PFA Pension forms JV to acquire $1b U.S. multifamily portfolio
PFA Pension has completed a joint venture with Simpson Housing and Domain Capital Advisors, a subsidiary of Domain Capital Group, to acquire a 49 percent equity interest in a 13-asset, class A multifamily portfolio for an aggregate value of $1.05 billion.
The portfolio was previously owned 100 percent by Simpson and is located across high-growth markets throughout the United States, including Austin, Charlotte, Denver, Houston, Nashville, Phoenix, Portland and Seattle. The portfolio, comprised of 3,487 units, was approximately 6 years old and more than 95 percent leased at closing. The portfolio serves a mix of urban and suburban lifestyles with both newly built and refurbished product offerings in proximity to transportation infrastructure.
Simpson Housing will serve as the property manager of the portfolio on behalf of the joint venture. Domain Capital Advisors will provide oversight and asset management to the joint venture. Domain has been managing the assets of th