Collins Group LLC Acquires 786-Unit Worthing Portfolio.BROOKLYN, N.Y. -- Collins Group LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , a New York-based private real estate investment firm, has acquired two residential communities in suburban Atlanta, Georgia from FirstWorthing Properties of Dallas, TX for an undisclosed sum. The 786-unit acquisition comes on the heels of their purchase of the 680-unit Lincoln Hills The Lincoln Hills extend along the Mississippi River, starting about 40 miles northwest of St. Louis and extending to Hannibal, located in Lincoln, Pike, Ralls and Marion counties. property in Marietta, Georgia Marietta is a city located in central Cobb County, Georgia GR6, and is its county seat. As of the 2000 census, the city had a total population of 58,748, making it one of metro Atlanta's largest suburbs. from Lincoln Property Company in April. The deal was financed by Wachovia (NYSE NYSE See: New York Stock Exchange : WB). Apartment Realty Advisors (ARA Ara or Arrah (both: ŭ`rə), city (1991 pop. 157,082), Bihar state, NE India, on the Son Canal. A major road and rail junction, it is the administrative center for a district that produces grain, sugarcane, and oilseed. ) acted as broker. Collins Group has been involved for several years in the southeastern US and mid-Atlantic market, citing the region's growth potential and desirable populace as a driving factor in its acquisition policy. Ari Parnes, managing director and principal, recently reported Collins' contracts to purchase several other apartment communities in the region, expecting to close on these during the 3rd quarter of FY 2005. In Spring 2005, in a much publicized pub·li·cize tr.v. pub·li·cized, pub·li·ciz·ing, pub·li·ciz·es To give publicity to. Adj. 1. publicized - made known; especially made widely known publicised deal, Collins acquired, from MetLife (NYSE: MET), the 322-unit Inverness Landing property in suburban Birmingham as part of a portfolio transaction brokered by Holliday, Fenoglio and Fowler LP. Collins' acquisitions wing has completed eleven such successful transactions in the past 18 months. Jay Herman, Finance & Acquisition VP, foresees that the projected positive population and employment trends, high new construction rates and low new multifamily rental starts, will ultimately offer strong returns for investors in today's multifamily market. "Cobb and Gwinnett counties are perfect examples of profitable infill in·fill n. 1. The use of vacant land and property within a built-up area for further construction or development, especially as part of a neighborhood preservation or limited growth program. 2. locations with strong population and job growth," said Ari Parnes, managing director. Parnes also noted that "major industry and prominent corporate and retail infrastructure act as anchors in these areas." This acquisition continues to strengthen Collins' position in the Southeast. "Collins is planning extensive interior and exterior upgrades to maximize the property's potential", commented Parnes, accenting Collins' corporate philosophy of uncompromised tenant services while increasing overall value. About Collins Group LLC Collins Group LLC is a real estate investment firm based in Brooklyn New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of with an extensive portfolio of multifamily properties throughout the Eastern U.S. The managing director and principal, Ari S. Parnes, has been an owner and operator of multifamily properties for over 20 years. Jay Herman is the Senior VP of Finance and Acquisitions, an expert in portfolio and investment opportunity analysis. His input has been integral in Collins' expansion into new markets. Collins maintains a corporate website at http://www.collinsgroupllc.com. |
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