Brixton Capital Acquires United Apartment Group
- Jul 02, 2020
Private real estate firm Brixton Capital has moved from being a customer of property management firm United Apartment Group to being a partner. The firm, which owns and operates a real estate portfolio valued at more than $1 billion, has acquired UAG, a property management company headquartered in San Antonio, Texas, for an undisclosed price.
UAG’s current management team led by Managing Partners Carrie Girgus and Tim Settles, will remain in place. Girgus and Settles will maintain ownership in UAG. The company’s property management portfolio includes about 30,000 apartment residences, primarily in Southwest and Southeast states. Founded in 1995, UAG has been among the top 50 property management companies in the U.S. for four consecutive years, based upon units managed, in a National Multifamily Housing Council ranking. The firm has also established itself as one of the U.S.’ premier third-party management companies. Aligning with Brixton Capital will provide additional growth opportunities and provide exposure to a broader geographic footprint in the U.S.
Brixton Capital President Mark Selman said in a prepared statement the acquisition will enable the firm to expand its fully integrated platform including capital raising, acquisitions and property management. Selman noted the transaction will increase Brixton Capital’s foothold in the necessity housing market while also continuing the same high level of service and leadership that UAG clients always had. Stating the company was a longtime UAG client, Selman said Brixton Capital will work with the UAG team to evaluate markets and opportunities in workforce housing investments.
With a track record of real estate investments for about three decades, Brixton Capital’s portfolio comprises more than 10 million square feet of multifamily, retail, office, industrial and land investments across the U.S. and Europe.
In March, the company acquired 6947 Everhart Apartments, a 250-unit apartment community in Corpus Christi, Texas, from Austin Multifamily Investments Partners LLC for an undisclosed price. At the time of the purchase, Jim Hamilton, Brixton Capital’s vice president of acquisition, said the asset was an excellent addition to the company’s growing workforce housing portfolio and represented Brixton’s value-add approach to multifamily properties.