NRW Residential I & II, Bochum Apartments | Predominantly North Rhine-Westphalia, Germany
4,800-unit multifamily residential portfolio
Investment Opportunity at Acquisition
- Off-market acquisitions of three separate portfolios, two of which were from distressed lenders.
- Portfolio consists of 4,700 residential units in North Rhine Westphalia, the most densely populated region of Germany.
- Plan to capture significant upside through: (1) capital improvements to the individual apartments (vacant units and future rollover); (2) correcting deferred maintenance and improving common areas; and (3) active asset management (increase in-place rent levels, launch new vacant apartment marketing campaign and consider select sub-portfolio sales).
Strategy
- Improved Operations, Lease-Up, Renovation
