The portfolio, valued at $310 million, consists of a combined 3,105 rental housing units. The properties that were recently developed by Simpson Housing are located in the Northwest, Midwest, Southwest and Northeast. Three rental developments are in Seattle, two are in Phoenix, two in Colorado, one in Portland, OR, one in New Mexico and one in Richmond, VA.
The deal with GE Real Estate also involved the assumption of two existing loans of $34 million. PPM Finance Inc. of Chicago provided a new loan to the GE/Simpson venture of $171 million.
"The portfolio is currently 70% leased, and we anticipate significant value creation as occupancy levels increase," says Rick Hurd, managing director, Institutional Equity Group at GE Real Estate. Hurd adds that his firm believes that the multifamily rental housing market is showing signs of stabilizing. He notes that the portfolio includes properties in Seattle and Denver, whose rental housing markets were hit hard of late. However, GE Real Estate believes that both of those markets are at or near their respective bottoms.
Bob Love, chief executive officer of Simpson Housing, says of the deal, "GE Real Estate's capital strength and our industry expertise enhance the overall ability to maximize the performance and value of this portfolio."
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