SAN FRANCISCO, CA (JANUARY 2019) — Through a series of acquisitions and sales, Polaris and its general partners completed $123.9MM in transactions in 2018. Involving 9 properties totaling approximately 1,800 units in four states, the transactions supported Polaris’ growth goals while allowing for significant repositioning of the portfolio.
The acquisitions were:
Woodhollow – 236 units in Dallas, TX;
Pebble Cove – 160 units in Dallas, TX;
Quail Hollow – 120 units in Dallas, TX;
Eastfield Plaza – 216 units in Mesquite, TX;
Windsor Townhomes – 156 units in St. Louis, MO;
Concord Square – Kansas City, KS;
Luna – 300 units in Dallas, TX.
The dispositions were:
Park Village – 350 units in Dallas, TX;
Fireside – 108 units in Colorado Springs, CO.
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 $125MM in 2019.” At the date of this press release, Polaris and its general partners own or co-manage 3,088 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