Miami, FL-based 3650 REIT and St. Augustine, FL-based DLP Capital have partnered with Dallas, TX-based RREAF Holdings, LLC, on the acquisition of “Southeast Multifamily Portfolio III,” with a capitalization of approximately $500 million.

The portfolio acquisition marks the trio’s third in less than 12 months and involves

10 multifamily properties.

• Glen at Polo Park in Bentonville, AR S
• River Pointe in Maumelle, AR
• Village Mill Creek in Statesboro, GA;
• Echo Ridge in Indianapolis, IN
• Pheasant Run in Indianapolis, IN
• Waterford Place in Greenville, NC
• Reserve at Long Point in Hattiesburg, MS
• Traditions at Westmoore in Oklahoma City, OK
• 5iftyOne at Tradan Heights in Stillwater, OK
• Broad River Trace in Columbia, SC

The acquisition, spearheaded by RREAF, was purchased from one seller. All of the apartment complexes are primarily in suburban-metro areas, with no new multifamily supply within a five-mile radius of most of the properties. The properties were built between 1998 and 2012 and currently have a 93% collective occupancy. Significant capital renovations will be made to all units.

In addition to equity capital provided by the three portfolio partners, financing was provided by Nathan Stone and Guy Griffith at Berkadia. RREAF’s in-house property management company, RREAF Residential, will be taking over property management on all assets.