The three properties purchased include 1,087 units in North Carolina and Texas. CIG plans to complete significant renovations to each of the properties and then hold the assets as part of their long-term investment strategy and growth objectives.
Denver, CO – Consolidated Investment Group (CIG) recently completed the acquisition of a three-property apartment portfolio which includes a total of 1,087 units that are located in Raleigh, North Carolina and Frisco, Texas. The purchase includes the three properties of which the average age is approximately 17 years. CIG plans on making substantial improvements to both property amenities and unit upgrades in all properties.
Interestingly, CIG was a previous owner of these properties, so this constitutes the second time they have owned these properties.
Tim Bertoch, Vice President at CIG, said “We were unable to shorten our due diligence period and execute quickly due to our existing knowledge of these properties and corresponding markets. This Acquisition is consistent with our strategy of acquiring well-located properties in high growth markets with the ability to upgrade units and amenities to meet the needs of the growing resident demographic.”
Overall, CIG’s real estate portfolio consists of investments in more than 20,000 multi-family apartment units and several million square feet of office buildings, industrial buildings and land holdings throughout the United States, Israel and Europe. Together with their partner, CWS Capital Partners, CIG plans to hold these new three assets as part of their long-term investment strategy and growth objectives.