"The closing of the Southeast Multifamily Portfolio III marks a milestone for our firm for affordable, quality housing options to renters in the Southeast as RREAF continues our business plan of providing superior living options at an affordable price,"Built between 1998 and 2012, all of the apartment complexes are primarily in suburban-metro areas and currently have 93% occupancy.
RREAF's in-house property management company, RREAF Residential, will take over property management assets. "The affordable housing crisis pervades every state in the nation, making this multifamily transaction all the more significant,", founder and CEO of DLP Capital, said in the release."Through our collaborative investment and our mission to keep these apartments affordable for the local workforce, we will impact hundreds of families who want to live where they work."
In addition to the three partners, Nathan Stone and Guy Griffith provided financing for the acquisition at Dallas-based investment company Berkadia.
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