Source: Hunt Companies / #Apartments #Multifamily
EL PASO, TX - Hunt Companies announced that it has signed a definitive purchase and sale agreement to acquire the entire portfolio of military housing assets including equity interests and various service contracts from Forest City Enterprises. The pending acquisition adds approximately 15,000 units to Hunt’s existing portfolio, increasing the Company’s total number of military housing units owned and managed to over 32,000 and owned to over 51,000.
The military housing installations to be acquired are the Air Force Academy, Colorado Springs, Colorado; Air Force Southern Group which consists of four Air Force Bases at Arnold AFB, Tennessee, Charleston and Shaw Air Force Bases in South Carolina, and Keesler Air Force Base in Mississippi; Navy and Marine Corps Bases on Oahu, Hawaii; military housing associated with three Naval Installations in the Puget Sound area of Washington state; and six military housing communities at Naval Station Great Lakes in Illinois, Naval Surface Warfare Center in Crane, Indiana, and Navy-Mid-South in Millington, Tennessee.
“We are pleased about the opportunity to combine our portfolios and military management expertise to expand our existing military housing portfolio,” said Chris Hunt, Chief Executive Officer, Hunt Companies, Inc. “The long duration of these contracts is expected to provide steady recurring revenues for over 40 years.”
The acquisition is subject to obtaining certain third-party consents and other customary closing conditions. Hunt anticipates the closing to take place in the 1st quarter 2016.