Crest Asset Management and Strategic Capital Partners Acquire Three Multi-Family Assets in Texas.
Recent acquisition brings partnership total to 1,344 Class "A" units.
Over the past 12 months, Crest Asset Management and a commingled fund managed by Strategic Capital Partners ("SCP") have acquired three Class "A", multi-family assets totaling 1,344 units in Dallas and Austin, Texas. Taking advantage of strong market fundamentals, the partnership will invest additional funds to upgrade each property to better compete with newer assets in their respective submarkets.
- St. Andrews, acquired in late 2006, is a 636-unit complex located in North Dallas that was built in 1998;
- Aslan La Valencia, acquired in September 2007, is a 384-unit complex that was built in 2000 and is located in the northwest suburbs of Dallas;
- Steeplechase, the latest acquisition by the partnership, is a 324-unit complex located in Round Rock, a suburb of Austin, and was built in 1996.
"Our strategy of repositioning newer assets which lack design or structural obsolescence allows us to provide a superior product at a competitive price and realize significantly higher risk adjusted returns for our investors," said Rajiv Naidu, Chairman and CEO of Crest Asset Management. "These assets acquired with Strategic Capital Partners exemplify this strategy."
Added Robb Bollhoffer, Vice President of Acquistions at SCP, "These assets are a great addition to our portfolio. They will undergo minor to major interior and exterior renovations that will upgrade each property to compete with higher quality assets. SCP is pleased to have closed another deal with a company with such an impressive track record and reputation as Crest."
Crest Asset Management ("CAM") is a privately-held real estate development firm specializing in the renovation and development of multi-family product located in the Dallas/Houston/Austin MSAs. CAM has been active in Texas multi-family markets since its inception in 1991.
Strategic Capital Partners, LLC is a privately-held real estate investment management firm that employs a value-added investment strategy of acquiring commercial and multi-family properties via joint ventures with experienced real estate operators. SCP is focused on properties across the U.S. that can be repositioned, re-leased and/or redeveloped. The Company is headquartered in Chicago with offices in Indianapolis and New York City.