JV Acquires $1B Multifamily Portfolio

NEW YORK CITY-A joint venture comprised of the Dubai Investment Group and the Milestone Group, based here, has acquired a $1-billion multifamily portfolio of more than 21,000 apartments throughout the US from Olympus Real Estate Partners. The 77 properties, which were all built in the mid 1980s, are located in Texas, Florida, Arizona, Georgia, Utah, New Mexico and Tennessee. The partnership intends to invest in improvements to the portfolio, which has a 92% occupancy rate.

“From Dubai’s standpoint, this transaction is a coming-out party for them,” Robert Landin, a Milestone partner, tells GlobeSt.com. “They’re looking to expand their presence all across the US in various product types.” Milestone principals have acquired approximately $4.5 billion of real estate in all major product types in the past seven years. They had a pre-existing relations with DIG and had been searching for an opportunistic acquisition, he adds.

DIG, an affiliate of Dubai Holding LLC, was formerly known as the Investment Office and rebranded to incorporate and promote its tie to Dubai. DIG began investing in the US real estate market in 2003 through its wholly owned subsidiary, Longwing Real Estate Ventures, but this is the first time a transaction has been made public.