- What Slate Asset Management is buying a six-property apartment portfolio
- Why The deal values the properties at $142,000/unit
- What next The transaction is set to close this month
Slate Asset Management has agreed to acquire a multifamily apartment portfolio in the U.S. for $309m (USD$226.5m).
The six-property package totals 1,600 units in and around Tampa, Atlanta and Phoenix. The deal, announced this morning and expected to close in July, values the garden-style suites at $142,000/unit.
King & Spalding acted as advisors to Slate.
“We are pleased to announce our latest investment in the multifamily real estate sector – a performing portfolio of defensive assets with attractive fundamentals serving essential needs in markets with strong demographics,” said Peter Tsoulogiannis, partner and chief investment officer at Slate.
“We have strong conviction in the long-term demand for housing, and despite macro volatility, our investment philosophy remains unchanged; we continue to focus on acquiring below replacement cost with below market in-place rents in order to generate meaningful cash flow growth.”
The properties are well occupied, Slate said, and offer long-term growth potential through market-to-market rent increases. All are located near grocery stores and other retail services.
Toronto-based Slate is a global investment and asset management firm. Blair Welch and Brady Welch are founding partners.
In a deal revealed by Green Street News, Slate confirmed this week it has picked up five shopping centres in Copenhagen, Denmark, for over €250m ($400m).
