Chicago-based Tricap Residential Group, an owner and operator of multifamily communities, has closed a $24 million deal to acquire Wisteria Nine90 Apartments. This transaction will add another 323 apartments to Tricap's existing portfolio, increasing its total portfolio to over 2,500 apartments.
The property in Hoover, Alabama, will be immediately rebranded as Element Hoover and will undergo a value-add strategy including significant unit renovations, modernization of the common areas and professional management practices that will increase value and resident services at the property.
"We are very excited about this opportunity as we venture into a new market with the goal of creating exceptional living opportunities at an attractive price for our renters," Tricap Director of Property Management Suzanne Hopson in a statement. "Our proven management, marketing and renovation strategies provide the outcomes our internal as well as external customers expect."
The acquisition is the first for Tricap in the Alabama market and its fourth in the Southeast region.
Tricap Founder Bryan Pritchard added: "Our continued expansion into the Southeastern portion of the U.S. is reflexive of long-term population trends. While our roots remain firmly planted in the Midwest, our growth plans will likely continue to take us further into Southern markets."
The acquisition was financed with a mortgage originated by Justin Nelson of Walker & Dunlop.
Founded in 2007, Tricap Residential Group is a fully integrated owner and operator of multifamily properties through the Midwest. Tricap currently owns and operates 17 multifamily assets in six states with an asset value in excess of $300 million.