Chicago, IL (October 1, 2021) – A joint venture among Pearlmark, Timberline Real Estate Ventures (“Timberline”), and Tramview Capital Management (“Tramview”) closed on the acquisition of two adjacent multifamily / student housing assets (collectively, the “Property”) totaling 415 units in Wilmington, North Carolina.
Timberline, in a separate joint venture, has owned and managed the Property since 2015 and will continue to provide property management services through its B.Hom Student Living (“B.Hom”) affiliate. As part of its business plan, new ownership plans to rebrand and renovate the complex located at 455 Racine Dr. (291 units) as part of a conversion into conventional multifamily use, while the complex located at 420 Racine Dr. will be renovated and positioned as traditional student housing.
“The acquisition of CEV Wilmington builds on our strategic objective to aggregate rental assets in growing Southeast US markets. We are thrilled to partner with Timberline and Tramview to reinvigorate these assets and deliver a strong outcome for our investors.” said Stephen Quazzo, CEO for Pearlmark.
Andrew Stark, a founding Principal at Timberline, added, “We are excited to continue managing these assets through B.Hom while utilizing our local ties and experience in the community to create a first-class tenant experience. We believe our planned capital investment will position the properties well within the growing Wilmington rental housing market and to students attending UNC Wilmington.”
Robert Davies, Managing Partner for Tramview, also commented, “We are pleased to acquire these two well-located properties in a growing market at attractive pricing. The off-market acquisition of CEV Wilmington represents the latest investment for our first fund, and we are excited to partner with Pearlmark and Timberline on the investment.”
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 553 real estate equity and debt transactions on behalf of investors, representing over $5.2 billion in equity capital commitments and approximately $13.7 billion in gross investment value. Pearlmark is dedicated to creating value for its investors and offers a range of investment opportunities across various property types (office, industrial, multifamily) in both local and national markets. For more information, please visit https://www.pearlmark.com.
TIMBERLINE REAL ESTATE VENTURES
Timberline Real Estate Ventures is a fully integrated, operationally focused real estate private equity firm with deep roots across numerous real estate sectors. The founding principals of Timberline, Andrew Stark and Nathaniel Fowler, bring over 40 years of experience in developing, owning, managing, and creating value in all aspects of real estate, including their industry-leading reputation in the specialized student housing sector. For more information, please visit https://www.timberlinerev.com/.
TRAMVIEW CAPITAL MANAGEMENT
Tramview Capital Management is a value-oriented real estate investment management firm focused on investing in institutional quality real estate in targeted growth markets across the U.S. Tramview was formed in 2020 and is currently investing its initial comingled fund. Tramview leadership has overseen and managed approximately $5 billion of equity invested globally across all property types and throughout the capital stack on behalf of institutional clients (e.g. pension funds, sovereign wealth funds, endowments, foundations). For more information, please visit https://tramviewcapital.com/.