A number of the properties in the firm's portfolio, 49 of which were placed on the market about two months ago, are presently awaiting signed contracts, Braun said. He would not specify which properties are close to sale, however. "None of the transactions have closed yet but we are getting close to it," he said. "We're presently in the process of putting a number of those properties under contract."
The properties, with a total value of $317 million, are located in Arizona, New Mexico, Texas, Indiana and Michigan. For previous story, click here.
Braun said the investment group opted to divest about three-quarters of its older apartment holdings and relocate the assets into its mezzanine and gap financing areas."We're not exiting our apartment holdings. This is just a reallocation," he said. "We still have about 2,500 units left." Braun said the group will continue to invest in apartment complexes if the right opportunity arises.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.
