Source: DPG Investments / #Apartments #Multifamily
SCOTTSDALE, AZ - DPG Investments, LLC and affiliates are proud to announce the successful structuring of $70 million in general partner, limited partner, senior debt, and mezzanine capital for a joint venture between Wilkinson Corporation and Capstone Communities Management, LLC for their acquisition of 1,568 apartment units in several multifamily properties located throughout the state of Texas. Wilkinson is headquartered in Washington state, and Capstone is based in Texas.
Most of the units closed on July 8, while the remaining units are scheduled to close in approximately two weeks. These are the first closings in a single portfolio transaction, which is expected to total nearly $100 million in aggregate value and include more than 2,300 units when completed over the next 60 days.
“The Wilkinson Corporation’s expertise and management strength were instrumental in DPG’s ability to provide financing for the acquisition of this portfolio,” said Dan Galvanoni, chairman of DPG. “DPG has now participated as a financier in more than $100 million worth of multifamily properties with the Wilkinson companies. Another $40 million of investment is in the pipeline to close. Russell Wilkinson has built a world-class organization with Lonnie Gienger and George Waymire executing at high levels.”
Joe Joseph, DPG’s new managing director of real estate finance, provided key support in resolving the deal’s complex issues, Galvanoni said.
DPG has financed in excess of $170 million in multifamily assets across 24 properties since focusing on the property type in 2011, and plans to finance more than $250 million by the end of 2014.