GREENVILLE, SC – Aline Capital's multi-family advisory division has completed the sale of two properties in Wilmington, NC. The sale of the 368 unit portfolio was completed for a total sale price of $ 35,375,000. Aline Capital represented its regular customer Eskay Management as buyer in the transaction. Multifamily Advisory Group has previously completed transactions involving the buyer's client and New Jersey seller Heritage Capital. Eskay Management took over the existing debt on the property while bringing a large amount of equity into the transaction.
"The low leverage of the deal, as well as other factors from the Covid-19 pandemic, made this deal challenging. This is excellent property with a huge number of upgrades. We knew that a well-capitalized company with a deep understanding of the strength of the Carolina Markets would be a good fit for the deal, "said Jonathan Kessler of Aline Capital.
"With the acquisition of these two properties we will have a stronger presence in the Wilmington market and the Carolinas in general," said Jay Schecter of Eskay Management.
The transaction is the first landmark transaction for Aline Capital's new investment distribution platform. The historically focused debt and stock company launched an investment sales division amid the Covid-19 pandemic. "We are grateful that over the past five years we have built a strong capital markets advisory business across the Southeast. We now have investment sales teams focused on a variety of asset classes including apartment buildings, retail, office and mobile homes. We believe that this is the case. " A natural growth path for the company and a great way to round off our services to our customers looking to invest in the Southeast, "said Scott Williams, founding partner of the company.
Source: Aline Capital