We Prefer C to B Properties in B or Better Locations in SoCal
- Aug 26, 2010
Aliso Viejo, Calif.–CT Realty Investors recently appointed Dean P. Washle as vice president of multifamily acquisitions. Washle will be responsible for locating, analyzing and evaluating multifamily opportunities for potential acquisition. He will also conduct market surveys, investigate local economic factors, government policy and regulations, and evaluate their effects on long-term investment potential.
Washle previously served as vice president of multifamily and land investments for Lee & Associates’ Riverside office. He was also senior vice president of multifamily and land investments for Grubb & Ellis’s Ontario office. Prior to his career in real estate brokerage, Washle developed single-family housing tracts and custom homes, apartment projects, condominiums, and several restaurants and retail centers.
Recently, Washle talked to MHN about CT Realty’s multifamily acquisition plans and his responsibilities in the new role.
MHN: What kind of multifamily acquisitions is CT Realty looking to make?
Washle: CT Realty Investors’ main focus for multi-family will be on value-add or distressed opportunities on apartment properties 75 units or larger. We prefer C to B properties in B or better locations in Southern California.
MHN: How much money will the company invest in each property?
Washle: Like most companies, we prefer to acquire with leverage so the amount we put up is determined by the available financing. We have the ability to close all cash and put debt on the asset later if warranted.
MHN: Is there a goal as to how many properties CT will acquire in the next 12 months and how much money the company has allocated for MF acquisitions?’
Washle: We have not set a specific number of units that we are trying to hit. Every deal that we look at has to makes sense for us. We are focused on finding the right opportunities.
MHN: As the VP, what is your role and responsibilities?
Washle: My role as Vice President of Multi-Family Acquisitions will be to locate, analyze and coordinate due diligence of multi-family opportunities working with brokers, owners and lenders.
MHN: How important are multifamily acquisitions to CT Realty Investors as opposed to the other sectors?
Washle: CT is committed to adding multi-family back into their investment portfolio. The addition of multi-family does not take away from our desire to acquire other product types as the company is active in our pursuit of industrial and office as well as defaulted note opportunities.
MHN: What percentage of CT’s investments are multifamily investments?
Washle: CT sold their last multi-family property in 2008 and does not currently own any apartments. CT has owned as many as 6000 apartment units and feels that the timing is right for us to re-enter the apartment market.