Corebridge Real Estate Investors (CREI) has recapitalized a joint venture with a gross asset value of $670 million. Terms were not disclosed. The portfolio includes six Class A apartment buildings, totaling 1,990 units with a 95% occupancy rate. The new institutional investor, CBRE Investment Management, will hold a 44.5% stake alongside CREI in the properties, which are located in the Los Angeles, Denver, St. Louis, Boston, Tampa and Orlando metro areas.
“We are delighted to welcome our new partner in this significant recapitalization,” said Doug Tymins, president and CEO of CREI. “CBRE Investment Management brings deep experience and a long-term perspective to the venture. This portfolio of Class A apartments represents a compelling opportunity to deliver strong returns through strategic management and targeted enhancements.”
The transaction was facilitated by JLL Securities, LLC, with legal counsel provided by Gibson Dunn and Crutcher, LLC.
Pictured: Baldwin Harbor apartments in Orlando.
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