Slate Asset Management, a Chicago-headquartered investor and manager focused on real estate and infrastructure assets, has acquired a six-property, 1,600-unit multifamily portfolio for $226.5 million.
The properties in the portfolio are garden-style apartments concentrated in and around the Tampa, Atlanta, and Phoenix metro areas. King & Spalding advised Slate on this transaction, which is expected to close at the end of this month.
“We are pleased to announce our latest investment in the multifamily real estate sector – a performing portfolio of defensive assets with attractive fundamentals serving essential needs in markets with strong demographics,” said Peter Tsoulogiannis, partner and chief investment officer at Slate. “We have strong conviction in the long-term demand for housing, and despite macro volatility, our investment philosophy remains unchanged; we continue to focus on acquiring below replacement cost with below market in-place rents in order to generate meaningful cash flow growth.”
