DPG Investments and affiliates have structured USD70 million in general partner, limited partner, senior debt and mezzanine capital for a joint venture between Wilkinson Corporation and Capstone Communities Management for their acquisition of 1,568 apartment units in several multifamily properties located throughout the state of Texas.
Wilkinson is headquartered in Washington state, and Capstone is based in Texas.
Most of the units closed on 8 July, while the remaining units are scheduled to close in approximately two weeks. These are the first closings in a single portfolio transaction, which is expected to total nearly USD100 million in aggregate value and include more than 2,300 units when completed over the next 60 days.
“The Wilkinson Corporation’s expertise and management strength were instrumental in DPG’s ability to provide financing for the acquisition of this portfolio,” says Dan Galvanoni, chairman of DPG. “DPG has now participated as a financier in more than USD100 million worth of multifamily properties with the Wilkinson companies. Another USD40 million of investment is in the pipeline to close. Russell Wilkinson has built a world-class organization with Lonnie Gienger and George Waymire executing at high levels.”
DPG has financed in excess of USD170 million in multifamily assets across 24 properties since focusing on the property type in 2011, and plans to finance more than USD250 million by the end of 2014.