RREAF Holdings Announces Successful Completion Of Sunbelt 12 Portfolio
RREAF Holdings LLC, a private real estate investment and development firm based in Dallas, Texas today announced the successful completion of a large portfolio acquisition. The portfolio includes 12 multifamily communities in the sunbelt region totaling 3,662 units. The transaction was oversubscribed by institutional and retail investors, exhibiting a strong demand for the asset category in the South and Southeast USA despite the economic impact from the global COVID pandemic.
Already owner and operator of more than 40 multifamily communities in the region, as well as several hotels in Florida, Georgia, South Carolina and Texas, the new acquisition substantially increases RREAF's multifamily asset count. The sector remains the most resilient category in commercial real estate, according to a recent analysis from the National Multifamily Housing Council.
"We were humbled to see the strong demand from both the institutional community and our growing retail base. Many of the investors are second, or even third time investors with the firm and we are grateful for their continued confidence in us," said Kip Sowden, RREAF's chief executive officer.
"RREAF is strategically positioned to continue investing in workforce housing across the USA, and we plan to make more acquisitions in 2021," said Doug McKnight, partner and COO at RREAF Holdings.
The multiple closings occurred during the months of November and December, and RREAF will shortly begin improving the properties with millions of dollars slated for capital improvement in the coming years across all of the properties.
RREAF Residential, a wholly owned subsidiary of RREAF Holdings, will be the exclusive property manger for all 12 multifamily communities. RREAF Residential provides marketing, maintenance, leasing, and other resident services for dozens of properties around the country.
About RREAF Holdings LLC
RREAF Holdings LLC ("RREAF") is a privately-held, vertically integrated commercial real estate company based in Dallas, Texas, with roots that go back nearly 35 years in the industry. RREAF focuses its portfolio of commercial real estate projects and development under three platforms aimed primarily at catering to the middle-America workforce community: programmatic value-add multifamily acquisition, opportunistic hospitality and resort redevelopment, and core ground-up development. RREAF employs over 250 people, mostly across the South and Southeastern U.S., handling a wide range of Commercial Real Estate investment matters from in-house underwriting/due diligence, capital markets, acquisition, asset management, property management, construction management, project development, accounting, and legal support. RREAF, along with its debt and equity alliances, has built a diversified portfolio in its core competencies in excess of $1.5 Billion and more than 12,000 units over the past five years and expects to continue expanding these platforms. RREAF's Mission is to enhance the lives of its investors, partners, property residents and guests by providing outstanding service, excellence, and expertise, with Integrity, Vision, Values, and Purpose. For more information, please visit www.RREAF.com
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