Slate to Acquire Sunbelt Multi-Family Portfolio for US$226.5M
Slate Asset Management has agreed to acquire a six-property, 1,600-unit multi-family portfolio across Florida, Georgia, and Arizona for US$226.5 million.
“We are pleased to announce our latest investment in the multi-family real estate sector – a performing portfolio of defensive assets with attractive fundamentals serving essential needs in markets with strong demographics,” said Peter Tsoulogiannis, partner and chief investment officer at Slate. “We have strong conviction in the long-term demand for housing, and despite macro volatility, our investment philosophy remains unchanged; we continue to focus on acquiring below replacement cost with below market in-place rents in order to generate meaningful cash flow growth.”
The portfolio comprises garden-style apartments located in and around the Tampa, Atlanta and Phoenix metropolitan areas. The properties are described as being near grocers and other essential service providers, catering to growing urban workforces.
Slate said the portfolio is well occupied and has potential for long-term growth through mark-to-market rent increases. The deal is expected to close at the end of July. King & Spalding acted as legal advisor to Slate.
The seller was not disclosed in a news release issued by Slate. However, RE Business Online identified the vendor as ZMR, a Tampa-based multi-family investment company.
Photo: Unidentified U.S. Sunbelt property that is to be acquired by Slate, according to RE Business Online.
Photo: RE Business Online
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