Capital Allocation Partners Acquires Colter Gardens

CAP adds to Portfolio with the Acquisition of Colter Gardens in the Booming Central/Midtown Phoenix Corridor
 
PHOENIX - July 18, 2018 - PRLog -- Capital Allocation Partners is pleased to announce the acquisition of Colter Gardens, a 16-unit value-add multi-family apartment complex in the Midtown Phoenix neighborhood. The asset is prime for repositioning and will receive immediate tenant improvements and reimaging. The deal was brought to Capital Allocation Partners by ABI Multifamily. MidFirst Bank was the financier on the project, a relationship that dates back several projects for the Fund and Lender. Additionally, CAP is excited to partner with Dennis Hope of Stone Creek Capital on this project.

Situated in the neighborhood now deemed as "Midtown Phoenix", the project boasts 16 separate units that will undergo significant capital improvements. This is Capital Allocation Partners first transaction in the neighborhood and is excited for the opportunity to contribute to the gentrification of the neighborhood. Capital Allocation Partners has been eyeing the Midtown Phoenix neighborhood for over a year and Colter Gardens was the perfect transaction for the Company, now investing out of its 3rd Real Estate Fund.

Managing Director, Nathan Reid shared his thoughts: "Capital Allocation Partners is excited to be working on our 16th deal in the Phoenix Metro area and our second deal in Fund III. Colter Gardens is a great asset in a submarket that is rapidly gentrifying. The project has a great unit mix and large private patios for residents to enjoy. We look forward to bringing this project to its full potential and creating value for our investors through the renovation and lease up process. We also want to thank ABI Multifamily for bringing this asset to us for purchase"

The project is the second acquisition in Capital Allocation Partner's third Fund, Arizona Opportunities Fund III. Thanks to the Company's due diligence and connection network in the general contractor and property management space, the Colter Gardens project will receive immediate capital improvements. Capital Allocation Partners benefits from numerous competitive advantages, and has an appetite and available capital in Arizona Opportunities Fund III raised for additional projects.

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Nathan Reid
***@cox.net
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Tags:Commercial Real Estate, Finance, Multi-family
Industry:Real Estate
Location:Phoenix - Arizona - United States
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