Related, Rockpoint to Launch $2B Value-Add Program
The partnership will concentrate primarily on the Florida market but will also search for opportunities within other successful metros, including Atlanta, Phoenix and Dallas.
The Related Group has entered into a partnership with Rockpoint Group to launch a program pursuing more than $2 billion in acquisitions of value-add multifamily properties.
The partnership will concentrate primarily on the Florida market but will search for opportunity within The Related Group’s other successful development markets including Atlanta, Phoenix and Dallas.
The program will be spearheaded by Chief Operating Officer Matt Allen and former Related executive Michael Hammon, which will include acquiring, renovating and managing a portfolio of income-producing communities.
“Both of our firms firmly believe multifamily real estate is a good investment. Plus, the value-add sector utilizes many of our existing business disciplines such as development, construction, property management and finance,” Allen told Multi-Housing News.
“The Related Group currently manages 15,000 apartment units from Virginia down the East Coast to South Florida. We expect to expand this portfolio significantly with this new division. Additionally, it will help us quickly build critical mass across some of our newer markets such as Atlanta, Dallas, Phoenix and Las Vegas,” Allen added.
The two companies have had an ongoing relationship in the industry. Last April, Rockpoint acquired the $87 million Town at Pembroke Pines, located in Pembroke Pines, Fla., from Related Development, the multifamily and mixed-use arm of The Related Group.
Image courtesy of The Related Group