DALLAS-Compatriot Capital, the local real estate operating and investment subsidiary of Sammons Enterprises, has acquired 50% ownership interest in Farmington Hills, MI-based Village Green. This is Compatriot’s first investment since announcing its plans in June 2011, to build a $1-billion real estate business over the next decade by focusing on entity-level investments in real estate operating companies.
As part of its business plan, Village Green will invest $50 million of equity to develop and acquire approximately $250 million in apartment assets over the next 24 to 36 months, as well as to expand Village Green’s third-party management business.
Village Green, founded in 1919, is one of the nation’s largest privately held developers and managers of luxury apartment communities. It owns and operates $4.5 billion in assets including 40,000 apartments in 150 rental communities across 14 states.
"The current dynamics in the real estate market have afforded a unique opportunity to make direct investments in real estate operating companies," said Paul E. Rowsey, president and CEO of Compatriot Capital Inc. in a statement regarding the acquisition. "We have identified companies who are market leaders across the spectrum of the real estate industry nationwide. Village Green’s long history, quality management team, strategic focus, and reputation for customer service and satisfaction were primary motivations for making the investment.”
Village Green, founded in 1919, is one of the nation’s largest privately held developers and managers of luxury apartment communities. It owns and operates $4.5 billion in assets including 40,000 apartments in 150 rental communities across 14 states.
“We believe Compatriot is the perfect partner to enhance and expand Village Green’s existing management team and to assist in improving our customer service to owners and residents,” said Jonathan Holtzman, chairman and CEO of Village Green in a prepared statement.
More details will follow in a later article.
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