Michan: “This portfolio was an exception since is allowed us to expand and diversify in one transaction into multiple markets we had been tracking.”
SAN DIEGO—The Southeast region has seen growth in emerging and new job sectors from domestic and foreign companies relocated or expanding into the region, making it especially appealing for Strata Equity Group Inc., its president David Michan tells GlobeSt.com. As we recently reported, in what was among the year's largest multifamily transactions, the San Diego-based firm purchased the Southeast Residential Portfolio—a grouping of 24 multifamily properties—from an affiliate of New York-based DRA Advisors for more than $720 million. Properties in the SERP portfolio span four states—Georgia, North Carolina, Tennessee, and South Carolina—and consist of 6,294 units in suburban locations throughout 13 metro areas.
We spoke exclusively with Michan about the purchase and why his firm is interested in the Southeast market.
GlobeSt.com: Why does the Southeast multifamily market interest your company?
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Carrie Rossenfeld
Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.
