LEAWOOD, KS-Almanac Realty Investors, based in New York City, has partnered with locally based NRES Holdings for the investment in multifamily properties in the Midwest and the Southwest. Almanac is committed to invest up to $150 million.
NRES is a real estate company that consists of Nolan Real Estate Services and its affiliates, including KC Venture Group LLC. Since 2994, principals Ronald Nolan and Paul Fingersh have invested more than $660 million in 51 multifamily properties representing more than 12,000 units, including Chatham Hills Apartments in Springfield, IL and Cedar Creek Lodge in St. Louis.
Almanac, to date, has invested $2.6 billion into 29 real estate companies. Andrew Silberstein, partner at Almanac, and one other company represented will join the board of managers at NRES, which also includes Nolan and Fingersh. NRES will seek to invest in predominantly market-rate Class A and B multifamily properties that have value-add characteristics and are located infill markets in selected Midwest and Southwest markets.
Silberstein tells GlobeSt.com that NRES was selected because of its experience with properties in the two markets. “They have a very strong management team,” he says. “Our strategy is to try to find a great company that’s very strong in their niche and has a demonstrable track record.”
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