The Boston-based global financial services company announces that the portfolio was sold to The RREEF Funds, which was representing an institutional investor. A representative for Lend Lease refused to disclose the identity of the buyer or the sales price of the portfolio.
The portfolio was structured as a private real estate investment trust and was sold by Lend Lease's Arch Street Fund I. CB Richard Ellis Inc., brokered the sale of the portfolio for Lend Lease.
The properties included in the sale were The Summit at Paradise Valley in Fairfield, CA, a 180-unit development; the 456 unit The Arbors in Vista, CA; Village at Rancho Bernardo in San Diego, a 368-unit community; Cedar Valley, a 156-unit project in Columbia, MD, Middlesex Crossing, a 252-unit community in Billerica, MA and Carter Lake" a 259-unit development in Reston, VA. All six communities are garden-apartment style developments.
Mike Speidel, principal and portfolio manager for Lend Lease's Arch Street Funds relates, "This portfolio has been an excellent investment for Arch Street Fund I. We saw this as an opportunistic time to sell the portfolio and realize the significant appreciation achieved through our strategic repositioning of these properties."
Lend Lease's Arch Street Fund I is an enhanced return investment fund that is focused on multifamily real estate, according to company officials. The sale was the first property disposition by Lend Lease in some time, according to a company spokesman. In late September, the company acquired Rancho Valencia Apartments, a 39-building, 245-unit garden-apartment complex in Garden Grove, CA on behalf of an institutional investor client. That acquisition was unrelated to the firm's Arch Street Fund I operations.
Lend Lease Real Estate Investments is a major worldwide real estate investment management firm and is an advisor to US pension funds. The compete has a portfolio of $36 billion in real estate and commercial mortgages under management in the Untied States for institutional and private clients, company officials say.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
