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Spectrum Returns to Multifamily with New Subsidiary

The firm is looking to capitalize off of the substantial acquisition opportunities that will arise over the next several years.

By Sule Aygoren Carranza | Updated on March 10, 2009

CHARLOTTE, NC-Seeing a tremendous opportunity to buy apartment and student housing assets at attractive prices over the next several years, Spectrum Properties has recently launched a new subsidiary. Spectrum Properties Multifamily Acquisitions Inc. is looking to collect some $200 million to $500 million in assets throughout the Southeast, Mid-Atlantic and Midwest. John Gray, who is returning to the locally based company after a two-year hiatus, will lead the effort as president.

Spectrum is no stranger to the multifamily sector. The firm started out as primarily an office building company and branched out with different divisions specializing in various property types. It started Spectrum Properties Residential Inc., a developer and acquirer of apartments, student housing and condominiums, seven years ago with Gray at the helm. After a five-year run, the firm took advantage of the then-hot investment market and liquidated that division’s assets.

The latest initiative will focus on acquisitions since, as Gray tells it, “We believe that there will be an opportunity to acquire apartments and student housing properties at a substantial discount to replacement value during the next few years.”

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