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Leste Group and GVA Management have completed the $380M acquisition of a portfolio encompassing five multifamily properties

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.

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Inside The Story

Leste Real Estate’s Patinkin

About Lisa McDuffie

Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group. When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as she makes the transition from an utterly failed racehorse to a lovely show hunter.

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