Slate Asset Management Agrees to Acquire $226.5 Million Sunbelt Multifamily Portfolio
CHICAGO — Slate Asset Management ('Slate'), a global investor and manager focused on essential real estate and infrastructure assets, today announced that it has agreed to acquire a six-property, 1,600-unit multifamily portfolio (the 'Portfolio') for $226.5 million. The properties in the Portfolio are located in rapidly growing Sunbelt markets across Florida, Georgia, and Arizona.
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'We are pleased to announce our latest investment in the multifamily real estate sector – a performing portfolio of defensive assets with attractive fundamentals serving essential needs in markets with strong demographics,' said Peter Tsoulogiannis, Partner and Chief Investment Officer at Slate. 'We have strong conviction in the long-term demand for housing, and despite macro volatility, our investment philosophy remains unchanged; we continue to focus on acquiring below replacement cost with below market in-place rents in order to generate meaningful cash flow growth.'
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The multifamily sector is poised to benefit from highly favorable supply-demand dynamics: a structural undersupply of new housing due to declining housing starts combined with increasing demand for rental options. The Portfolio is well occupied, with long-term growth potential through mark-to-market rent increases.
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The Portfolio's garden-style apartments are concentrated in and around the growing Tampa, Atlanta, and Phoenix MSAs. The properties are located near grocers and other essential goods and service providers, providing attractive housing options for the cities' burgeoning workforces.
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King & Spalding advised Slate on this transaction, which is expected to close at the end of July.
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