NEW YORK, Feb. 23 /PRNewswire/ -- Edge Principal Advisors, LLC, a real estate investment firm based in New York City, today announced its commitment to a dedicated investment program in multifamily properties. Edge will target institutional quality apartment communities located in select markets the firm expects to benefit from outsized rental demand over the next several years. Initial target markets include Chicago and Atlanta, among others.
As part of this program, in January, Edge acquired a 295-unit, Class "A" apartment community from an affiliate of AvalonBay Communities, Inc. Located in Wheaton, Illinois, a high-end suburb of Chicago, the property is currently better than 95% occupied and will be re-launched into the marketplace this Spring under a new name. Edge plans to invest significant capital to upgrade the asset over the coming months as part of its rebranding campaign.
"We are very pleased with the addition to the portfolio," noted Jeff Walker, a Principal at Edge. "Wheaton is strong demographically and the property's location next to the popular Danada Square shopping center is ideal."
Matthew Ross, a Managing Director who joined the team last fall, is spearheading the company's multifamily efforts. Prior to joining Edge, Mr. Ross was a Vice President at GoldenTree InSite Partners and a member of the acquisitions team at Sterling American Property.
"I am thrilled to be a part of the talented Edge team," said Mr. Ross. "It is a highly entrepreneurial environment and they have the right approach and resources. I look forward to contributing to the firm's continued growth."
ABOUT EDGE PRINCIPAL ADVISORS, LLC
Edge is a multi-strategy real estate investment partnership formed in 2008 by Jeff Walker and Evan Mallah, in partnership with a family office whose principals manage over $5 billion of institutional equity. Well capitalized, without troubled legacy investments and with a flexible long-term approach, Edge is uniquely situated to transact in the current environment. Edge will invest throughout the capital structure, and has dedicated investment programs in Multifamily, Hospitality, Special Situations, Office and Retail.
SOURCE Edge Principal Advisors, LLC