Remains Active in Multifamily Acquisitions in Strong U.S. Real Estate Markets
COLUMBUS, Ohio, June 16, 2022 /PRNewswire/ — CREC Real Estate, LLC (“CREC”) today announced it has completed five acquisitions in the first half of 2022, bringing the company’s total number of investments to 59, across 19 states. CREC anticipates the second half activity will be consistent with the first half, given its robust pipeline of future opportunities.
With more than $1 billion of real estate assets under management, CREC specializes in multifamily real estate investments in top-performing secondary cities throughout the United States. The recently acquired properties are in Phoenix (Arizona), Dallas (Texas), Charleston (South Carolina), Carmel (Indiana) and Columbus (Ohio).
“We are seeing strong demand for quality apartment housing across the U.S., spurred by hiring and investment trends that we expect to continue into the medium-term future,” said Aaron Dixon, President of CREC. “Our goal is to transform our communities into market-leading multifamily options for existing and prospective residents.”
CREC’s latest acquisitions are:
- a 180-unit multifamily community in North Phoenix, Arizona
- a 123-unit multifamily community in Grand Prairie, Texas, a suburb of Dallas
- a 96-unit multifamily community in West Ashley, a neighborhood of Charleston, South Carolina
- a 314-unit multifamily community in Carmel, Indiana
- a 92-unit multifamily community in Columbus, Ohio
CREC’s philosophy of being risk-averse and opportunistic extends to the disposition of assets as much as it does the acquisition of assets. During the last six months, CREC has taken the opportunity to monetize properties that have been repositioned and are reaching their full potential. CREC sold seven properties since mid-December and returned over $100 million to investors.
CREC typically acquires Class B or C workforce apartment complexes requiring some level of value-add renovations to update common areas, amenities, and unit interiors, bringing its properties on par with nearby recently repositioned residential communities. Improvements can include renovated interiors & exteriors, landscaping, appliance replacement, and marketing programs. CREC seeks to invest in cities with diversified economies and dynamic job growth, in areas with convenient access to nearby jobs, retail and entertainment.
CREC Real Estate, LLC (CREC) was formed in 2001 as a private equity real estate investment firm. Based in Columbus, Ohio, the firm sponsors real estate investments through its private fund and private placement offerings and has more than $1.3 billion of real estate assets under management. Employing a value-add strategy, the firm specializes in multifamily investment in secondary cities throughout the United States.
SOURCE CREC Real Estate, LLC