To say that the acquisitions team has been active this summer is like saying it’s warm while fixing an A/C unit on a Dallas apartment rooftop in July.
Larry’s had the acquisitions team “standing on it” over the last 60-90 days. In the last 30 days alone, Vice President of debt and analytics Brock Wright, director of analytics Tyler Oberly, financial analyst Connor Lucas and financial analyst Josh Staley have underwritten 23 deals, executed 11 property tours, been awarded two deals (Reserve at Cary Park in Raleigh and Cross Creek at Victory Station in Murfreesboro), and successfully closed on three acquisitions totaling $206.5 million.
On Sept. 3, we closed on Alas Over Lowry in Denver, and today we closed on Cielo and Greenway at Mallard Creek, previously named Bexley Greenway in Charlotte. Each of these properties will be eligible for a capital event in 18-36 months. With the acquisition of Cielo and Greenway at Mallard Creek, we have doubled our Charlotte portfolio and continue to actively seek more acquisitions in Charlotte.
Between now and the end of the year, the acquisitions team plans to close on at least seven supplemental or refinance deals representing almost $90 million in transactions. We also plan to sell six properties this year.
Even as we were closing on Cielo and Greenway at Mallard Creek today, Larry, Tyler, and Connor were touring potential acquisitions in Tampa.
Our acquisition process is much more than asking, “how much are we willing to pay for this property?” Acquiring properties is about making the right investment at the right time after carefully considering key criteria including:
- Significant NOI potential
- Properties we would be happy to own long term
- Does demand outstrip supply long term?
Tyler attributes our success to our reputation as buyers and how quickly we can close.
“When it comes to our reputation, Larry is the chess master playing the chessboard,” Tyler said. “Brokers know us and they know our reputation. That means we can get in earlier in some markets and brokers know that when we make an offer, we will close, and we can do so quickly.”
“We do our due diligence upfront,” Tyler said. “We can go from contract to closing in less than 60 days. We’re a machine. We’re so efficient.”
Now that we’ve closed on Cielo, Greenway at Mallard Creek and Alas Over Lowry, it’s time for our associates to execute our proven sales and operations systems.
See the list of associates who will be operating our newest acquisitions in Charlotte and Denver.
Cielo
- Elizabeth Zornow, manager
- Madison Reily, sales associate
- Dorian Dula, lead tech
Greenway at Mallard Creek
- Jaquella Pendleton, manager
- Victoria Di Marco, sales associate
- Carl Williams, trainer and lead tech
- Jaquez Pelzer, turn tech
Alas Over Lowry
- Ben Glover and Sasha Lee, managers
- Brooke Koveleski, sales associate
- Caleb Kresge, lead tech
- Elbnan Hassan, grounds tech
Special thanks to Chicago managers Bryan Groh and Jenein Sous for stepping in to help in Charlotte!