MIAMI-Despite reports heralding a shrinking inventory of distressed commercial real estate property, there is still plenty to clean up. Now, a new joint venture is entering the fray to acquire and turn around distressed multifamily properties across the country.
First Market Properties, a real estate investment firm specializing in distressed property, and Newport Property Ventures, a real estate management and construction firm with experience stabilizing and restoring troubled residential developments, have been working together for the past year. First Market acquired several garden apartment complex mortgages at deep discounts and Newport has been managing them. The companies are taking it to the next level.
“Our firms have similar objectives and take a similar approach to the multifamily marketplace, and our working experience with Newport instills confidence that this will be a highly beneficial alliance for both companies,” says Aaron Kurlansky, senior vice president of FMP. “This formalized relationship will enable FMP to expand its geographic sphere of operations more quickly, to take advantage of emerging opportunities.”
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