JACKSON, WY - Pensam Residential, a national multi-housing owner and operator, announced today that it closed on a preferred equity investment to facilitate the acquisition of The Timbers, an 85-unit multifamily community located at 1140 Gregory Lane in Jackson, Wyoming. Pensam’s preferred equity investment was structured behind Freddie Mac senior debt financing. The sponsor is an experienced private equity investment and development group specializing in multi-family housing, condominiums and ski area management.
“Pensam’s preferred equity investment in The Timbers presents a strong opportunity to further expand its presence into the Rocky Mountain region and enter a market with an extremely high barrier to entry,” said Michael Stein, founding partner of Pensam.
The Timbers features studio, one, and two-bedroom units with spacious floorplans in Downtown Jackson. The Town of Jackson is the only incorporated municipality in Teton County’s wealthy Jackson Hole valley enclave. In addition to being home to world-renowned ski resorts and arts organizations, Jackson is a major gateway for millions of tourists visiting nearby Yellowstone and Grand Teton National Parks each year.
The vast majority of multifamily properties in the market have in-place affordability restrictions on more than 20% of units. The Timbers is one of the few market-rate properties in Jackson, and has benefited from strong and stable performance with average vacancy rates hovering at just under one percent over the last twelve months.
About Pensam Residential: Headquartered in Miami, Pensam Residential is a multi-housing owner and operator which manages a growing portfolio of properties across the United States. Pensam encompasses all aspects of real estate property ownership and investment, including acquisition, financing, construction, repositioning, and management. Pensam has invested in nearly 30,000 units across more than 75 properties.