Cleveland-based Citymark Capital exited 50% of its investments in Citymark Capital U.S. Apartment Fund I L.P. with the sale of a trio of multifamily assets in Las Vegas, Atlanta and Phoenix for $138.8 million to undisclosed institutional investors. The buyer for at least one of the assets in Las Vegas was reportedly Blackstone Group.l.p.
Citymark Capital’s Dan Walsh says, “We’re pleased that we’ve been able to create a portfolio of highly-liquid assets that are very desirable to best-in-class institutional buyers.” Citymark and its operating partner, Houston-based InterCapital Group, notes it exceeded pro forma on all three communities in advance of its projected hold period.
The sales included the 274-unit West Town Court in Phoenix, and a two-property portfolio comprising the 368-unit Vintage Pointe in Las Vegas (pictured) and the 240-unit Sweetwater Creek in Atlanta.