The Florida portfolio is emblematic of Wharton Equity Partners' investment style as the firm was presented with the transaction from a REIT when another buyer dropped out of contract and moved quickly to acquire the assets in conjunction with a New York City hedge fund and property management firm. After adding value through improved operations, and upgrades the partnership was able to raise income and sell the properties at a substantial gain.
"Although the environment has gotten more challenging, we believe there are still opportunities to purchase properties today and are actively looking for assets, particularly those catering to workforce housing," adds Lewis. Along these lines, the company is about to close on a multifamily property in Nashville, TN that it is acquiring from the original developer. "This is exactly the type of property we want to be purchasing right now where we can completely transform an asset, located in a burgeoning market, which caters to middle income families. Within the next six months, we will expand our sights to include Class A properties in strong markets where we believe there will be downward pressure on pricing due to softening from over-building. This is in addition to our development activities, mostly in Florida and New York" he notes. In December 2016, the firm acquired a 2 acre property in the Bay Harbor/Bal Harbour sub-market in partnership with Northwood Ravin Investors where it plans on developing a mixed use project comprised of residential rentals, office and retail.
About Wharton Equity Partners: Wharton Equity Partners, headquartered in New York City with an office in Miami, is a diversified real estate investment firm founded 30 years ago. The company has owned, operated and developed properties in every asset class and continues to employ a nimble investment philosophy. Among its many activities, the firm has been very active in Miami with over 3 million square feet in development or planning.
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SOURCE Wharton Equity Partners