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Blue Magma Residential, NCP Enterprise Funds JV Acquires Southeast Multifamily Portfolio for USD 34m.


13 December 2017 - A joint venture affiliate of Florida, US-based Blue Magma Residential LLC and New York, US-based NCP Enterprise Funds has acquired a USD 34m Southeast multifamily portfolio comprised of three prime value-add assets, the company said.

Included among the 604-unit, 565,282 square foot purchase were apartment home communities in: the Atlanta suburb of Covington, Georgia.; Robinsonville, Miss., near the Memphis-area casino resort Tunica, Miss.; as well as Dothan, Alabama Cushman and Wakefield, Atlanta, brokered the transaction, and Ladder Capital provided debt financing for the purchase.

Purchased for USD 15.2m, the 188-unit Orchard Cove in Covington, Ga., will be re-branded and marketed as The Park at Arlington.

The 232-unit Gardens of Canal in Robinsonville, Miss., acquired for USD 11.6m, will become The Park at Brighton.

Lastly, the 184-unit Madison Square in Dothan, Ala., was purchased for USD 7.8m and is being renamed The Park at Ashburn.

Blue Magma Residential is an investment and management company which through its affiliates co-owns and manages over 9,000 apartment units in Florida, Georgia, Alabama and Mississippi, said Oded.

NCP Enterprise Funds is a privately held commercial real estate investment firm headquartered in New York City that manages funds on behalf of its investors.

The company invests in distressed, deep value-add and contrarian investments in the United States and follows an opportunistic strategy.

Enterprise was founded and is managed by Brian Watson and Peter Auerbach.

Country: USA

Sector: Construction/Real Estate

Target: Southeast multifamily portfolio

Buyer: Blue Magma Residential, NCP Enterprise Funds


Deal size in USD: 34m

Type: JV

Financing: Cash

Status: Closed

Buyer advisor: , ,


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Publication:M & A Navigator
Geographic Code:1U6AL
Date:Dec 13, 2017
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