Atlas Buys M-F Portfolio Throughout Sunbelt Region
- Nov 06, 2014
For a solid return on investment, Atlas Apartment Holdings L.L.C. has grabbed 20 multi-family properties throughout Texas, Florida, Georgia, North Carolina and South Carolina.
The estimated $490 million transaction was executed in two parts, with Atlas acquiring two of properties for $150 million, as previosuly reported by CPE, and assigning the remaining 18 assets worth a total of an estimated $340 million to a large private opportunity fund, whose details were not disclosed for privacy reasons. The 18-property portfolio consists of 4,035 units located throughout the Sunbelt region of the United States.
Cushman & Wakefield acted as exclusive advisor to Atlas Apartment Holdings in both of the transactions, with the company’s debt & structured finance team John Alascio, Sridhar Vankayala and Alex Lapidus working on this transaction.
The properties are primarily made up of 1970s and 1980s vintage value-add assets with mostly interior renovations and some minor cosmetic work, according to Alascio, managing director of Cushman & Wakefield’s Equity, Debt & Structured Finance Group .
The portfolio is currently 96 percent occupied and offers strong in-place cash flow. According to the news release, each of the properties is located in geographically diverse markets with demonstrated market rent growth.
“This portfolio gave institutional equity the ability to deploy a large amount of capital into strong, economically diverse markets across the Southeast and Southwest United States,” said Alascio in the news release.
Atlas U.S.A. Holdings L.L.C. owns, acquires and develops real estate throughout the United States, including major projects in California, Florida, New York and Texas.