The property is located in Henry County, south of the city andthe fastest growing county in metro area.
The acquisition is the sixth multifamily asset for the fund,which originated in December 1999. Its capital goal is $100 millionand this purchase takes it over the top to $101.3 million, Shoptaw& Garrard's managing director Dennis Pemberton tellsGlobeSt.com. The fund will add a contracted Greensboro, NC asset inthe $12 million to $15 million range to the portfolio beforeclosing it.
The life of the Capital Master Fund portfolio is about sevenyears with the average hold at five years, Pemberton says. The firmwill announce its new fund, Shoptaw & Garrard Multi-FamilyPartners Fund, later this week.
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