GVA Real Estate Group has acquired a 20-property multifamily portfolio spanning from the Carolinas to Oklahoma for $457.5 million. The seller of the 2,899-unit portfolio, which traded off market, was Cedar Grove Capital.
The portfolio includes 16 assets in North Carolina, three in South Carolina and one in Oklahoma City.
Newmark's Dean Smith, John Heimburger and Jason Kon were the sole brokers on the sale transaction. Tip Strickland, Henry Stimler and Bill Weber in the firm's Multifamily Capital Markets division secured a $325 million acquisition loan and a $40 million capital improvements loan from Benefit Street Partners Realty Trust and Franklin Templeton on behalf of the buyer.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
