Blue Magma Residential teams with NCP on $34m apartment portfolio

by   CIJ USA
2017-12-15   15:24
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Tampa-based Blue Magma Residential and its joint venture partner New York-based NCP Enterprise Funds have closed on the purchase of an apartment portfolio in the Southeast U.S. The duo paid a combined $34 million for value-add assets totaling 604 units and 565,282 square feet. The properties acquired are the 188-unit Orchard Cove in Covington, Ga, ($15.2 million); the Gardens of Canal, a 232-unit community in Robinsonville, MS. (11.6 million); and the 184-unit Madison Square in Dothan, Al. ($7.8 million). Ladder Capital provided debt financing for the purchase, which was brokered by Cushman & Wakefield Atlanta. At the time of closing the portfolio of buildings was 97 percent leased.

Peter Auerbach, NCP Enterprise Funds co-founder and CIO said the acquisition met the investors' primary goal to "generate cash-flow to investors while making improvements to the physical assets. We gravitate toward transactions where there is common-sense work to be done that does not rely on arbitrary exits or financial engineering. We are extremely impressed with the entire team and Blue Magma in particular, and are looking forward to working hard for our collective investors on this key portfolio"