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Leste Group, GVA Complete $380M Acquisition of Five-Multifamily Portfolio
Miami-based Leste Real Estate U.S., the real estate investment advisor of Leste Group, in with partnership with GVA Management have completed the acquisition of a $380-million portfolio of five Class B multifamily properties across SC, TN and TX.
The acquisition involves 1,670 individual units in total and will include value-add projects for the communities with an $17 million allocation for renovations. GVA will both manage the portfolio and oversee the value-add improvements.
The portfolio acquisition is one of the largest single transactions completed by Leste Real Estate to date and its first acquisition completed in 2022. The company recorded more $500 million in deal activity in 2021.
“All of us at Leste have developed a view that acquiring strong communities like the ones in this portfolio represents a great way to position capital, especially in an inflationary environment like the one we are in,” said Josh Patinkin, managing director at Leste Real Estate.
- ◦Sale/Acquisition
