GE buys $250m multifamily portfolio.STAMFORD, CT: GE Real Estate announced the purchase of a $256 million portfolio of multifamily assets from FirstWorthing Corporation and Principal Financial Corporation. The portfolio represents all of FirstWorthing Corporation's stabilized sta·bi·lize v. sta·bi·lized, sta·bi·liz·ing, sta·bi·liz·es v.tr. 1. To make stable or steadfast. 2. assets, which includes 10 properties comprising 3,532 units and 3.2 million square feet in Dallas, TX, Atlanta, GA, and Austin, TX. GE Real Estate will hold the assets on its balance sheet and proactively manage the properties to maximize value. This acquisition was the third portfolio purchase by GE Real Estate's North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. Equity division's Direct Investments group of, which was formed in late 2006. The Direct Investments group purchases portfolios independent of equity partners and third-party debt, and is targeting up to $4B in acquisitions during 2007. "The FirstWorthing portfolio has a balance of newly built Dallas properties and assets with substantial value-add potential," said Greg Bates Bates , Katherine Lee 1859-1929. American educator and writer best known for her poem "America the Beautiful," written in 1893 and revised in 1904 and 1911. , managing director and head of the Direct Investments group. "It offers significant value creation opportunities in markets with strong fundamentals and growth prospects. We are excited to add this set of assets to our multifamily portfolio. " Added Robert Dean For other persons named Robert Dean, see Robert Dean (disambiguation). Robert Logan Dean (born 31 October 1952) Australian politician is former member of the Victorian Legislative Assembly. , acquisitions director for the Direct Investments group, "Our strategy is to maximize value through the renovation and subsequent stabilization Stabilization The action undertakes a country when it buys and sells its own currency to protect its exchange value. Actions registered competitive traders undertake by on the NYSE to meet the exchange requirement that 75% of their traded be stabilizing, meaning that sell orders of select properties. Furthermore, the entire portfolio will benefit from strong economic growth prospects in the local markets." Greystar Management will manage the Texas assets, and First Communities Realty realty n. a short form of "real estate." (See: real estate) REALTY. An abstract of real, as distinguished from personalty. Realty relates to lands and tenements, rents or other hereditaments. Vide Real Property. Incorporated will manage the Atlanta property. Malcolm McComb of CB Richard Ellis' Atlanta office served as broker for this transaction. |
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