COVINGTON, Louisiana —- (AUGUST 22, 2011) Stirling Communities I, LLC, an entity of investors led by Stirling Properties, successfully completed their first acquisition which includes three Louisiana apartment communities in Lafayette and one in Baton Rouge, for a total of 370 units. The back-to-back deals closed on August 2 and August 17, 2011, with loan origination through Walker & Dunlop’s multi-family finance group and financing through Freddie Mac.
“The opportunity to purchase these four apartment communities came at the perfect time,” said Jeffery Marshall, Stirling Properties’ Senior Vice President of Acquisitions, Development and Finance. “Just last summer we decided to pro-actively pursue the acquisition of office, retail and multi-family properties within the Gulf South region and now, nearly $100 million invested to date, our clients are seeing attractive returns at a time when investors just aren’t seeing these returns through other investment alternatives.”
“Multi-family is an asset class that Stirling Properties has grown very bullish on based upon the demographic and economic trends in the nation,” stated Marty Mayer President and CEO of Stirling Properties. “With this particular investment, being our first move into multi-family, a significant milestone for the company and for the team has been marked as we look to expand our holdings in this type of asset.”
Going forward, Stirling Properties will fulfill the role of Asset Manager for these newly acquired multi-family properties while BH Management, based in Des Moines, Iowa, will report to Stirling Properties as the primary property management firm for all 370 units.
For more information about Stirling Properties Acquisition Team and its objectives contact Jeff Marshall at (985) 246-3765 or firstname.lastname@example.org.