DLP Real Estate Acquires 4-Property Portfolio
- Mar 18, 2021
DLP Real Estate Capital has acquired more than 1,000 units of workforce housing in the southeastern U.S. with plans to acquire more than 500 more.
DLP acquired a multifamily portfolio that includes four communities in Mississippi and Alabama for an undisclosed price. Colliers International’s Brian Savage and Stephen Perlis brokered the transaction. Savage said in prepared remarks that the acquisition was one of the largest transactions ever completed in these markets.
In Orange Beach, Ala., DLP acquired the 300-unit Prosper Orange Beach. The community offers one-, two- and three-bedroom units that average 1,096 square feet and are spread throughout 13 residential buildings on a 50-acre site. Residents will have access to a fitness center, pier, pool, boat storage and nearby lake that offers fishing. According to DLP, the community is located in Baldwin County, which has seen a 15 percent increase in job growth from 2013 to 2018.
INVESTING IN GULF COAST CITIES
Roughly two hours away from Prosper Orange Beach, DLP also acquired Prosper Gulfport, a 426-unit community in the seaside city of Gulfport, Miss. The property also offers one-, two- and three-bedroom units that average 1,134 square feet. The nearly 18.4-acre site is home to the 19 residential buildings and amenities including a clubhouse, fitness center, pool and sundeck. DLP noted that job growth in Gulfport is expected to rise 28.2 percent over the next 10 years.
DLP’s portfolio acquisition also included Prosper Jackson, a 280-unit community located further inland and within Mississippi’s capital city of Jackson. The community has one-, two- and three-bedroom units that average 1,035 square feet and are spread throughout 30 buildings on a nearly 16-acre site. Amenities include a clubhouse, fitness center, outdoor entertainment area and two pools.
The portfolio also includes the 80-unit Prosper Senatobia. The community’s one-, two- and three-bedroom units that average 1,046 square feet are separated into 10 buildings on a seven-acre site. The property’s amenities include a clubhouse, pool, outdoor lounge, volleyball court, picnic area. Prosper Senatobia is also located 30 miles away from Memphis, Tenn.
The portfolio totals 1,086 units but DLP told Multi-Housing News that it expects to close on another 550 units in the region throughout the next 30 days. DLP also recently entered the West Virginia market after acquiring a 340-unit community in Scott Depot, W.Va., for $43 million.