Angelo Gordon & Co has sold three German multifamily portfolios for an undisclosed sum.
The New York-based alternative investment manager said the buyers were Proprium Capital Partners together with Forte Group as well as Velero Partners.
The assets consist of nearly 5,000 residential units with total rentable space of roughly 300,000sqm, are mostly in the German state of North Rhine-Westphalia.
Angelo Gordon said it assembled the distressed properties over the last four years.
Stefan Doerffler, a director and head of Germany at Angelo Gordon, said: “We look for opportunities across all use types.
”In the case of multifamily residential there is a fundamental demand/supply imbalance and strong demand for stabilized assets, which provides an attractive backdrop for potential investments in the value-add segment, that might offer significant potential for valuation appreciation through active management, capital investments, and repositioning.”