Mill Creek Completes Seventh Acquisition of Past Year

Addition of Alister Nanuet brings acquisition total to more than 1,600 apartment homes and a combined capitalization in excess of $500 million

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Mill Creek Residential

Dec 12, 2019, 08:45 ET

BOCA RATON, Fla., Dec. 12, 2019 /PRNewswire/ -- Mill Creek Residential, a leading multifamily investor, developer, and operator specializing in premier apartment communities across the U.S., today announced the acquisition of Alister Nanuet, which marks the company's seventh acquisition of the previous 12 months. The newly acquired communities total more than 1,600 apartment homes and a combined capitalization in excess of $500 million.

"The transaction rounds out a busy year of acquisitions for Mill Creek Residential, in which we have acquired seven apartment communities with strategic joint venture partners," said Wesley Dickerson, senior managing director of acquisitions for Mill Creek Residential. "These acquisitions are located in target markets that include South Florida, the Mid-Atlantic and the Pacific Northwest. We continue to focus our investment efforts on value-add opportunities in locations that we view as growth markets because of their strong population and employment base."

Situated at 100 Avalon Gardens Drive surrounded by a lush backdrop, Alister Nanuet is a garden-style apartment community featuring 504 apartment homes with spacious layouts. The community offers one-, two- and three-bedroom homes with an average square footage of 1,208. The Hudson Valley-based community sits within a short drive of several key thoroughfares, public transit options, convenience retailers and key employment centers.

Mill Creek Residential's other recent acquisitions include two communities in northern Virginia, two in Florida and two in Washington. Mill Creek acquired the two communities in the Seattle suburb of Everett, Wash., earlier this year and rebranded them as one standalone community, Alister Parx.

"While Mill Creek has built its reputation as a top-tier developer over the past several years, we've also made a concerted effort to augment our portfolio with strategic acquisitions," Dickerson said. "These communities complement our existing portfolio in that they offer a comfortable, top-of-market living experience in some of the nation's most compelling investment markets."

About Mill Creek Residential

Mill Creek Residential Trust LLC is a national multifamily company focused on the development, acquisition and operation of apartment communities in targeted markets nationwide. The company proactively pursues development, acquisition and construction opportunities through its seasoned team of real estate professionals in 16 offices across the United States. Mill Creek is building its portfolio in many of the nation's most desirable apartment markets in Seattle, Portland, the San Francisco Bay area, Southern California, Denver, Dallas, Austin, Houston, South Florida, Tampa, Orlando, Atlanta, Nashville, Charlotte, Raleigh, Washington, D.C., New Jersey, New York, and Boston. As of June 30, 2019, the company's portfolio comprises of 75 communities representing over 19,800 apartment homes that are operating and/or under construction. For more information, please visit www.MillCreekPlaces.com.