Chicago, IL (August 3, 2020) – Pearlmark, in partnership with Sinatra & Company Real Estate, closed on the acquisition of La Jolla Terrace, a 1984-vintage, 340-unit apartment complex located in Fort Worth, Texas. The property, currently 97% occupied, is located between downtown Fort Worth and downtown Arlington along I-30 and benefits from its proximity to multiple employment centers as well as Dallas-Fort Worth Airport. This is Pearlmark and Sinatra & Co.’s second Dallas-area multifamily acquisition as part of a business plan to create a workforce housing portfolio in the region.
Pearlmark and Sinatra & Co. plan to fully renovate and rebrand the property, including significant enhancements to unit interiors and exterior amenities. Sinatra & Co. will serve as both property and construction manager for the asset as part of its continued expansion in the Dallas-Fort Worth MSA.
Keith Page, lead executive on the transaction for Pearlmark stated, “We are excited to grow our partnership with Sinatra & Co. through the acquisition of La Jolla Terrace. We have developed an extensive value-add business plan that we look forward to implementing in the coming months. This acquisition creates another opportunity for Pearlmark to provide attractive rental housing at an affordable price point as part of our national workforce housing strategy.”
“We look forward to building on the success of our Dallas multifamily experience and partnering again with Pearlmark to expand our footprint in this exciting region,” said Nick Sinatra, Founder and CEO of Sinatra & Company Real Estate.
Stephen Quazzo, CEO for Pearlmark, also commented, “Closing this transaction during the COVID-19 pandemic required incredible persistence and patience, but we believe there is tremendous value to be created at La Jolla Terrace and we are thrilled to continue our partnership with Sinatra & Co. in Dallas-Fort Worth."
Pearlmark is a Chicago-based investment firm that targets domestic core to value-add real estate opportunities via commingled funds, separate accounts, and joint venture structures. Since 1996, Pearlmark has sponsored more than a dozen real estate equity and debt investment programs and completed nearly 550 real estate equity and debt transactions on behalf of investors, representing approximately $5.0 billion in equity capital commitments and more than $13.5 billion in gross investment value. Pearlmark has invested in approximately 57,000 apartment and residential units in major metropolitan areas across the U.S., comprised of $1.1 billion of multifamily acquisitions and more than $300 million of multifamily mezzanine debt investments. Pearlmark is dedicated to creating value for its investors and offers a range of investment opportunities across the office, industrial, and multifamily sectors. For more information, please visit https://www.pearlmark.com.
ABOUT SINATRA & COMPANY REAL ESTATE
Sinatra & Co. is a visionary real estate firm founded in Buffalo, New York by Nick Sinatra. It is a privately held, vertically integrated real estate investment, development, and management company, that focuses on value-add acquisitions and development. At inception, the firm’s focus was to source and invest in residential and multifamily properties that had not yet, or were no longer meeting, their full potential in the market. Today, Sinatra & Co. owns and manages more than $550 million in real estate assets, including over 5,500 multifamily units and just under one million square feet of commercial space across the Western New York, Midwest heartland and Dallas Fort-Worth regions. Its seasoned team works to forge continued growth in assets, reach, and services -- including development, rehabilitation, brokerage, advisory, and property management. While Sinatra & Co.’s focus remains in well-timed, well-placed multifamily acquisitions in core-plus markets -- and the exceptional development and management thereof -- it continues to invest in urban infill, adaptive reuse, and rehabilitative development strategies as a complementary and most often, synergistic supplement to its core competencies. Philosophically, Sinatra & Co. remains driven by smart growth decisions, skilled capital management, and impactful projects that are location-driven. Sinatra & Co. seeks to be not only a leader in its field, but also a leader in the communities it serves by continuing to invest not only in property, but also in the surrounding neighborhoods and beyond. For more information, please visit www.sinatraandcompany.com.