AUGUSTINE, FL - DLP Real Estate Capital announced its acquisition of the PROSPER Gulf Coast portfolio, a multifamily property portfolio, consisting of four communities along the gulf coasts of Mississippi and Alabama. This 1,086-unit portfolio will greatly impact individuals and families living in these localities as DLP will provide them with affordable and safe, workforce housing.
Don Wenner, Founder and CEO of DLP Real Estate Capital comments, "We are excited to close on this large-scale portfolio with over 1,000 apartment homes in four locations across two states. We strive to provide safe housing that is affordable for hardworking families within all of our investment portfolios. Our goal is to make a positive impact on the residents that call our neighborhood communities home."
PROSPER Gulfport is a 426-unit, multifamily property located in the seaside community of Gulfport, Mississippi, the second largest city in the state. Key economic drivers for Gulfport's economy are diverse and include military, oil & gas, tourism, gaming and port revenues, with anticipated job growth over the next ten years at 28.2%. The property sits on 18.35 acres with 19 residential buildings, a clubhouse, fitness center, and resort-style saltwater pool with a large sundeck. Units consist of one to three bedrooms and average 1,134 sq. ft. amenities include natural oak kitchen cabinetry, built-in microwave, vaulted ceilings, pantry, screened patio/balcony, and washer/dryer hook-ups.
PROSPER Jackson is a 280-unit multifamily complex located in Jackson, the capital city of Mississippi that sits adjacent to the scenic Pearl River and is known as the "Best of the New South." Jackson is a major business force in Mississippiand offers strong industry diversity including fourteen companies on the Fortune 500 list with properties located in the city.
The gated community sits on 15.94 acres with 30 residential buildings that include a clubhouse, fitness center, 2 pools with large sundecks and 1 spa, and outdoor entertainment area. Units consist of one to three bedrooms and average 1,035 sq. ft. amenities include faux hardwood floors, white on white kitchen appliances, walk-in closets, and covered patios.
PROSPER Orange Beach is a 300-unit multifamily complex located in Orange Beach, Alabama and is located on prime real estate, near premier attractions in a prominent development area of Baldwin County, the fastest-growing county in Alabama and the 8th fastest growing county in the United States. The area has experienced an overall 15% increase in job growth from 2013-2018. The county sits between Mobile County, AL and Escambia County, FL with strong job markets in both, top school systems, a tourist mecca, and close proximity to elite amenities.
PROSPER Orange Beach sits on 50 acres with 13 residential buildings that include a fitness center, lake with available fishing, pier with gazebo, boat storage availability, and resort pool with fountain. Units are one to three bedrooms and average 1,096 sq. ft. amenities include lake views, natural oak kitchen cabinetry, built-in microwaves, kitchen pantry, and ceramic tile in kitchens and bathrooms.
PROSPER Senatobia is an 80-unit multifamily complex, located in Senatobia, Mississippi, part of the Memphis, Tennessee metro market. Senatobia is 30 miles from Memphis, Tennessee and is considered part of the Memphis Metropolitan Statistical Area. Senatobia's population is approximately 8,000, but offers most of the benefits of a larger metropolitan area with small town charm. Good schools, a growing community college, strong manufacturing base, a lower cost of living, and a new $5.3 million sports park offer this sentence is not done. Nearby Memphis boasts the 49th largest metro economy in the U.S. and is home to three Fortune 500 companies.
PROSPER Senatobia sits on 7 acres with 10 residential buildings that include a clubhouse, swimming pool with outdoor lounge, volleyball court, picnic area, and unparalleled resident events. Units are one to three bedrooms and average 1,046 sq. ft. Amenities include hardwood kitchen cabinets, faux granite countertops, energy-efficient frost free refrigerators, walk-in closets, private entrances and balconies.
Anthony Ruben, DLP Senior Managing Director of Investments, commented, "It's a great day for our fund investors who are dedicated to making an impact on the housing crisis in America. Don Wenner and the team's diligent work and the monumental effort they put forth will generate a significant amount of value creation for DLP's investors, while providing affordable workforce housing to our residents."
The Gulf Coast Portfolio was brokered by Brian Savage, Partner and Managing Director of Multifamily Services and Stephen Perlis, Director of Multifamily Services with Colliers International | Alabama. According to Brian, "The Gulf Coast Portfolio represents one of the largest transactions ever completed in these markets and is a testament to the professionalism and capability of all the stakeholders involved in the transaction. These assets are in the "sweet spot" of first-generation value-add and are located in markets that offer the new owner tremendous value and upside. The scale and complexity of this sale was a perfect fit for the Colliers Alabama Multifamily team and we look forward to continued success with both RREAF and DLP in the future." Brian and his multifamily team have sold almost 9,300 units with a sales price of over $648 million throughout the southeast. The Colliers International | Alabama multifamily team is licensed in the states of Alabama, Florida, Louisiana, and Mississippi.