Black Creek Group has acquired two multifamily properties through its non-traded monthly NAV REIT investment platform, Black Creek Diversified Property Fund, for an undisclosed amount.
The REIT owns and operates high-quality commercial real estate across the industrial, office, retail and multifamily sectors.
The first property, The Daley at Shady Grove Metro, is a 333-unit property in Rockville, Md., that was 95 percent let. The other asset is the Broadstone Winter Park, is a 268-unit property in Winter Park, Fla. The property was 85 percent let at the time of closing.
The Black Creek Diversified Property Fund has more than $450 million in acquisition and disposition activity since the beginning of the year. The fund currently holds 49 properties, totaling 8.2 million square feet.
“Historically commercial real estate has been one of the strongest performing asset classes, yet many individual investors did not have access to it and as such are under-allocated,” said Raj Dhanda, Black Creek Group’s chief executive officer.
“Now the asset class is becoming more accessible with investor friendly-structures and greater transparency which means we can only expect to see investors seek to increase their allocations — driving capital which in turn will support an already strong market.”
