News

HUSREF V Completes Acquisition of Multifamily Portfolio with McDowell Properties

Birmingham, Alabama, Mar. 18, 2015 – Harbert United States Real Estate Fund V, L.P. (“HUSREF V”), in conjunction with McDowell Properties (“McDowell”), recently assembled a two property multifamily portfolio comprised of assets in Las Vegas, NV and Pittsburg, CA – the Harbert-McDowell Multifamily Portfolio.  The Las Vegas asset, Sahara Palms, is a 312-unit Class-B apartment community that closed on November 20, 2014.  The Pittsburg asset, Los Prados, is a 242-unit Class-B apartment community that closed on March 4, 2015.

HUSREF V and McDowell (together the “JV”) identified Sahara Palms and Los Prados as attractive acquisition opportunities due to their desirable in-fill locations and strong value-add potential.  The JV intends to implement a targeted $4.8 million renovation and repositioning strategy across the portfolio to enhance interiors, exteriors, and common areas, and to bring rents more in line with competitive properties.  This portfolio assemblage is the first joint venture between the HUSREF Investment Team and McDowell Properties.

To view the full press release, please click here.