Slate Asset Management, a global investor in essential real estate and infrastructure, has agreed to acquire a six-property, 1,600-unit multifamily portfolio for $226.5 million. These properties are located in the rapidly growing Sunbelt markets of Florida, Georgia, and Arizona.
The multifamily sector is currently benefiting from a favorable supply-demand dynamic, with a shortage of new housing and increasing rental demand. This well-occupied portfolio offers long-term growth potential through mark-to-market rent increases.
The garden-style apartments are concentrated around the thriving Tampa, Atlanta, and Phoenix MSAs, situated conveniently near essential services and providing attractive housing for growing workforces.
Advisor: King & Spalding advised Slate on the transaction, which is expected to close by the end of July.
KEY QUOTE:
“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. 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.”
Peter Tsoulogiannis, Partner and Chief Investment Officer at Slate
