RREAF Holdings of Dallas, a real estate investment firm, bought two Arkansas apartment complexes as part of a $500 million acquisition that included eight properties in six other states.
RREAF bought the 356-unit Glen at Polo Park at 6601 SW Mallet Road in Bentonville and the 384-unit River Pointe at 7325 Riverpointe Drive in North Little Rock. RREAF said it acquired the properties in partnership with investment firms 3650 REIT and DLP Capital; there were a total of 2,744 units in the 10 properties involved, which were all sold by Hamilton Point Investments of Old Lyme, Connecticut.
Individual price tags for each complex were not released or available. Financing terms were not released but were provided by Berkalia of Dallas.
"The closing of the Southeast Multifamily Portfolio III marks a milestone for our firm for affordable, quality housing options to renters in the southeast as RREAF continues our business plan of providing superior living options at an affordable price," said RREAF CEO Kip Sowden. "The size and versatility of the portfolio represents our continued success. We would like to extend a thank you to our partners, DLP Capital and 3650 REIT, on their partnership in this landmark portfolio."
RREAF said its property management division, RREAF Residential, would oversee the properties acquired. It said "significant capital renovations" are scheduled for every property.
With the latest acquisitions, RREAF owns more than 12,000 multifamily units.