Jay T. Clark, an SECP principal, tells GlobeSt.com the group is "looking for what I call an A product--that is, complexes 10 years old or less. They can be a little older if they fit our other criteria."
The other criterion includes an "upper-middle or high-end" tenancy. "We will pay in the range of from $60,000 to $90,000 a unit," Clark says.
In a prepared statement, Clark defines the fund's primary focus as "Southeastern metropolitan statistical areas of one million or more." He tells GlobeSt.com SECP will close on deals in Nashville and Tampa soon.
"I know Atlanta blindfolded and we've made offers on three properties there," he says. "Not a lot is available in Atlanta or elsewhere but we have reason to believe a number of properties will be available soon."
Clark is leading the effort with Satish S. Lathi. The two have 30 years of combined experience and closed volume of $2 billion in multifamily brokering, development and management transactions.
The fund expects to be fully invested over the next 24 months, according to the firm's statement.
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