Shoreham Capital has been maintaining a steady clip of multifamily acquisitions over the last 24 months but Managing Partner Doug Faron is the first to admit it has been very challenging.

The firm has been looking for dislocation opportunities – either distress or  because of timing necessity – and last year found in many cases that the buyer-seller price expectations gap was too wide to overcome.

It hit pay dirt earlier this year when it acquired, in partnership with Bridge Investment Group, a 1,180-unit multifamily community called Mason at Van Dorn that is located in Alexandria, Va. The $157 million Fannie Mae financing was arranged by Berkadia.

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.