Partnership Acquires 1,670-Unit Portfolio for $380M
GVA Management and Leste Group have purchased the class B, five-property portfolio and plan to implement $17 million in value-add renovations.
MIAMI, FL – GVA Management and Leste Group’s real estate investment advisor, Leste Real Estate US have acquired a class B multifamily portfolio for $380 million.
The 1,670-unit residential portfolio encompasses five communities in Texas, Tennessee and South Carolina. The acquisition offers strong in-place cash flow and quarterly distributions to equity investors.
The partners have allocated $17 million for value-add renovations across the communities. GVA will manage the portfolio and oversee the value-add improvements.
“We are thrilled to be adding these communities to our portfolio and look forward to a successful partnership with all our key stakeholders, most of all our new residents,” states GVA CEO Alan Stalcup. “All of these communities are in good markets and high-value neighborhoods. We are confident we can add value to and feel well positioned to execute our value-add plans on behalf of our partners and our residents.”
The acquisition represents one of Leste Real Estate’s largest single transactions to-date and its first completed acquisition of 2022.
Leste Real Estate managing director Josh Patinkin says, “All of us at Leste have developed a view that acquiring strong communities like the ones in this portfolio represents a great way to position capital, especially in an inflationary environment like the one we are in.”
Patinkin adds, “Our multifamily portfolio is performing well and is now more diversified across a great mix of growing markets. We’re fortunate to have a great operating partner in GVA and truly value the trust and confidence our investors have placed with us as we make this investment together.”