GVA Management, in partnership with Leste Real Estate, announced the completion of a $380 million portfolio of Class B multifamily residential properties that includes five communities across Texas, Tennessee and South Carolina.
The acquisition, which includes 1,670 individual units in total, is one of the largest single transactions completed by Leste Real Estate to date and its first acquisition completed in 2022.
“Like many of Leste Real Estate’s community-friendly acquisitions, the buy will include significant value-add for the communities, including approximately $17 million allocated for renovations”, the statement said.
GVA, which manages more than 24,000 residential units throughout Texas and the southeastern U.S., will manage the portfolio and oversee value-add improvements.
Alan Stalcup, Chief Executive Officer at GVA, said, “We are thrilled to be adding these communities to our portfolio and look forward to a successful partnership with all our key stakeholders, most of all our new residents. All of these communities are in good markets and high-value neighborhoods. We are confident we can add value to and feel well positioned to execute our value-add plans on behalf of our partners and our residents”.
On the other hand, Josh Patinkin, Managing Director at Leste Real Estate added, “All of us at Leste have developed a view that acquiring strong communities like the ones in this portfolio represents a great way to position capital, especially in an inflationary environment like the one we are in.” Patinkin added, “Our multifamily portfolio is performing well and is now more diversified across a great mix of growing markets. We’re fortunate to have a great operating partner in GVA and truly value the trust and confidence our investors have placed with us as we make this investment together.
Founded in 2014, Leste Group is a global independent alternative investment manager. Through its U.S. offices in Miami and New York, the firm offers investors a diverse range of strategies across real estate, credit, venture, liquid markets and other alternative asset classes.
GVA Real Estate Group is an Austin, Tx.-based vertically integrated real estate company committed to creating value in the multi-family real estate sector. GVA specializes in conventional as well as affordable opportunities, paying particular attention to expanding sub-markets.
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