MetraUnited

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The just-bought properties are the 466-unit Sunset Canyon at2170 Thousand Oaks Dr., 244-unit Kenton Apartments at 14650Nacogdoches Rd. and 232-unit Peppermill at 2125 Universal CityBlvd. "These particular properties were the next step in upgradingour portfolio," Richard Sorrentino, PPA's executive director, tellsGlobeSt.com. "We were typically buying class C assets so thisbalances our portfolio." He adds Metra United's fourth complex, the140-unit Cimarron at 1950 Universal City Blvd., was considered, butit "didn't fit our investment criteria."

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Upgrades will begin immediately and will include exteriorpainting and some interior renovation. Sorrentino says upgradesshould be completed by first quarter 2009.

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The three complexes are about 25 years old. The 92%-occupied mixconsists of one-, two- and three-bedroom units from 705 sf to 1,061sf. Rents range from $627 to $831 per month.

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Sorrentino says PPA has added a property management arm due toits portfolio growth. In addition, Dave Carter recently was hiredas vice president of investment management and business developmentto help streamline acquisitions.

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"Our plans are to close properties similar to that being offeredby Metra and other property types in the next three or fourmonths," Sorrentino says. Also, PPA is planning to launch avalue-add fund in the near future.

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Metra United is a joint venture between the Alon Group of Israeland a Boca Raton, FL-based partner. The company put the last of itsTexas multifamily property holdings on the market about one yearago for $57.3 million. Cushman & Wakefield of Texas Inc.represented Metra United in the transaction while PPA had itsin-house team handling its side of the talks.

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