Transactions - OCTOBER 11, 2016

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Strata Equity buys multifamily portfolio for $720m

by Andrea Waitrovich

San Diego–based Strata Equity Group has acquired the Southeast Residential Portfolio, a 24-property multifamily portfolio, from DRA Advisors for more than $720 million.

The acquisition is among the largest multifamily transactions in 2016. In addition, CBRE Capital Markets’ debt and structured finance team secured approximately $500 million of financing on behalf of Strata Equity for the acquisition of the portfolio.

The portfolio consists of 6,294 apartment units in suburban locations throughout 13 metro areas in Georgia, North Carolina, Tennessee and South Carolina. The portfolio has an average unit size of approximately 1,100 square feet, and 72 percent of the units are two- and three-bedroom floor plans. During the past three years, net rental income has increased 12.2 percent while averaging 95.3 percent occupancy.

Multifamily sales activity has the potential to outpace 2015’s transaction volume, according to JLL’s second

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