Summary
Salem Partners is pleased to announce yet another recent multifamily community equity financing as part of the success of an ongoing joint-venture in the real estate / multifamily sector for its client, Grand Peaks Properties, Inc. (“GPP”). The joint-venture is between GPP and a global family office with the objective to aggregate $1 billion of institutional quality multifamily assets (the “Program”).
The most recent equity financing closed on July 15th, 2019 where $23 million of equity capital was allocated to a ground-up construction project in Denver, CO. Prior to this, $25 million was allocated to value-add / renovation project in the Miami, FL market. Since the initial closing in 2017, the Program has acquired / developed six (6) properties in their key markets (listed below) totaling nearly $500 million in gross value across thousands of apartment units.