DALLAS — RREAF Holdings, in partnership with DLP Capital and 3650 REIT, has acquired a 21-property multifamily portfolio for $534 million. The portfolio — named TransCoastal 21 — consists of 4,000 units located in Georgia, Alabama, Florida, Texas, Arkansas, Louisiana and North Carolina.
RREAF’s multifamily division acquired the communities from three different sellers, the names of which were undisclosed. RREAF’s in-house property management company, RREAF Residential, will manage 16 of the 21 assets, with DLP Real Estate Management managing the remaining five.
Properties include:
- 2626 Park, located at 2626 E. Park Ave. in Tallahassee, Fla.
- Ascend at Savannah, located at 10714 Abercorn St. in Savannah, Ga.
- Ascend Midtown, located at 2200 E. Victory Drive in Savannah, Ga.
- Azure Cove, located at 1326 US-80 in West Garden City, Ga.
- Carriage House, located at 125 Tibet Ave. in Savannah, Ga.
- Falls at Spring Creek, located at 1900 Wesleyan Drive in Macon, Ga.
- Kessler Point, located at 901 Kessler Court in Garden City, Ga.
- Legacy at River Crossing, located at 1800 Wesleyan Drive in Macon, Ga.
- Mill Creek, located at 802 Limestone Circle in Russellville, Ark.
- Park Place, located at 400 Park Ave. in Foley, Ala.
- Pelican Pointe, located at 3400 Pelican Pointe in Slidell, La.
- Rena Valley, located at 216 Rena Road in Van Buren, Ark.
- Ridgewood, located at 12008 Middleground Road in Savannah, Ga.
- San Marino, located at 15255 Vintage Preserve Parkway in Houston
- San Remo, located at 1502 Partnership Way in Katy, Texas
- Shiloh Creek, located at 1601 Welch Road in Arkadelphia, Ark.
- Signature Place, located at 410 Beasley Drive in Greenville, N.C.
- Summer Trace, located at 330 W. Fort Morgan Road in Gulf Shores, Ala.
- The Arbors, located at 4035 Kessler Ave. in Garden City, Ga.
- Ventura Lofts, located at 2401 Gessner Road in Houston
- Windscape, located at 27670 US-98 in Daphne, Ala.
“The closing of the TransCoastal 21 portfolio marks an exciting milestone for our firm, as we have increased our portfolio of affordable housing to over 50 complexes with more than 14,000 units throughout the Sun Belt region of the United States,” says Kip Sowden, CEO of RREAF Holdings.
The Dallas-based company has acquired 7,400 multifamily units since the onset of the COVID-19 pandemic.
—Katie Sloan