Dasmen Residential has expanded its presence in the Florida market with the purchase of a five-property apartment portfolio in Tampa and Orlando. Dasmen purchased the portfolio for $102 million, along with a $15 million equity investment raised through the CrowdStreet Marketplace.

This acquisition represents an expansion into the Florida market for the New York-based investor. Prior to his purchase, Dasmen owned only a single apartment property in the Florida market. "This portfolio acquisition marks a significant expansion into Florida for our company. We are confident that Orlando and Tampa will rebound better than ever as we emerge from the COVID situation. This was our first time raising equity from individual investors online," Michael Katz, CEO of Dasmen Residential," said in a statement about the purchase.

Dasmen purchased the portfolio from Amzak Capital Management and The Focus Group. The five-property portfolio totals 1,011 units and is 92% occupied. The investor plans to execute a value-add business plan on the properties, upgrading individual units and common areas to drive rents.