Citymark Capital Announces Two Multifamily Acquisitions in Austin and Salt Lake City Along with Strategic Disposition in Las Vegas
Source: MultifamilyBiz.com, September 16, 2021
CLEVELAND, OH – Citymark Capital, a private equity real estate investment firm and fund manager that invests in multifamily housing in top apartment markets in the U.S. based on population, announced today that it acquired assets in Austin, Texas and Salt Lake City, Utah and exited an asset in Las Vegas, Nevada.
Citymark Capital acquired two assets – The Morgan, a 504-unit property located in Austin, Texas, and Downtown 360, a 151-unit property located in Salt Lake City, Utah.
The Morgan is located north of Downtown Austin, between Texas State Highway 1 and Interstate 35, providing easy access to the greater Austin area, and sits approximately five minutes away from two major economic hubs, The Domain and Tech Ridge. Downtown 360 is located in Downtown Salt Lake City, within walking distance of the city’s Intermodal Hub, the City Creek Center and the Vivint Arena.
With the acquisition of The Morgan and Downtown 360, Citymark has invested in 17 assets in Dallas, Las Vegas, Northern New Jersey, Orlando, Houston, Raleigh, Atlanta, Phoenix, Columbus, Denver, and now Austin and Salt Lake City.
“The Morgan and Downtown 360 are further examples of Citymark’s focus on investing in institutional quality apartments that create attractive homes for residents,” said Daniel Walsh, CEO of Citymark Capital. “This illustrates the importance of rental housing, and we are pleased that we have the opportunity to play this role for residents and our investors.”
Citymark Capital also recently successfully exited its eighth investment, The Retreat, located in Las Vegas.
“We believe the exit of The Retreat highlights the ongoing success of the Citymark strategy as we continue to find attractive investment opportunities for investor capital,” said Walsh.
These transactions are on top of three other Citymark acquisitions, a 240-unit apartment property in Denver, Colorado, a 344-unit apartment property located in the Columbus, Ohio metropolitan area and a 320-unit apartment property in Phoenix. The company also successfully exited an asset in Raleigh, North Carolina, and two assets in Dallas, Texas.
About Citymark: Citymark Capital, a real estate fund manager headquartered in Cleveland provides joint venture equity for value-add, multifamily investments, executed by experienced regional and national operating partners. The firm targets institutional-quality, garden-style communities ranging in size from 100-500 units, in the top U.S. markets based on population. Citymark has made investments in properties located in Dallas, Las Vegas, Northern New Jersey, Orlando, Houston, Raleigh, Atlanta, Phoenix, Columbus, Denver, Austin and Salt Lake City.
For further information on Citymark Capital, visit www.citymarkcapital.com or contact Matt Porath at 216-453-8087 or Dana Banda at 216-453-8088.
The information contained in this communication should not be regarded as an offer to sell or a solicitation of an offer to buy any security in any jurisdiction where such an offer or solicitation would be in violation of any local laws. The general information discussed is not a guarantee, prediction, or projection of real estate investments. There are risks associated with investing in real estate assets, such as inflation, interest rates, real estate tax rates, changes in the general economic climate, local conditions such as population trends and neighborhood values, and supply and demand for similar property types. This communication may contain forward-looking statements identified by the use of words such as “outlook,” “indicator,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “seeks,” “approximately,” “predicts,” “intends,” “plans,” “estimates,” “anticipates” or the negative version of these words or other comparable words. Such forward-looking statements are subject to various risks and uncertainties. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. These factors should not be construed as exhaustive.
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