PHILADELPHIA, PA — Corten Real Estate has successfully completed two significant multifamily investments, enhancing its portfolio with strategic acquisitions in Greenville, SC, and Annapolis, MD. These investments reflect Corten’s commitment to expanding its presence in key markets while capitalizing on growth opportunities within the multifamily sector.
On September 30, Corten closed a $9.1 million joint venture common equity investment in Park on Gilder Creek, a 132-unit apartment community in Greenville, SC. The property, benefiting from South Carolina’s real estate tax abatement program, was acquired in partnership with Fulton Peak. This vertically integrated multifamily investment firm focuses on acquiring and repositioning rental properties across the Mid-Atlantic and Southeast. The investment was sourced from Corten Real Estate Fund II LP (CREF II) and aims to support the acquisition and repositioning of the asset.
Following this, on October 11, Corten invested $10.5 million to acquire The Gardens of Annapolis, a 106-unit active adult community in Annapolis, MD. This transaction, in collaboration with Real Asset Industries, a senior housing-focused real estate owner/operator, also utilized funds from CREF II. The investment will finance a renovation program to improve common areas, amenities, and unit interiors.
Matt Kattler, Principal at Corten Real Estate, noted, “Gilder Creek marks our first foray into attainable housing, in an important target market for Corten with a partner that has solid operating capabilities. We look forward to identifying additional opportunities in the attainable/affordable housing space – they are win-wins for communities and investors alike.”
Managing Partner P.J. Yeatman highlighted Corten’s increased investment activity in 2024, stating, “Corten’s investment activity has increased markedly over the course of 2024, both in special situations requiring structured capital solutions to pay down senior debt and distressed acquisition opportunities that require operational improvements and a reset of cost bases. We look forward to leveraging the network we’ve built as well as finding new best-in-class partners who share our vision going into next year.”
These strategic investments underscore Corten Real Estate’s dedication to expanding its footprint in the multifamily sector while delivering value through strategic partnerships and targeted acquisitions.
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