DALLAS, TX - Encore Multi-Family, LLC, a division of the Dallas-based Encore Enterprises, Inc., has announced the sale of their Denver apartment community and the recapitalization of seven other apartment communities, five located in Texas, one in Oklahoma and one in Louisiana. The apartment communities totaled 1,612 units at a combined price of $175 million.
"The recapitalization and sale provides a stronger financial foundation for the company going forward and is an important part of Encore's business strategy," said Dr. Bharat Sangani, Chairman of Encore Enterprises, Inc. "The additional liquidity obtained will enable the company to continue working towards its operational and financial goals and towards enhancing long-term value."
"The superior operating results from the properties were achieved due to excellent execution of our design, development, marketing and operating plans which maximized value," added Brad Miller, EMF's President.
Encore Multi-Family, LLC is a subsidiary of Encore Enterprises, Inc. and was founded in 2008 as a fully integrated multi-family developer, owner and operator. The company is involved in all aspects of multifamily development projects and acquisitions including ground-up developments, joint ventures and mixed-use turnkey developments.