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Phoenix & Southwest  + Apartments  | 

Citymark Divests Portion of Fund Assets for $140M

Connect Apartments is planned next month in Los Angeles. You can get more information and register to attend on this link.

Cleveland-based Citymark Capital exited 50% of its investments in Citymark Capital U.S. Apartment Fund I L.P. with the sale of a trio of multifamily assets in Las Vegas, Atlanta and Phoenix for $138.8 million to undisclosed institutional investors. The buyer for at least one of the assets in Las Vegas was reportedly Blackstone Group.

Citymark Capital’s Dan Walsh says, “We’re pleased that we’ve been able to create a portfolio of highly-liquid assets that are very desirable to best-in-class institutional buyers.” Citymark and its operating partner, Houston-based InterCapital Group, notes it exceeded pro forma on all three communities in advance of its projected hold period.

The sales included the 274-unit West Town Court in Phoenix, and a two-property portfolio comprising the 368-unit Vintage Pointe in Las Vegas (pictured) and the 240-unit Sweetwater Creek in Atlanta.

For comments, questions or concerns, please contact Dennis Kaiser

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About Dennis Kaiser

Dennis Kaiser is Vice President of Public Relations and Communications for Connect Creative. Dennis is a communications leader with more than 40 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect Creative’s agency client services and is involved in a range of initiatives ranging from public relations and content strategy, communications and message development, copywriting, media relations, social media and content marketing services. Prior to joining Connect Media in 2015, his most recent corporate communications roles involved leading a regional public relations effort across Southern California for CBRE, playing a key marketing role on JLL’s national retail team, and directing the global public relations effort at ValleyCrest (BrightView), the nation’s largest commercial landscape services company. He has worked on marketing communications assignments for such CRE companies as Blackstone/Equity Office, Carlyle, Caruso, Disney Resorts, GE Capital, Irvine Company, Hines, Howard Hughes Corp., Jeffries, Lennar, MGM, Marcus & Millichap, Prologis, Raleigh Studios, Simon, Starwood, Trammell Crow Company, Transamerica, UBS and Wynn Resorts. Dennis has also worked on communications and launch strategies for a number of consumer electronic, media and tech brands including SlingMedia, Channel Master, Deluxe Media Entertainment, BeIn Sports, EchoStar and Sprint. Dennis’s agency background included firms such as Off Madison Ave., Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, Boy Scouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and the Thunderbirds Charities.

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