COLUMBUS, OH – CREC Real Estate, a private equity real estate investment firm, announced that it closed its second real estate fund, CREC Real Estate Fund II L.P., with $80 million in investor commitments.
CREC Real Estate Fund II L.P has a value-add focus within multi-family real estate investment. CREC’s investors include institutions, family offices and high net worth investors.
As the fund manager, CREC is focused on acquiring value-add multifamily properties in dynamic and quick-growing secondary markets throughout the U.S. CREC targets properties where job and population growth have led to an undersupply of housing. The fund will continue to pursue a value-add investment thesis, increasing asset values through management efficiencies, unit interior renovations, remediation of deferred maintenance, and improvements to the amenity package. With CREC’s approach, the end result is an improved apartment community with the interior finishes and amenities that modern renters desire.
Aaron Dixon, President of CREC, said, “CREC is delighted by the reaction from our loyal base of investors. We have attracted the support of many sophisticated investors who believe in our team, have conviction in the investment strategy, and who appreciate the operational excellence of our experienced professionals. We will continue to exercise discipline every day to source the highest quality multi-family real estate for our fund investors and bring each asset to its fullest potential.”
CREC’s Founder and Chairman, Jeff Coopersmith, commented, “As we closed our 54th real estate investment during our 20th year as a sponsor, I appreciate the confidence and continued investment of our limited partners. After these past two years of significant challenges across the economy, I believe we will continue to find significant opportunities for CREC to source additional investments and improve the value of those assets through value-add renovations coupled with sophisticated property management.”
The fund has invested in value-add multifamily acquisitions in the following MSAs: Tucson, AZ; Atlanta, GA; Cincinnati, OH; Hilton Head Island, SC; Charlotte, NC; Seattle, WA; and Phoenix, AZ. Two additional acquisitions are in contract in Dallas, TX and Charleston, SC. CREC anticipates making four additional acquisitions throughout 2022.

Powered by WPeMatico

SAN DIEGO, CA – Titan Development, Malick Infill Development and Thornburg Real Estate Ventures announced that they have formed a joint venture and broken ground on 4250 Oregon, a 53,805-square-foot, Class-A multifamily project in San Diego, California. The property is Titan’s first investment in California.
This six-tale, 94‐unit boutique residential community will be located at the southwest corner of El Cajon Boulevard and Oregon Street in North Park, one of San Diego’s trendiest neighborhoods. The property is adjacent to the iconic North Park Water Tower and Community Park which has sporting facilities including tennis courts, soccer fields, a softball field, basketball courts, and picnic areas. The project is also within walking distance to vibrant restaurants, bars, breweries, farmers’ markets, and coffee shops. The location has an enviable Walk Score of 94 and a Bike Score of 80; nearby dedicated bike lanes and the Bus Rapid Transit (BRT) lines connect residents to Downtown San Diego and San Diego State University, while San Diego International Airport is just an 11-minute drive from the site. The development will feature communal gathering spaces on the top floor, which offers sweeping views of the city and the Laguna Mountain range.
Ben Spencer, Partner and a Principal of Fund Management at Titan, said, “We are thrilled about our expansion to San Diego, a city that has long been an attractive and competitive real estate market particularly as work-from-home flexibility has risen nationally, and more and more people have chosen to relocate to this appealing city.” Kurt Browning, Partner at Titan, added, “North Park is an brilliant location for our first multifamily investment in California. We are excited to be partnering with the talented designers and developers at Malick in San Diego and with the innovative real estate investment team at Thornburg.”
“North Park is where I live and work,” said Andrew Malick, Founder and Principal of Malick Infill Development. “I am proud to be developing another project in my neighborhood and can’t wait to open the doors and meet my new neighbors.”
“Malick and Titan have proven track records of owning and developing successful real estate projects similar to 4250 Oregon,” said David Bennett, Director of Real Estate at Thornburg. “Their partnership on this attractive and high-quality development in the competitive San Diego market allows us to continue adding to a diversified mix of real estate investment opportunities for our investors.”

Powered by WPeMatico

HOUSTON, TX – ClearWorth Capital announced its recent off-market acquisition of Parc at Woodmoor Apartments. Built in 1999, Parc at Woodmoor is a Class B, 220-unit asset located in The Woodlands submarket of Houston.
Parc at Woodmoor offers one and two-bedroom units along with a pool, clubhouse, and detached garage units. The property is surrounded by numerous high-end shopping centers, restaurants, and new single-family development.
“We are thrilled to be entering this highly sought-after submarket in Houston,” said Jordan Tabbert, SVP of Investments. “The Woodlands has solidified itself as arguably the best suburb in Houston. The area continues to attract new residents due to award-winning schools, high-quality retail and dining, and a diverse employment base. Parc at Woodmoor’s location offers simple access to the surrounding amenities with pricing at an exceptional value to residents. The property will benefit immediately from a new professional management team in addition to targeted capital improvements.”
New ownership will implement a multimillion-dollar renovation plot including new unit interiors, social amenities, and exterior enhancements.
ClearWorth Residential, an affiliate of ClearWorth, will be the new management company.

Powered by WPeMatico