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Lowcountry firms sell $648 million portfolio

Ross Norton //December 8, 2021//

Lowcountry firms sell $648 million portfolio

Ross Norton //December 8, 2021//

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The InterTech Group Inc. and Middle Street Partners are taking the win on 15 multifamily properties around the Southeast and selling them for $648 million.

The companies recently announced the sale of the 4,102-unit portfolio, saying in a news release that the transaction is part of its strategy to take gains and reallocate capital into other investments in the multifamily housing industry.

The portfolio includes properties in the metro areas of Greenville; Columbia; Atlanta; Charlotte; Jacksonville, Fla.; and Fayetteville, N.C.

The InterTech Group Inc. and Middle Street Partners also announced new investments: $333 million in planned acquisitions of 2,263 apartment units in Houston and two development projects in Nashville and Chattanooga, Tenn.

“The sale of our Southeastern portfolio is the culmination of a long-term strategy to acquire quality assets in excellent markets and to operate them to the highest standards,” said Robert Johnston, The InterTech Group’s chief strategy officer, in the news release. “We now look forward to acquiring and building our newest portfolio in three exciting new markets.”

According to Middle Street co-founders Ryan Knapp and Adam Monroe, this transaction not only marks the conclusion of a strategy to add to its existing portfolio, but it also signals the beginning of new growth in Houston, Nashville and Chattanooga.

“Over the course of the past nine years, TIG and MSP assembled a quality portfolio of multifamily communities, targeting specific types of assets and markets at different points of the investment cycle, while adding value through capital improvements and rigorous operational asset management,” Knapp and Monroe said in a statement.  

The InterTech Group is a private holding company based in North Charleston, with operations in industries ranging from aerospace and specialty chemicals to sports, entertainment and consumer products. Middle Street Partners is a Charleston-based real estate investment and development company focused on multifamily investments in the Southeast and Midwest. The company has regional offices in Atlanta, Nashville and Orlando, Fla.

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