Friday, October 22, 2010
NEW YORK, NY /PRNewswire/ -- AREA Property Partners has closed on the acquisition of Terrazas River Park Village (top left photo), a 324-unit Class A property along the Miami River.
The property is located at 1861 N.W. South River Drive. The value of the off-market transaction was not disclosed.
AREA intends to lease the property as high quality apartments. The property was built as for-sale condominiums and will therefore offer tenants superior finishes and amenities at competitive rental price points. Leasing began at Terrazas in mid-July and almost all available inventory has been leased.
A limited pipeline of rental inventory, coupled with improving demographic trends, supports strong apartment fundamentals in the Miami area.
"AREA's attractive basis well below replacement cost will allow us to benefit from our repositioning efforts and overall improvement in market fundamentals," said Richard Mack (lower left photo), North America chief executive officer of AREA.
AREA Property Partners, formerly known as Apollo Real Estate Advisors, is a leading international real estate investor and fund manager on behalf of prominent government and corporate pension funds, sovereign wealth funds, insurance companies, foundations, endowments, and high net worth individuals.
Since the firm's founding in 1993, AREA Property Partners has overseen the establishment of multiple real estate funds and joint ventures totaling $13 billion in equity commitments for investments in the United States and globally.
Its funds have collectively invested in over 500 transactions with an aggregated value in excess of $60 billion. The firm has offices in New York, Atlanta, Los Angeles, London, Paris, Luxembourg and Mumbai.
Contact: Michelle Manoff, Rubenstein Public Relations, +1-212-843-8051, email@example.com
Web Site: http://www.areapropertypartners.com/
HFF retained by DRA Advisors, LLC and Camden Property Trust to market for sale a 3,237-unit multi-housing portfolio in Kentucky and Missouri
CHICAGO, IL – The Chicago office of HFF (Holliday Fenoglio Fowler, L.P.) has been retained to market for sale a nine-property, 3,237-unit multi-housing portfolio in Kentucky and Missouri.
HFF executive managing director Matthew Lawton (top right photo) and managing directors Sean Fogarty (middle right photo) and Marty O’Connell (middle left photo) are representing DRA Advisors, LLC and Camden Property Trust in the sale. The assets are being offered for sale as a portfolio or on an individual or pool basis.
The portfolio includes nine properties all operating under the Camden name.
Assets include the 420-unit Camden Cedar Lakes (lower left photo) in Lake St. Louis, Missouri; the 276-unit Camden Cove West , the 591-unit Camden Cross Creek and the 160-unit Camden Westchase in Creve Coeur, Missouri; the 596-unit Camden Passage in Kansas City, Missouri; and the 224-unit Camden Brookside, the 400-unit Camden Meadows, the 432-unit Camden Oxmoor and the 138-unit Camden Prospect Park in Louisville, Kentucky.
“This is an exceptional opportunity for a purchaser to enter the Louisville, Kansas City and St. Louis apartment markets and establish a foothold, or for a current operator to expand upon their multi-housing portfolio with a critical mass of properties,” said Lawton.
“The fundamentals are very strong in all of these markets with an abundance of equity and financing through the GSE’s and the life companies.”
DRA Advisors, LLC is a registered investment advisor specializing in real estate investment and management services for institutional and private investors. DRA currently has over $9 billion in assets under management.
Camden Property Trust, an S&P 400 Company, is a real estate company engaged in the ownership, development, acquisition, management and disposition of multifamily apartment communities.
Camden owns interests in and operates 187 properties containing 64,074 apartment homes across the United States. Camden was recently named by FORTUNE® Magazine for the third consecutive year as one of the “100 Best Companies to Work For” in America, placing 10th on the list.