AUGUSTINE, FL – DLP Real Estate Capital announced the acquisition of the PROSPER Gulf Coast Portfolio, an apartment building real estate portfolio comprised of four communities on the Mississippi and Alabama Gulf Coasts. This 1,086 unit portfolio will have a huge impact on the individuals and families living in these locations as DLP will provide them with affordable and safe housing for workers.
Don Wenner, Founder and CEO of DLP Real Estate Capital, comments, "We are excited to close this large portfolio of over 1,000 apartment buildings in four locations across two states. We strive to provide safe housing that is affordable for hardworking families all of ours Investment portfolios. Our goal is to have a positive impact on the residents who call our neighboring communities home. "
PROSPER Gulfport is a 426-unit apartment building located in the coastal community of Gulfport, Mississippi, the state's second largest city. The major economic drivers for the Gulfport economy are diverse and include military, oil and gas, tourism, gambling, and port revenues. Employment growth of 28.2% is expected over the next ten years. The property occupies 18.35 acres with 19 residential buildings, a clubhouse, a fitness center and a resort-style saltwater pool with a large sundeck. The units consist of one to three bedrooms and an average of 1,134 square meters of amenities. This includes kitchen cabinets made of natural oak, a built-in microwave, vaulted ceilings, a pantry, a screened terrace / balcony and connections for a washing machine and dryer.
PROSPER Jackson is a 280-unit apartment complex in Jackson, the capital of Mississippi, which is adjacent to the scenic Pearl River and is known as the "Best of the New South". Jackson is a major Mississippi business unit and has a strong industry diversity, including fourteen companies on the Fortune 500 list of properties in the city.
The condominium occupies 15.94 acres with 30 residential buildings including a clubhouse, fitness center, 2 pools with large sundecks and 1 spa and an outdoor entertainment area. The units consist of one to three bedrooms and an average of 1,035 m². Amenities include hardwood floors, white-on-white kitchen appliances, walk-in closets, and covered patios.
PROSPER Orange Beach is a 300-unit apartment complex in Orange Beach, Alabama. It is located on prime real estate near prime attractions in a prominent development area of Baldwin County, the fastest growing county in Alabama and the 8th fastest growing county in Alabama in the United States. In the region, employment growth increased by a total of 15% from 2013 to 2018. The county sits between Mobile County, AL and Escambia County, FL, with strong labor markets in both top school systems, a tourist mecca and close proximity to elite amenities.
PROSPER Orange Beach sits on 50 acres of 13 residential buildings, including a fitness center, lake with available fishing, a pier with gazebo, boat availability, and a resort pool with a fountain. The units are one to three bedrooms and an average of 1,096 m². Amenities include lake views, natural oak kitchen cabinets, built-in microwaves, a pantry, and ceramic tiles in kitchens and bathrooms.
PROSPER Senatobia is an 80-unit apartment complex in Senatobia, Mississippi, part of the Memphis, Tennessee Subway Market. Senatobia is located 30 miles from Memphis, Tennessee and is considered part of the greater Memphis statistical area. Senatobia has a population of approximately 8,000 but offers most of the advantages of a larger metropolitan area with small town charm. Good schools, a growing community college, strong manufacturing base, lower cost of living, and a new $ 5.3 million sports park don't offer this set. Nearby Memphis has the 49th largest subway economy in the US and is home to three Fortune 500 companies.
PROSPER Senatobia is set on 7 acres with 10 residential buildings including a clubhouse, swimming pool and outdoor lounge, volleyball court, picnic area and incomparable local events. The units are one to three bedrooms and an average of 1,046 m². Amenities include hardwood kitchen cabinets, faux granite countertops, energy-efficient frost-free refrigerators, walk-in closets, private entrances, and balconies.
Anthony Ruben, Senior Managing Director of Investments at DLP, commented, "It's a great day for our fund investors working to influence the real estate crisis in America. Don Wenner and the hard work of the team and the tremendous effort they are making will do, will do. " Generate significant added value for DLP investors and offer our residents affordable housing for workers. "
The Gulf Coast portfolio was brokered by Brian Savage, partner and general manager of Multifamily Services, and Stephen Perlis, director of Multifamily Services at Colliers International | Alabama. According to Brian, "The Gulf Coast portfolio represents one of the largest deals ever in these markets and is testament to the professionalism and efficiency of all stakeholders involved in the deal. These assets are in First's" sweet spot " – Generational value creation and are in markets that offer tremendous value and advantage to the new owner. The scale and complexity of this sale was a perfect fit for the Colliers Alabama Multifamily team and we look forward to continued success with RREAF and DLP in the future. " Brian and his multi-family team have sold nearly 9,300 units across the Southeast for a retail price of over $ 648 million. The Colliers International | The Alabama Multi-Family Team is licensed in the states of Alabama, Florida, Louisiana, and Mississippi.