Source: Domain Capital Advisors
ATLANTA, GA - Domain Capital Group, LLC, a comprehensive private investment management services firm, announced its subsidiary, Domain Capital Advisors, and Simpson Housing LLLP completed a joint venture with PFA Pension of Copenhagen, Denmark. PFA acquired a 49% equity interest in a 13-asset, Class A multifamily portfolio for an aggregate value of $1.05 billion. Domain Capital Advisors will provide oversight and asset management of the newly formed REIT joint venture.
The multifamily portfolio, which was owned by Simpson Housing, is located in high-growth U.S. markets, including Austin, Charlotte, Denver, Houston, Nashville, Phoenix, Portland and Seattle. It is comprised of 3,487 units that are approximately six years old and more than 95% leased at closing. The portfolio serves a mix of urban and suburban lifestyles with both newly built and refurbished product offerings in proximity to transportation infrastructure.
“We are excited about our new relationship with PFA Pension and look forward to growing our relationship with them through further acquisitions,” said Patrick R. Leardo, executive managing director and chief executive officer of Domain Capital Group. “Our team is also proud to continue its longstanding partnership with Simpson Housing. We have managed equity investments in their portfolio for more than 10 years, while providing asset management and advisory support to our operating partner.”
Simpson Housing LLLP will serve as the portfolio’s property manager on behalf of the joint venture. Accord Capital Partners LLC served as the exclusive financial advisor for the transaction. Terms of the transaction were not disclosed.