Romspen increases real estate portfolio to six assets with the addition of Gateway Crossing apartments
TORONTO, Aug. 13, 2015 /CNW/ - Romspen Real Estate Investments ("RREI"), an affiliate of Romspen Investment Corporation, announced that on July 24, 2015, it completed the acquisition of Gateway Crossing apartments, a 240-suite multi-family property located in Augusta, Georgia, at an acquisition price of US$36.7 million.
"Gateway Crossing is the premium apartment community in Augusta. Its strategic location provides for great access to the growing local job base," said Steven Gross, Managing Partner of RREI. "We continue to align ourselves with regional partners in the office, industrial, retail, and multi-family sectors in both Canada and the US to build our portfolio, while creating mutually beneficial business relationships."
About Romspen Real Estate Investments
RREI is focused on sponsoring the acquisition of a select group of high-quality, mid-sized, cash-flowing real estate assets that will constitute a stable and diverse North American real estate portfolio. RREI's investment objectives are: capital preservation, strong absolute tax-advantaged returns, and consistent performance uncorrelated to traditional investments.
RREI is the mid-market real estate equity platform of Romspen Investment Corporation, one of the oldest and largest non-bank mortgage lenders in Canada. Collectively, its principals are the largest investor in the RREI portfolio.
Gateway Crossing becomes the sixth asset in the RREI portfolio, along with investments in Montreal, Quebec; Calgary, Alberta; Tucson and Phoenix, Arizona; and Montgomery, Alabama. The RREI portfolio totals approximately C$200 million in assets and comprises 590,000 square feet of commercial property, in addition to 600 multi-family suites.
SOURCE Romspen Investment Corporation
Image with caption: "Romspen Investment Corporation (CNW Group/Romspen Investment Corporation)". Image available at: http://photos.newswire.ca/images/download/20150813_C7486_PHOTO_EN_476773.jpg
Image with caption: "Romspen Real Estate Investments (CNW Group/Romspen Investment Corporation)". Image available at: http://photos.newswire.ca/images/download/20150813_C7486_PHOTO_EN_476775.jpg
For further information: Dianna Price, EVP, Investor Relations, [email protected], 416-966-1100