E2M Strategic Fund LP, the fourth private equity fund of Dallas-based E2M Partners, together with Wood Partners has purchased Del Arte Lofts & Flats in the Denver suburb of Aurora.
Located at 151 South Joliet Circle in Aurora, Del Arte Lofts & Flats is a 351-unit Class B multifamily community closely located to public transportation and minutes away from Interstate 225 and Denver International Airport. The partnership has planned to make various improvements to the property which will be overseen by Wood Partners. Riverstone Residential Group will manage Del Arte Lofts & Flats.
“Wood Partners has a strong track record of improving multifamily communities, not only in the Denver area but across the United States,” said Bob Stone, E2M vice president. “They are the ideal partner on this venture because they know the market and have successfully invested there.”
The E2M Strategic Fund targets multifamily, industrial, hospitality, senior living and retail properties in strategic markets with strong population and job growth. The fund was launched in 2011 and seeks to raise $350 million in equity with $89 million in commitments secured. E2M Partners anticipate closing the fund by year-end 2013.
“The Denver acquisition complements our strategy of investing in growing markets with solid market fundamentals,” said Bill Daves, president and CEO of E2M Partners. “A key element of our strategy is to invest with best-in-class operating partners who have proven track records in properly repositioning properties through comprehensive business plans. One of four multifamily investments, the Denver property is well-located and can be repositioned as an exceptional rental value in a market that is experiencing solid rent growth.”
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