Ares U.S. Real Estate Fund IX , an affiliate of Ares Management, has plans to buy 12 multifamily properties from Cottonwood Residential for approximately $440 million, Bloomberg reports, citing people familiar with the matter.
Assets are located in Tennessee, Texas, Georgia, North Carolina and South Carolina.
Ares U.S. Real Estate Fund IX, which launched in fourth quarter 2016, is a value-added fund that primarily invests in U.S. office, hotel, industrial, multifamily and retail properties.
