MONTGOMERY, AL - Romspen Real Estate Investments, a wholly owned subsidiary of Romspen Investment Corporation, announced it has completed the acquisition of Sturbridge Commons Apartments, a 360 unit multi-family property located in Montgomery, Alabama at a purchase price of US$36.9 million from Sturbridge Commons Apartments, LLC, effective November 19, 2014.
"We purchased a good quality property in a stable Alabama market. The property benefits from a diverse suite mix, excellent suite layouts, low vacancy and rental upside", said Steven Gross, Managing Partner of Romspen. "We continue to seek out office, industrial, retail and multifamily opportunities in both Canada and the US to build our portfolio".
RREI is focused on sponsoring the acquisition of a select group of high-quality, mid-sized, cash-flowing real estate assets that will constitute a stable and diverse North American real estate portfolio. RREI's investment objectives are: capital preservation, strong absolute tax-advantaged returns and consistent performance uncorrelated to traditional investments.
RREI is the mid-market real estate equity platform of Romspen Investment Corporation, one of the oldest and most successful non-bank mortgage lenders in Canada. Romspen Investment Corporation, through its principals, is the largest limited partner in each of its Funds.
Sturbridge Commons becomes the fifth asset in the RREI portfolio along with commercial properties in Montreal, Calgary, Tucson and Phoenix. The RREI portfolio totals $130 million in assets and constitutes one million square feet.