RREAF partnered with 3650 REIT and DLP Capital to acquire the group’s second portfolio in less than 12 months. 3650 REIT made a $31 million preferred equity investment in the two projects of the latest portfolio.

The deal involved two properties in Corpus Christi. One is a 155-unit build-to-rent community built in 2004. Windy Shores at Aransas Pass features a pool, fitness center, basketball court, running track and tennis court. The second project, Pearl Point, is a 216-unit garden-style multifamily property built in 2020. Its amenities include a pool, fitness center and business center.

3650 REIT’s Jonathan Roth said, “3650 is pleased to help finance the acquisitions of these two properties. The build-to-rent sector in particular has exhibited continued rent growth, while the fundamentals of the multifamily sector remain strong, even in today’s challenging and uncertain market environment.” RREAF plans to renovate units and common areas at both properties.