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Broad Creek, Springer expand suburban multifamily portfolio – Real Estate Weekly

Family office-backed Broad Creek Capital has partnered with Philly-based Springer Capital to expand their joint portfolio of multifamily assets with the acquisitions of the Square at Forest Acres in Columbia, South Carolina and Tanglewood Apartments in Memphis, Tennessee (pictured top).

The total purchase price was $16.5M and the two properties
together consist of 364 units.

The acquisitions are the most recent investments in Broad
Creek Capital’s Enhanced Income Strategy, which seeks to provide tax-efficient
high yield investment income via the acquisition and repositioning of
underperforming multifamily properties throughout the United States. The
portfolio currently totals over 530 units of multifamily real estate.

Matthew Ruesch, Co-Founder and Managing Partner of Broad
Creek Capital stated, “Square and Tanglewood are ideal investments for our
Enhanced Income Strategy. U.S. multifamily real estate remains one of the most
attractive asset classes for yield and long-term capital appreciation, and the
southeast region of the country continues to see strong renter demand. By
partnering with Springer Capital, a best in-class real estate investment
manager, we believe the execution of this strategy will create substantial
value for us and our co-investors.”

“We are excited to partner with Broad Creek on these
acquisitions in Columbia and Memphis. These properties are located in the
southeast, a region that is extremely attractive for long-term investment due
to its affordability, strong employer bases, and well-regarded quality of life.
The value-add component of these properties is particularly compelling because
it provides significant opportunity for near-term realization,” said Tom
Farnoly, Principal at Springer Capital.

Tanglewood Apartments is a 199-unit apartment community
built in 1975 and located in the Bartlett submarket of Memphis. Bartlett is one
of the most sought-after submarkets in Memphis due to its easy access to
highways, major employers, and retail options. Tanglewood was lightly renovated
in 2006 utilizing tax credit investor equity which placed affordability
restrictions on rents. The business plan calls for exterior and interior
renovations to bring the property in line with competing properties in the

Square at Forest Acres is a 165-unit apartment complex built
in 1970 and located in Forest Acres, a submarket of Columbia. The property is
in an affluent demographic center and is near higher-end retail corridor which
includes premium brand grocers, restaurants, and fitness retailers. Extensive
interior and exterior renovations on Square commenced shortly after acquisition
and are scheduled for completion in 2022.

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