SAN FRANCISCO, CA (April 2018) — With its latest acquisitions in February of 2018, Polaris and its general partners have completed $105MM in transactions during the prior 10 months. Involving 10 properties and approximately 1,900 units across three states, these asset sales and related follow-up acquisitions held significant complexity for the team.
The acquisitions were:
Heatherton Estates – 256 units in St. Louis, MO;
Urban Manor – 200 units in Ft. Worth, TX;
Hickory Ranch – 192 units in Dallas, TX;
Woodhollow – 236 units in Dallas, TX;
Pebble Cove – 160 units in Dallas, TX;
Quail Hollow – 120 units in Dallas, TX.
The dispositions were:
Solaris Ranch – 80 units in Ft. Worth, TX;
Fairway View – 116 units in Colorado Springs, CO;
Serendipity – 343 units in Dallas, TX;
Arbor Vista – 196 units in Dallas, TX.
Polaris offered investment opportunities to all investors who wished to continue investing while deferring their capital gains from the sales through 1031 tax-deferred exchanges. Because of the strict time limitations required in order to qualify for the exchanges, considerable coordination was necessary while finding investments that both qualified for the exchanges and met Polaris’ standard investment criteria. In addition, new investors were invited to invest alongside exchanging investors.
“Moving forward, Polaris will continue to seek high quality multifamily investments with strong potential for returns to our investors,” noted Travis Pacoe. “We’re targeting total investment of $100MM over the next 12 months.” At the date of this press release, Polaris and its general partners own or co-manage 2,922 units.
Polaris Real Estate Partners specializes in multifamily investment in the mid-western and central United States, with its principals collectively holding 40 years of direct real estate investment experience. With substantial, dedicated equity, the company and its principals have acquired multifamily properties, warehouses, manufacturing facilities and retail properties as well as improved and unimproved land. Polaris is also deeply committed to enriching the lives of its residents through its community improvement efforts. Polaris Real Estate Partners is currently seeking individual properties or portfolios of 200 to 1,000 units in size in its targeted areas.
Contact:
Travis Pacoe or Ron Abta
Polaris Real Estate Partners
415-826-5202 main
tpacoe@polaris-lp.com; rabta@polaris-lp.com