print header

# 1 Commercial Real Estate Information Company

  • Find Properties 
  • Market Properties 
  • Analyze Properties 
Products
Commercial Real Estate News

Strata Equity Group Acquires 837-Unit Southeastern Apt Portfolio, Secures $56.9M in Financing (Update)

CBRE Arranges Acquisition Loan for 1.23 Million-SF Multifamily Portfolio in the Carolinas, Kentucky
February 6, 2018
The Strata Equity Group, a real estate investment company based out of San Diego, purchased three apartment communities in the Carolinas and Kentucky by securing a $56.9 million loan for the acquisition, strengthening its East Coast multifamily portfolio. Covenant Capital Group sold the 837-unit portfolio to the investor for an undisclosed price.

Bill Chiles, Scott Peterson and Brian Cruz of CBRE’s San Diego office arranged the financing on behalf of the borrower, placing the floating-rate loans with Freddie Mac through an expansion of an existing credit facility structured by CBRE.

Properties involved in the sale include the 183-unit Veridian Spartanburg in Spartanburg, SC; the 474-unit The Racquet Club in Lexington, KY and the 180-unit Icon on the Greenway in Gastonia, NC. During the previous two years, all three properties were renovated by the seller, with additional updates planned by the new owner.

In October 2016, Strata Equity Group acquired the 24-property Southeast Residential Portfolio (SERP) for $720 million, entailing more than 6,294 apartment units in 13 metro areas within Georgia, North Carolina, South Carolina and Tennessee.

Chris Yeagle, Neil Chrisp and Kyle Chase of The Kirkland Company brokered the sale on behalf of the seller.

Please see CoStar COMPS #4123700 for more information on the sale.

Editor’s Note: CoStar News has learned The Kirkland Company brokered the sale on behalf of the seller. The article was updated from an earlier version to include this additional info.
GET IN TOUCH        Contact CoStar News Team:   News@CoStar.com

 Find us on 

Welcome To CoStar's
Industry-Focused,
Award-Winning News

Winner of three Journalism Awards from the National Association of Real Estate Editors (NAREE)

Award-Winning News