NEW & NOTABLE
CHICAGO (November 13, 2012) - The Habitat Company announced the
acquisition of two assets in the Creve Coeur submarket of St.
Louis, Missouri in a joint venture with Goff Capital Partners, L.P.
for an aggregate purchase price of $30 million. These
acquisitions mark the third and fourth assets in which Habitat has
partnered with Goff Capital Partners in the past year. In
addition, The Habitat Company is the managing agent for Goff
Capital Partners at a 500+ unit asset in Tampa, FL.
The 254-unit Edgewater Court Apartments and 105-unit Tuscan Villas Apartments are prime assets located in one of the most sought after submarkets in St. Louis. These assets offer a value-add opportunity through both management improvements and renovations. "By combining the location of these assets in a premier submarket and having healthcare as its economic driver with Habitat's industry leading operations platform, we create value for our investors. These properties offer Habitat a perfect opportunity to continue to methodically expand our geographic footprint," said Matt Fiascone, Senior VP of Finance and Investment at The Habitat Company. The assets were built in the late sixties and seventies and were renovated from 2005 to 2008. Sitting on 23.5 acres, the properties share extensive amenities including private entrances, three outdoor pools, sand volleyball courts and a fitness center. Additionally, the properties have great visibility, directly off a major thoroughfare and are close to transportation arteries and downtown St. Louis.
"We are pleased to continue to expand our partnership with The Habitat Company," said Conrad Suszynski, Managing Principal of Goff Capital Partners, L.P. Goff Capital Partners is a Fort Worth based private equity firm that concentrates on real estate related assets.
The Habitat Company currently manages for its own account and for third parties over $2 billion in assets comprised of more than 20,000 residential units of market rate, affordable, student, condominium and public housing units in six states. Since December 1, 2011, The Habitat Company's total transaction value for acquisitions and development is approximately $260 million.