JV Acquires 1,918 Units for $325 Million
Beitel Group and the Scharf Group plan to upgrade the multifamily units, which are located throughout the Midwest and Southeast.
NEW YORK, NY – New York-based family offices, Beitel Group and the Scharf Group have acquired 1,918 multifamily units for the purchase price of $325 million.
The units are located across Virginia, Kentucky, Wisconsin and Missouri.
The joint-venture partners plan to upgrade and enhance the properties in order to attain an increased rent premium.
The companies intend to upgrade the properties’ interiors and exteriors with amenities, such as a new business center, state-of-the-art fitness center, clubhouse, playground, dog park and leasing office.
The partners also plan to implement new roofing, sidings, windows and appliances, as well as resurfaced counters, new cabinet doors, faux wood flooring, upgraded lighting, multi-sport courts, grilling stations and a luxury pool-side experience.