Edge Principal Advisors Announces Multifamily Investment Platform
- Feb 23, 2010
New York–Edge Principal Advisors LLC has launched a multifamily investment platform. Edge will target institutional quality apartment communities located in select markets the firm expects to benefit from outsized rental demand over the next several years. Initial target markets include Chicago and Atlanta, among others.
As part of this program, in January, Edge acquired a 295-unit, Class A apartment community from an affiliate of AvalonBay Communities, Inc. Located in Wheaton, Ill., a high-end suburb of Chicago, the property is currently more than 95 percent occupied and will be re-launched into the marketplace this Spring under a new name. Edge plans to invest significant capital to upgrade the asset over the coming months as part of its rebranding campaign.
Matthew Ross, a managing director who joined the team last fall, is spearheading the company’s multifamily efforts. Prior to joining Edge, Mr. Ross was a vice president at GoldenTree InSite Partners and a member of the acquisitions team at Sterling American Property.