Search
 

1,000-Unit Residential Portfolio Fetches $63M

BERLIN-The units are spread out in 11 developments here containing mostly four- and five-story buildings. The new owner is a joint venture led by JER Partners.

By Brian K. Miller | Updated on August 31, 2005

BERLIN-JER Partners and HP Stoessel Unternehmensbeteiligungen have acquired a 1,000-unit multifamily portfolio here for about $63 million (Euro 51 million). The units are housed in four- and five-story buildings in 11 different developments.

The German property market in general and the Berlin market in particular have suffered substantially from an overall economic downturn over the past few years. A source with JER in Europe tells GlobeSt.com the acquisition is a value-add play. The upside will be had not only through rental growth but also through refurbishment, modernization and the sale of units to existing tenants, he says.

“We have been analyzing potential transactions in the Berlin residential market for over one year and this acquisition represents, in our view, an excellent opportunity for value enhancement,” says JER Europe director Angus Dodd in a prepared statement.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.