Over the last three years, net rental income has increased 12.2 percent, while averaging 95.3 percent occupancy. SERP has a long track record of rising rents and consistent occupancy. The buildings were completed between 19, with 72 percent of the units being two- and three-bedroom apartments and a larger-than-average unit size of approximately 1,100 square feet. Our investment in SERP reinforces that belief,” Scott Wittman, Strata’s director of Investments, said in a prepared statement. “We believe the long-term fundamentals of the apartment sector, particularly Class B product, remain healthy. SERP consists in 6,294 units located in suburban areas throughout 13 metros in Georgia, North Carolina, Tennessee and South Carolina. Strata Equity Group diversified the loan terms to match each individual asset and will be financing the portfolio with a mixture of seven- and ten-year fixed and floating rate loans provided by Freddie Mac.
CBRE Capital Markets facilitated the sale, which ranks as one of the largest multifamily transactions in 2016.ĬBRE Capital Markets’ Debt & Structured Finance team also secured roughly $500 million of financing for the San Diego-based buyer.īill Chiles of CBRE’s San Diego office and Robert LaChapelle of CBRE’s Atlanta office obtained the aggressively priced loans for the properties. San Diego- Strata Equity Group acquired the 24-property Southeast Residential Portfolio (SERP) from an affiliate of DRA Advisors LLC for more than $720 million. Scott Wittman, Director of Investments at Strata Equity Group
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