Thursday, May 8, 2008

Post Investment Group completes its latest multi-family acquisition in Dallas

By Pegasus News wire

DALLAS — Post Investment Group, LLC, a Los Angeles based opportunistic real estate investment firm, recently directed the acquisition of a two property, 952 unit multi-family portfolio in Dallas, Texas. The Portfolio consists of the 440 unit Wimberley Park and 512 unit Camelot Village. The properties were acquired on behalf of one of Post Investment Group's institutional investors, Lagovent Real Estate Group, LLC.

Photo not provided by Post Investment Group

The apartments are perfect for Dallas' hard-charging, go-getting young professionals

The garden-style, class B assets were constructed in the 1980s and are situated on expansive lots accented by mature landscaping. Each property is complemented by a full array of modern amenities designed to attract and retain the solid tenant bases of each respective submarket. The overall condition of the assets, which have little to no deferred maintenance, and the strong rental metrics of the surrounding areas have resulted in current and historical occupancy rates in excess of 90%.

Jason Post, President of Post, stated, "The stabilized cash flow characteristic of the portfolio will provide substantial and immediate risk-adjusted returns to our investors. The core stabilized nature of each property allowed Post to access financing deeper into the capital stack than would otherwise be achievable, thus strengthening and solidifying the distributable cash yields." The first mortgage financing was arranged by Wachovia's Fannie Mae DUS.

Jack Ehrman, Director of Acquisitions for Post, said, "Numerous markets throughout Texas, including the Metro DFW area, have proven to be recession-resilient as they continue to remain healthy and viable investment regions." He goes on to add, "This latest acquisition exemplifies the investment profile Post plans to pursue over the course of 2008, both state and nationwide."

Source: Post Investment Group

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