QuadReal Acquires 1,400-Unit Portfolio
Each of the four properties is in a different metro.
QuadReal Property Group has acquired a 1,400-unit multifamily portfolio comprising four Class A assets in metro Denver, Charlotte, N.C., Phoenix and Washington, D.C. Quarterra Multifamily was the previous owner, according to Yardi Matrix information.
QuadReal will oversee operations, leasing and capital investment at the recently acquired communities. A third-party provider will handle property management.
Two months ago, a closed-end fund managed by Quarterra Multifamily sold another portfolio to KKR for $2.1 billion. That transaction involved the selling of 18 Class A properties totaling more than 5,200 units.
The metro Phoenix community, dubbed Nexa, is in Tempe, Ariz., and features 399 units within a five-story building. Located at 1221 E. Apache Blvd., the property came online in 2017 and has a swimming pool, three spas, a clubhouse and a fitness center.
The Washington, D.C., property is the 293-unit Maris. The six-story building in Annapolis, Md., at 2445 Holly Ave., came online in 2018 and includes a clubhouse, business center and swimming pool.
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The Charlotte property, named Bradham, has 432 units and was completed in 2020. Located at 145 New Bern St., the five- and seven-story building features 25,500 square feet of retail space, a fitness center, swimming pool and clubhouse.
The last property in the portfolio is the Beacon85 in metro Denver. Consisting of 343 units, the community is at 85 S. Union Blvd. in Lakewood, Colo. The five- and six-story building came online in 2018 and has a spa, swimming pool and fitness center with yoga studio, as well as a sky lounge.
Large multifamily portfolio sales are still happening
The economic climate and the national housing market forecast pointed to a slowdown in investment volume and multifamily development this year. Even so, large, multi-state portfolio transactions are still happening.
In April, a Blackstone fund agreed to acquire Apartment Income REIT Corp., known as AIR Communities, for approximately $10 billion. The company’s portfolio consists of 76 communities situated primarily in coastal markets.
Earlier this month, Equity Residential announced the acquisition of 11 multifamily communities from Blackstone Real Estate for $964 million. The deal, which involves more than 3,570 units, will close later this year.
