SEATTLE—San Diego-based real estate investment firm Strata Equity Group, in partnership with a private Mexican investor group, has acquired a five-property multi-family portfolio from an institutional owner. The seller was advised by Moran & Company's Chris Ross and Jeff Williams.
The portfolio is located in the northern submarkets of Seattle which increases Strata's unit count in the Pacific Northwest to more than 1,200 units within the Portland and Seattle MSAs. The acquisition was capitalized with equity from Strata's private investor group and financed with five separate fixed rate loans from Freddie Mac via the CBRE Capital Markets team in San Diego.
"We have further expanded and diversified Strata's national multi-family portfolio to deliver attractive, risk-adjusted cash yields to our investors," said David Michan, Strata's president. "Financing these investments with long-term, fixed rate debt further complements our long-term commitment to owning quality assets in the nation's strongest markets."
Over the last fifteen months, Strata has acquired more than 6,700 apartment units across the US with an emphasis on establishing immediate size and scale in new regions through the acquisition of multi-property portfolios. The company has focused on scaling its income property portfolio over the last several years, serving to further complement the company's land-banking and entitlement division.
All five properties, built between the years of 1986 and 1991, will undergo renovations to improve both resident amenities and interior unit finishes. "Upon completion, these assets will provide sound alternatives for the region's middle-income residents, a demographic that is severely challenged for quality housing options today," said Scott Wittman, Strata's director of investments. "
Strata Equity Group, led by Carlos Michan (CEO) and David Michan, is a San Diego-based family-owned real estate investment and management company founded by Carlos and his two brothers.
Strata was represented by the Procopio, Cory, Hargreaves & Savitch LLP legal team led by Robert Brown in San Diego.
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