MIAMI, FL – The real estate investment advisor of the global independent alternative investment manager Leste Group, Leste Real Estate US completed robust multifamily investment activity in 2021, including the completion of $500 million in transactions in late 2021.
The firm successfully exited two recently-developed, class A multifamily projects, totaling 623 units in Tampa Bay, FL and Charlotte, NC. The two properties sold for a combined $210 million and generated attractive returns on Leste Real Estate’s investment. The firm completed the two exits while continuing to deploy capital into income-generating assets throughout the Sunbelt.
The company also completed $300 million in new multifamily investment activity by acquiring more than 1,250 units of value-add, institutional-quality multifamily properties in the second half of 2021. The acquired properties have strong in-place cashflow and potential for value-add renovations and rising rents in rapidly growing cities.
Last year, Leste Real Estate US additionally acquired a three-acre site in North Miami, FL and it is set to acquire a three-acre site in Coral Gables, FL. On the two sites, the firm plans to develop class A, highly-amenitized multifamily and condominium projects, totaling a combined 500 units, for more than $250 million of total capital.
In 2021, Leste Real Estate US additionally acquired a 322-unit multifamily property in Orlando, FL, a 405-unit garden-style community in Lauderhill, FL and two communities totaling 538-unit in Austin, TX. The firm also acquired four long-term acute care hospital facilities alongside Flagler Healthcare Investments for $94 million, and it entered into a co-development arrangement with MG Developer to build a 48-unit luxury project in Coral Gables, FL.
“We’re thrilled with the performance of our investments and really value the confidence our partners and investors have entrusted with us. We take our role very seriously and the whole team at Leste Real Estate is focused on acquiring good assets in good markets at good locations,” states Josh Patinkin, managing director of Leste Real Estate US.
Patinkin adds, “Sunbelt multifamily is supported by secular tailwinds in US migration trends. Alongside our valued joint-venture partners, who are all top experts in what they do, we are working on several additional investments and new projects that we are confident will produce solid value creation for our investors and all of our stakeholders.”