CHICAGO, Aug. 7, 2019 /PRNewswire/ -- Chicago, IL-based Tricap Residential Group, an owner and operator of multifamily communities, has closed on the acquisition of Wisteria Nine90 Apartments for a purchase price of $24,000,000. This transaction will add another 323 apartments to Tricap's existing portfolio increasing their total portfolio to over 2,500 apartments.
The property will be immediately rebranded as Element Hoover and will undergo a value-add strategy including significant unit renovations, modernization of the common areas, and professional management practices that will increase value and resident services at the property.
"We are very excited about this opportunity as we venture into a new market with the goal of creating exceptional living opportunities at an attractive price for our renters," Suzanne Hopson, director of property management at Tricap stated. "Our proven management, marketing and renovation strategies provide the outcomes our internal as well as external customers expect. We deliver."
The acquisition is the first for Tricap in the Alabama market and their fourth in the Southeast region. "Our continued expansion into the Southeastern portion of the US is reflexive of long-term population trends," said Bryan Pritchard, Founder of Tricap. "While our roots remain firmly planted in the Midwest, our growth plans will likely continue to take us further into Southern markets."
The acquisition was financed with a mortgage originated by Justin Nelson of Walker & Dunlop.
Founded in 2007, Tricap Residential Group is a fully integrated owner and operator of multifamily properties through the Midwest. Tricap currently owns and operates 17 multifamily assets in 6 states with an asset value in excess of $300 million.
SOURCE Tricap Residential Group