Citymark Capital Sells 50% of Fund I assets for $138.8m
Citymark Capital has sold half of its investments in its first US multifamily fund for $138.8m (€124.6m).
Citymark Capital US Apartment Fund I sold the 274-unit West Town Court in Phoenix and a two-property portfolio comprising the 368-unit Vintage Pointe in Las Vegas and the 240-unit Sweetwater Creek in Atlanta to unnamed institutional investors.
Citymark acquired the Las Vegas and Phoenix properties in 2017 and the Atlanta property in 2018.
Dan Walsh, founder and CEO of Citymark Capital, said: “We’re pleased that we’ve been able to create a portfolio of highly liquid assets that are very desirable to best-in-class institutional buyers.
“Citymark is very selective about the assets we acquire, focusing on US markets where population and job growth are fueling strong demand for apartments for the foreseeable future.”
Walsh said Citymark and its operating partner InterCapital Group exceeded pro forma on all three communities in advance of its projected hold period.
Citymark Capital owns other multifamily properties in Dallas, Houston, Northern New Jersey and Orlando.