New Jersey-Based Real Estate Firm Acquires Southeast Multifamily Portfolio
The portfolio that changed hands included seven properties in Alabama; five properties in Pensacola, FL; three properties across Tennessee and one 200-unit property in Pascagoula, MS; one 203-unit property in Winston-Salem, NC and one 223-unit property in Houston.
JACKSON, NJ—Commercial brokerage firm Cushman & Wakefield reports that Jackson, NJ-based The Walden Group has acquired an 18-property multifamily portfolio predominantly in the Southeast for nearly $107 million.
The Walden Group purchased the portfolio that includes 1,858 units from Varden Capital Properties of New York City for $106.7 million.
The portfolio that changed hands included seven properties in Alabama; five properties in Pensacola, FL; three properties across Tennessee and one 200-unit property in Pascagoula, MS; one 203-unit property in Winston-Salem, NC and one 223-unit property in Houston.
Tyler Averitt and Craig Hey of Cushman & Wakefield represented Varden Capital in the transaction.
“This was a unique situation where two key private capital clients were able to do a mutually favorable cross-market portfolio sale with our Southeast multifamily group at Cushman & Wakefield,” Hey says. “VCP was able to amass the portfolio by purchasing properties that were more complicated executions than the average buyer would be willing to do.”
C&W’s Averitt adds, “The Walden Group’s platform is set up well to capitalize on the conversion to conventional as they exit compliance in the coming years, allowing them to maximize returns for their investors. The portfolio timing also allowed the buyer to line up dispositions through Cushman & Wakefield so they acquired many of the assets with tax-free 1031 money, ever compounding the initial investment from their private equity partners.”