Procopio Represented Strata Equity Group in $720M Acquisition of 24-Property Portfolio in Four States
November 4, 2016 (San Diego) — Procopio represented Strata Equity Group (Strata), a San Diego-based real estate investment firm, in its recent acquisition of 24 institutional grade multifamily communities comprising 6,294 residential units in Georgia, Tennessee, North Carolina, and South Carolina. The seller was advised by New York-based DRA Advisors, LLC. Mortgage financing was provided by CBRE placing Freddie Mac/CME debt.
“We are proud to partner with Strata on this acquisition that both raises their national presence and drives their investment initiatives,” said Robert Brown, Procopio Partner and lead counsel to Strata. “We are pleased to have assisted our client with this strategic and expansive acquisition.”
“Ours was a complex deal involving multiple states and 24 different properties that we could not have undertaken on our own,” said David Michan, President of Strata Equity Group. “Bob and his team were on-point every step of the way, delivering exceptional service in managing this large transaction and all of its intricacies. Their resourcefulness, combined with their experience, was essential in helping us execute this agreement swiftly and effectively.”