Asia Capital Real Estate Sells Four Multifamily Assets
Each of the Southeast communities have sold following strategic value-add repositioning campaigns completed by the firm.
NEW YORK – Global real estate private equity and debt firm, Asia Capital Real Estate has sold four multifamily communities in Georgia, Florida and North Carolina.
The company completed strategic, value-add repositionings at each of the properties over the past three to five years, prior to the dispositions.
For the first transaction, ACRE sold a 125-unit, 15-building property, The Palms at Palisades, in Brandon, FL to ZMR Capital LLC. The garden-style community offers one-, two- and three-bedroom floorplans that average 845 square feet. After purchasing the property in 2016, ACRE recapitalized the property in 2018 and implemented numerous value-add renovations to the property’s units, exterior and amenities. The firm added a include a community clubhouse, business center, children’s play area, swimming pool, picnic area, tennis court and dog park at the property.
The second transaction comprised the sale of a 354-unit property, Foxfire Apartments, in North Durham, NC to Ebex Holdings. ACRE originally acquired the garden-style community in an off-market transaction in May 2017 and since infused significant capital at the property to improve exteriors, units, landscaping and amenities. The updates allowed the firm to increase market rents on new lease agreements and created a steady occupancy nearing 100%.
ACRE sold a 230-unit multifamily portfolio to a private investor based in Orlando, FL. The portfolio comprises Mount Vernon and Williamsburg Village in Gainsville, FL. ACRE made improvements to the property prior to the sale, including unit, exterior and amenity upgrades.
The fourth transaction encompassed the sale of a 190-unit community, Concord Crossing, in Smyrna, GA to Wolf Acquisitions LLC. ACRE initially purchased the garden-style complex in April 2016 through the LIHTC program. Since acquiring the asset, the firm implemented capital improvements, transitioned it to a full market-rate community and recapitalized it in 2018.
ACRE co-founder, Michael Van Der Poel states “ACRE has been actively investing in the Southeast for nearly a decade, as we recognized the migration patterns and potential for rent growth across the region. These dispositions are a testament not just to our ability to forecast this fast-expanding market, but also to execute strategic value-add campaigns and generate significant returns for our investors.”