DALLAS-Learning Links Centers LLC and ESmith Legacy Inc. have formed a joint venture to acquire more than $250 million of workforce housing properties in major US markets.
ESmith Legacy, which was founded by former NFL star running back Emmitt Smith and other real estate professionals, will contribute $50 million in capital to the joint venture. Learning Links Centers will serve as the operating partner.
The funds will be deployed over a two to three-year period, according to Learning Links Centers co-founders Joe Killinger. The partnership has already put in escrow a 326-unit apartment community located in the Lake Highlands submarket.
Killinger and George Pino, also a Learning Links Centers co-founder, first met Smith, who serves as co-chairman and CEO of ESmith Legacy, about four months ago through mutual friends. “When we first met, there were so many similarities in our goals for our companies – the goals meshed so well,” Killinger says, adding that Smith had been searching for a way to invest in multifamily.
Dallas-based ESmith Legacy is involved in a variety of real estate investments, working closely with public and private partners to advance mixed-use commercial, industrial and residential projects. The company is 100% minority and woman-owned.
Los Angeles-based Learning Links Centers is a self-described socially responsible real estate investment firm. Founded in 2002, the company works to build better communities and living environments while addressing the educational needs of disadvantaged children. Its goal is to
improve communities by providing a safe environment, educational resources, life enrichment activities and scholarships for their resident children.
The company’s communities feature Resource Centers, which are used to assist resident children with homework tasks, tutoring and mentoring. The firm founded non-profit Education Advantage Foundation to oversee the educational and mentoring programs.
Learning Links Centers currently owns five properties in Los Angeles and two properties in Dallas. It also will pursue acquisitions in Los Angeles, the Washington/Baltimore metro area, the New York Tri-State area, Atlanta, the San Francisco Bay Area and Sacramento.
“We chose those markets for investment because we have infrastructure in place and people who we know already,” Pino tells GlobeSt. “We’re looking at the areas that will be some of the stronger [markets in the futures].”
The new venture will invest in large properties with more than 100 units. It prefers value-added investment opportunities of class B properties, Pino says. “Our model works best with those types of properties and markets where there is strong demand for workforce housing,” he notes.
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