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Carlton To Raise $150M for Apt. JV

NEW YORK CITY-Led by the Dermot Co., the venture will focus on the acquisition and strategic disposition of well-located multifamily properties in the Northeast.

By Paul Bubny | Updated on July 08, 2009

NEW YORK CITY-Carlton Advisory Services has been retained to raise approximately $150 million of joint venture equity on behalf of multifamily owner/operator the Dermot Co. The JV’s business plan is to acquire rental apartment properties in the New York City metro area and other Northeastern markets.

According to a release, the JV will target an overall IRR of approximately 20% via the acquisition and strategic disposition of well-located, middle class multifamily properties. The plan is to pursue properties in commuter-friendly neighborhoods with repositioning potential, target opportunities in broken-condominium properties and purchase select below-par, performing or non-performing whole loans. Handling the transaction for CAS will be the Carlton Group’s Michael Campbell, Steven Fenster, John Bralower and Tom Graziano.

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