Source: Aline Capital
GREENVILLE, SC - Aline Capital's Multifamily Advisory Division has completed the sale of two properties in Wilmington, NC. The 368-unit portfolio sale was completed at total sales price of $35,375,000. Aline Capital represented their repeat client, Eskay Management, as the purchaser in the transaction. The Multifamily Advisory Group has previously completed transactions involving their purchaser client and the seller, Heritage Capital of New Jersey. Eskay Management assumed the existing debt on the properties while bringing a large amount of equity to the transaction.
"The low-leverage nature of the transaction as well as other factors from the Covid-19 pandemic made this transaction challenging. These are excellent properties with a tremendous number of upgrades. We knew that a well-capitalized firm with a deep understanding of the strength of the Carolina markets would be good fit for the transaction," provided Jonathan Kessler of Aline Capital.
"With the acquisition of these two properties, it will provide us with a stronger presence in the Wilmington market, and the Carolinas in general," said Jay Schecter of Eskay Management.
The transaction is the first landmark transaction for Aline Capital's new investment sales platform. The historically focused debt and equity firm launched an investment sale division amidst the Covid-19 pandemic. "We are grateful to have built a strong capital markets advisory business throughout the southeast for the past five years. We now have investment sale teams focused on several asset classes including multifamily, retail, office, mobile homes, among others. We believe this is a logical path of growth for the firm and a great way to round out our services to our clients looking to invest in the southeast," said Scott Williams, the firm's founding Partner.