Asia Capital Real Estate Completes Disposition of Four Multifamily Housing Communities Across The Southeastern United States

Asia Capital Real Estate Completes Disposition of Four Multifamily Housing Communities Across The Southeastern United States

NEW YORK, NY - Asia Capital Real Estate (ACRE), a global real estate private equity and debt firm, announced the sale of four multifamily communities across the Southeast in Georgia, Florida and North Carolina.

Each of the dispositions come after the completion of a strategic value-add repositioning of the properties, executed by ACRE over a period of 3 to 5 years. The sales are as follows:

The Palms at Palisades, a 125-unit multifamily property in Brandon, Fla., was sold to ZMR Capital LLC. The 15-building garden-style community features a mix of one-, two-, and three-bedroom units averaging 845 square feet. ACRE purchased the development in 2016 and recapitalized it in 2018. ACRE performed numerous value-add initiatives, renovating individual units and the property’s exterior, and improving its suite of amenities to include a community clubhouse, business center, children’s play area, swimming pool with a sundeck, picnic areas with grills, tennis court and dog park.

Mount Vernon and Williamsburg Village, a 230-unit multifamily portfolio in Gainesville, Fla., was sold to a private investor based in Orlando, Fla. Prior to the sale, ACRE made significant improvements to enhance residents’ experience, including upgrades to both individual units and the properties’ exterior, and its suite of amenities including a swimming pool, poolside fire pit and BBQ station, on-site laundry.

Foxfire Apartments, a 354-unit garden-style multifamily community located in North Durham, N.C., was sold to Ebex Holdings. ACRE purchased the property in May 2017 in an off-market transaction, and infused significant capital to improving its building exteriors, landscaping, and amenities. The firm also performed interior updates to a large percentage of the units by installing new appliances, countertops, and flooring – allowing for increased market rents on new lease agreements and creating steady occupancy nearing 100%.

Concord Crossing, a 190-unit garden-style multifamily community located in Smyrna, Ga., was sold to Wolf Acquisitions LLC. ACRE purchased the property in April of 2016 through the federal Low-Income Housing Tax Credit program. Over the next 3 years, the firm made significant capital improvements to the property, transitioning the asset to a full market-rate community. The property was then recapitalized in 2018. Occupancy rates remained healthy over that period and rents rose at an above-average rate thanks to the property’s status as a rare alternative housing option in an otherwise-high priced submarket of Atlanta.

“ACRE has been actively investing in the Southeast for nearly a decade, as we recognized the migration patterns and potential for rent growth across the region,” said Michael Van Der Poel. “These dispositions are a testament not just to our ability to forecast this fast-expanding market, but also to execute strategic value-add campaigns and generate significant returns for our investors. We are extremely proud of our work on all of these projects, and look forward to playing an active role in meeting the incredible demand for high-quality rental housing across the Southeast and the rest of the country.”

Source: Asia Capital Real Estate

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