The sale of Patriot’s Pointe Apartments in Hillsborough to a real estate investment vehicle listed on the Australian Securities Exchange was completed earlier in the month.
US Residential Fund is a stapled security that gives investors an opportunity to gain investment exposure to residential property markets in the United States.
The fund is based in Australia and managed by Andrew Meakin, a finance executive who also directs Shartru Captal, a boutique investment and advisory firm.
“We’re looking for strong economic and property fundamentals, and Hillsborough of North Carolina [was] on our radar,” stated Meakin
According to a news release from the fund, Patriot’s Pointe was purchased for $22 million with assistance from 10 Federal, a property management firm in Raleigh.
“10 Federal are a co-investor with us, and they’re the property manager, so they provide the on-site operations and back office administration,” explained Meakin.
The fund signed an agreement to acquire controlling interest in Patriot’s Pointe in April of 2016, which led to the syndication of the property and the solicitation of outside investors.
“For US investors, we operate a property syndicate,” offered Meakin. “That’s available through the CrowdStreet website.”
Those investors helped the fund to generate the capital required for the sale of Patriot’s Pointe, with the fund retaining ownership of 74 percent of the property along with full operational control.
“It’s a joint venture; it brings together the strength of a good local property manager [and] a listed security,” offered Meakin. “Private investors can take advantage of that through the crowdfunding platform.”
The news release also states that asset management improvements for the property “will increase occupancy and deliver increased rents in the near term.”
Meakin claimed that US Residential Fund will seek to “improve the amenity over time” at Patriot’s Pointe while adding to their portfolio in North Carolina.
Photo by USR.
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