Aspire Townhomes sold for $40.25 million
Four Mile Capital (FMC), MLG Capital and BH Equities have acquired Aspire Townhomes for $40.25 million.
The 332,180sf Aspire Townhomes, completed in June 2018, consists of twenty-six buildings and a clubhouse, and is currently in lease up at 76% occupied. BH Management (“BH”) has been awarded the management contract. FMC intends to spend about $500,000 on additional cosmetic improvements to the clubhouse and pool area. This is MLG’s second investment, and BHE’s first, with Four Mile Capital, and the partnership took out a new 70% LTV Freddie Mac mortgage through Prudential (“PGIM”) as part of their acquisition.
The Aspire Townhomes are located 20 minutes from downtown Des Moines, Iowa, U.S. The property includes twenty-six buildings and a clubhouse.
About Four Mile Capital
Four Mile Capital was formed in 2016 by three veteran real estate principals: Chris Geer, Eric Mallon and Terry Simone. Collectively, they have been involved in the ownership, acquisition, asset management and property management of approximately 20,000 multifamily units representing over $1B in aggregate value. FMC continues to pursue additional investment opportunities throughout the U.S, with a specific focus on Colorado, Virginia, Atlanta, Iowa, Wisconsin and Salt Lake City.
Source: Pe Hub
Fulya Altunyay/ [email protected]