The properties are located in Kentucky, Missouri, Kansas, Tennessee and Louisiana and were purchased from partnerships managed by Archon Group of Irving, TX. Kevin Geiger and Malcolm McComb, both senior vice presidents in CB Richard Ellis' Atlanta office, represented the seller. Bank of America provided the financing.
The deal pares down a far larger multifamily portfolio that Archon is in the process of selling. "It's a $600-million portfolio that we took to market during first quarter on behalf of Archon," McComb tells GlobeSt.com. He noted that the CLK-Coolidge partnership "is one of the more significant buyers, although there will be multiple buyers."
"This acquisition falls in line with our plans to grow within the markets we are currently in," says Koenigsberg. "Additionally, this brings us closer to becoming one of the largest multifamily apartment owners in the country."
The deal marks the second major transaction in less than a year for the venture, which acquired 53 garden apartment complexes comprising 12,550 units last September from New Plan Excel Realty Trust for $380 million.
The Koenigsberg family has been involved in the real estate industry for more than 55 years, primarily in the multifamily sector. The firm owns and operates over 27,000 apartments, which are strategically spread over 20 states east of the Mississippi and throughout the Southwest. The partners are actively seeking other investment opportunities nationwide.
White Plains-based Houlihan-Parnes is a family-owned business founded in 1891. Coolidge Equities, the acquisition and development arm of Houlihan-Parnes, is led by Howard Parnes. The firm owns and manages more than 300 properties nationwide including shopping centers, office buildings and warehouse facilities in addition to multi-family complexes. James J. Houlihan, a partner in Houlihan-Parnes, is also chairman of mortgage brokerage company iCap Realty Advisors LLC.
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