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JER Partners Adds to Berlin Apartment Portfolio

BERLIN-The McLean, VA-based private equity investor follows up a $60.97-million, 1,000-unit acquisition in June with a $35.68-million, 500-unit acquisition.

By Brian K. Miller | Updated on October 19, 2005

(To read more on the multifamily market, click here.)

BERLIN-The McLean, VA-based private equity investor JER Partners has added to its Berlin apartment portfolio with a $35.68-million, 500-unit acquisition with European Commercial Assets, an affiliate of its exclusive residential partner there, HP Stoessel Unternehmensbeteiligungen. In June, the duo acquired a 1,000-unit portfolio for $60.97-million.

The latest acquisition includes 19 primarily residential properties, the majority of them garden-style developments with four or fewer stories. JER could not immediately provide additional detail on the assets, such as an average age and occupancy, and declined to name the seller, which it describes as “a single private individual.” The company did say it plans to increase the value of their investment through rental growth, refurbishment and modernization.

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