SAN FRANCISCO, CA (JULY 2017) — Polaris Real Estate Partners (PREP), an investor and manager of multifamily properties, has sold one of its Ft. Worth, TX properties. This sale is the third full-cycle capital event of its current portfolio.
“We acquired 80 unit Solaris Ranch in October 2014,” noted Travis Pacoe, general partner of Polaris Real Estate Partners. “After a variety of improvements, we sold the property for 45% more than we paid. The sale provided a net return on our investors’ equity of 75.3%, or 28.1% annualized – an IRR of 25.8%.”
“The sale of Solaris Ranch marks the second completion of several investments we’re targeting for sale during 2017,” general partner Ron Abta added. “Further, we have completed a 1031 exchange with the proceeds from Solaris Ranch, through the acquisition of a 200 unit rehab multifamily project also in Ft. Worth. This will allow our investors to defer capital gains taxes.”
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 and approximately 2,300 units currently under ownership and management. The company and its principals have acquired multifamily properties, warehouses, manufacturing facilities and retail properties as well as improved and unimproved land throughout the United States. Polaris Real Estate Partners is currently seeking projects 200 to 500 units in size in the mid-western and central U.S.