Oak Residential Acquires Three Multifamilies

DEERFIELD, IL—Oak Residential Partners, LLC, has just bought three multi-family properties with a total of 670 units in two separate transactions. In the first, Deerfield, IL-based Oak acquired the 268-unit Evergreens at Mount Moriah Apartments located in Durham, NC in a joint venture with an institutional private equity group. In the second, it acquired a two-property Missouri portfolio consisting of the 252-unit Westbrooke Village Apartments in Manchester, and the 150-unit Pine Tree Club Apartments in Wildwood.

These properties, both in suburban St. Louis, were acquired in a joint venture with an internationally-based high net worth family. Oak’s share of equity for the three acquisitions was contributed from its initial co-investment fund, ORP Apartment Portfolio, LLC. The fund consists of high net worth investors and family offices.