Partners Group invests in the Aventine of Alexandria, a 574-unit multifamily high-rise located in Alexandria, Virginia
Press release
Baar-Zug, 7 December 2012
Partners Group, the global private markets manager, has invested on behalf of its clients in the acquisition of a multifamily property in the Washington, DC metro area, which is one of the strongest apartment markets in the US.
The property is 93% occupied and benefits from a number of upgrades completed over the last six years, including new roofs, new windows, masonry repairs, major systems upgrades and improvements in 391 units that include new kitchens and bathrooms. In addition, the property benefits from larger unit sizes than the market average and is already considered a higher quality asset than many of the comparable properties in the submarket. The business plan consists of renovating the common areas and updating the remaining 183 dated units which provides the potential for achieving higher rents and improved occupancy.
Mark Degner, Managing Director in the private real estate team at Partners Group, comments: "We are very excited to have invested in this attractive opportunity for our clients. The investment provides significant upside potential driven by rent uplifts from renovations and the current in-place rents being below market. The property includes characteristics which we favor based on our current relative value assessment: quality real estate with value-added opportunities and strong market fundamentals. We are also pleased to again be working with our operating partner, Bainbridge Companies, who has been investing in value-added apartment properties since the early 1990s."
About Partners Group
Partners Group is a global private markets investment management firm with over EUR 27 billion in investment programs under management in private equity, private real estate, private infrastructure and private debt. The firm manages a broad range of customized portfolios for an international clientele of institutional investors. Partners Group is headquartered in Zug, Switzerland and has offices in San Francisco, New York, São Paulo, London, Guernsey, Paris, Luxembourg, Munich, Dubai, Singapore, Beijing, Seoul, Tokyo and Sydney. The firm employs over 600 people, is listed on the SIX Swiss Exchange (symbol: PGHN) with a market capitalization of over CHF 5 billion and a major ownership by its Partners and all employees.
Investor relations contact
Philip Sauer
Phone: +41 41 784 66 60
E-mail: [email protected]
Media relations contact
Dr. Anna Hollmann
Phone: +41 41 784 63 72
E-mail: [email protected]
Press release
Baar-Zug, 7 December 2012
Partners Group, the global private markets manager, has invested on behalf of its clients in the acquisition of a multifamily property in the Washington, DC metro area, which is one of the strongest apartment markets in the US.
The property is 93% occupied and benefits from a number of upgrades completed over the last six years, including new roofs, new windows, masonry repairs, major systems upgrades and improvements in 391 units that include new kitchens and bathrooms. In addition, the property benefits from larger unit sizes than the market average and is already considered a higher quality asset than many of the comparable properties in the submarket. The business plan consists of renovating the common areas and updating the remaining 183 dated units which provides the potential for achieving higher rents and improved occupancy.
Mark Degner, Managing Director in the private real estate team at Partners Group, comments: "We are very excited to have invested in this attractive opportunity for our clients. The investment provides significant upside potential driven by rent uplifts from renovations and the current in-place rents being below market. The property includes characteristics which we favor based on our current relative value assessment: quality real estate with value-added opportunities and strong market fundamentals. We are also pleased to again be working with our operating partner, Bainbridge Companies, who has been investing in value-added apartment properties since the early 1990s."
About Partners Group
Partners Group is a global private markets investment management firm with over EUR 27 billion in investment programs under management in private equity, private real estate, private infrastructure and private debt. The firm manages a broad range of customized portfolios for an international clientele of institutional investors. Partners Group is headquartered in Zug, Switzerland and has offices in San Francisco, New York, São Paulo, London, Guernsey, Paris, Luxembourg, Munich, Dubai, Singapore, Beijing, Seoul, Tokyo and Sydney. The firm employs over 600 people, is listed on the SIX Swiss Exchange (symbol: PGHN) with a market capitalization of over CHF 5 billion and a major ownership by its Partners and all employees.
Investor relations contact
Philip Sauer
Phone: +41 41 784 66 60
E-mail: [email protected]
Media relations contact
Dr. Anna Hollmann
Phone: +41 41 784 63 72
E-mail: [email protected]