Joint Venture Acquires Multifamily Portfolio

The Boulevard Apartments in Denver's Golden Triangle.

A newly formed REIT joint venture — which includes property management company Simpson Housing, headquartered in Denver, Atlanta-based Domain Capital Advisors, and PFA Pension of Copenhagen, Denmark — has acquired a 49 percent equity interest in a 13-asset, Class A multifamily portfolio for an aggregate value of $1.05 billion.

The multifamily portfolio, which was owned by Simpson Housing, is located in high-growth U.S. markets, including Austin, Charlotte, Denver, Houston, Nashville, Phoenix, Portland and Seattle. It is comprised of 3,487 units that are approximately six years old and more than 95 percent leased at closing. The portfolio serves a mix of urban and suburban lifestyles with both newly built and refurbished product offerings in proximity to transportation infrastructure.

Domain Capital Advisors will provide oversight and asset management of the newly formed REIT joint venture.

“We are excited about our new relationship with PFA Pension and look forward to growing our relationship with them through further acquisitions,” said Patrick R. Leardo, executive managing director and chief executive officer of Domain Capital Group. “Our team is also proud to continue its longstanding partnership with Simpson Housing. We have managed equity investments in their portfolio for more than 10 years, while providing asset management and advisory support to our operating partner.”

Simpson Housing LLLP will serve as the portfolio’s property manager on behalf of the joint venture. Accord Capital Partners LLC served as the exclusive financial advisor for the transaction. Terms of the transaction were not disclosed.

Photo courtesy of Simpson Housing

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