rental complexes offer studio through four-bedroom apartments with an average apartment size of more than 1,100 square feet. Each property was designed with extensive amenities, such as proximity to golf courses, large clubhouses with state-of-the-art gyms, resort-style pools, business centers and concierge services.
Most units come with an attached one- or two-car garage. Interior finishes and appointments include cherry wood cabinets, granite countertops, stainless steel appliances, hardwood floors and porcelain tile in kitchens and bathrooms. The properties are fully leased.
AREA Property Partners, formerly known as Apollo Real Estate Advisors, is a leading international real estate investor and fund manager on behalf of prominent government and corporate pension funds, sovereign wealth funds, insurance companies, foundations, endowments, and high net worth individuals. Since the firm's founding in 1993, AREA Property Partners has overseen the establishment of multiple real estate funds and joint ventures totaling $13 billion in equity commitments for investments in the United States and globally. Its funds have collectively invested in over 500 transactions with an aggregated value in excess of $60 billion. The firm has offices in New York, Atlanta, Los Angeles, San Francisco, London, Paris, Luxembourg and Mumbai.
Wood Partners is a national real estate company that acquires, develops, constructs and property manages high density and mixed-use communities. Through quality construction, responsible land development and intelligent design, our communities reflect the aesthetic and social fabric of the community and provide a luxurious living experience at a fair price. The company has been involved in the development of more than 36,000 homes with a combined value of more than $4.5 billion nationwide. Wood Partners operates 15 offices across the country in Atlanta, Baltimore, Boca Raton, Boston, Charlotte, Dallas, Denver, Houston, Los Angeles, Orlando, Phoenix, Raleigh-Durham, San Francisco, Seattle and Washington D.C.
Source: AREA Property Partners