Citymark Capital Sells 50% of Assets in Apartment Fund I to Institutional Investors for $138.8 Million

CLEVELAND, OH – Real estate private equity fund manager Citymark Capital has successfully exited 50% of its investments in Citymark Capital U.S. Apartment Fund I L.P.  with the sale of multifamily assets in Las Vegas, Atlanta and Phoenix for $138.8 million. 

“We’re pleased that we’ve been able to create a portfolio of highly liquid assets that are very desirable to best-in-class institutional buyers,” said Dan Walsh, founder and chief executive officer of Citymark Capital. “Citymark is very selective about the assets we acquire, focusing on U.S. markets where population and job growth are fueling strong demand for apartments for the foreseeable future.”

With the dispositions, Citymark and its operating partner InterCapital Group exceeded pro forma on all three communities in advance of its projected hold period, according to Walsh.  The sales included the 274-unit West Town Court in Phoenix and a two-property portfolio comprising the 368-unit Vintage Pointe in Las Vegas and the 240-unit Sweetwater Creek in Atlanta. Citymark acquired the Las Vegas and Phoenix properties in 2017 and the Atlanta property in 2018.

With a value-add investment strategy, Citymark makes property improvements designed to enhance the tenant experience while also keeping rents affordable for today’s workforce.

“We focus on making improvements that bring value to residents, for example by upgrading unit interiors and enhancing amenities like workout facilities and pool areas,” said Walsh. “We also create spaces where people can socialize, such as by adding fire pits and grilling stations.”

Vintage Pointe is located along US Route 95 near numerous employers including the North West Medical District. Sweetwater Creek is located in the Atlanta suburb of Lithia Springs in the I-20 West submarket, near numerous employers, retail establishments, and recreational destinations. West Town Court is a 274-unit apartment community located in Phoenix’s West Valley.

Citymark Capital owns other multifamily properties in Dallas, Houston, Northern New Jersey and Orlando. 

About Citymark Capital: Cleveland-based Citymark Capital is a national real estate private equity fund manager that invests in market rate, institutional-quality multifamily rental properties in the top U.S. markets where strong demand for existing and new properties is driven by population growth, household formation, and job growth.  Citymark Capital creates value for its fund investors by providing joint venture equity to top multifamily operating companies across the country. 

About InterCapital Group: InterCapital Group is a Houston-based real estate owner and operator, specializing in the acquisition, redevelopment, repositioning, and sale of institutional quality multifamily assets in the U.S. InterCapital Group is led by Co-Founders and Co-Chief Executives Andrew W. Schor and Edward I. Biskind.