WASHINGTON, DC – Broad Creek Capital and Springer Capital recently expanded their joint portfolio of apartment buildings with the acquisition of Square at Forest Acres in Columbia, South Carolina and Tanglewood Apartments in Memphis, Tennessee. The total purchase price was $ 16.5 million and the two properties together comprise 364 units.
The acquisitions are the latest investments in Broad Creek Capital's Enhanced Income Strategy, which aims to generate tax-efficient, high-yielding investment income through the acquisition and repositioning of underperforming apartment buildings in the United States. The portfolio currently comprises over 530 units of multi-family properties.
Matthew Ruesch, Co-Founder and Managing Partner of Broad Creek Capital, said, “Square and Tanglewood are ideal investments for our Enhanced Income Strategy. US multifamily real estate remains one of the most attractive asset classes for returns and long-term capital appreciation and long The southeast region of the country continues to experience strong tenant demand. By partnering with Springer Capital, a world-class real estate investment manager, we believe that executing this strategy will create significant value for us and our co-investors. "
“We are excited to partner with Broad Creek on these Columbia and Memphis acquisitions. These properties are located in the southeast, a region that is extremely attractive for long-term investments due to its affordability, strong employer base and reputable quality. of life. The value added component of these properties is particularly compelling as it offers significant short-term opportunities, "said Tom Farnoly, Principal at Springer Capital.
Tanglewood Apartments is a 199-unit residential complex built in 1975 in the Bartlett submarket of Memphis. Bartlett is one of the most sought-after submarkets in Memphis due to its easy access to freeways, major employers, and retail offerings. Tanglewood was slightly renovated in 2006 using investor tax credits, which limited the affordability of rentals. The business plan provides for exterior and interior renovations to bring the property in line with competing properties on the submarket.
Square at Forest Acres is a 165-unit apartment complex built in 1970 in Forest Acres, a submarket of Columbia. The property is in an affluent demographic center and is close to an upscale retail corridor that includes premium grocery stores, restaurants, and fitness retailers. Extensive interior and exterior renovations on the Square began shortly after the acquisition and are expected to be completed in 2022.
Source: Broad Creek / Springer Capital