In the first quarter of 2018, MEPT acquired: Sojourn Lake Boone ($68.1 M), a garden and mid-rise multifamily asset in Raleigh, NC, Stony Creek Outlots ($7.5 M), a retail outparcel in the Chicago metro market adjacent to an existing MEPT asset, and approved a multifamily development at MEPT’s Harrison/Albany site. Sojourn Lake Boone presented the opportunity to acquire a brand-new Class A transit-oriented multifamily property in the Lake Boone submarket at an attractive basis and in line with MEPT’s strategy of diversifying the multifamily portfolio. Additionally, the acquisition of Stony Creek Outlots offered the opportunity to secure an adjacent retail asset at an accretive basis and enhance the value of MEPT’s Stony Creek Promenade.
While the Fund maintains a disciplined and measured approach to acquisitions, MEPT continues to source attractive opportunities both on and off-market. The Fund currently has one multifamily portfolio, two retail assets, and two structured debt investments under contract or LOI, all of which are expected to close in 2018.
Additionally, MEPT continued to take advantage of aggressive market pricing to realize value and exit non-strategic assets. During the quarter, the Fund sold five assets: two office assets in San Francisco (Oyster Point I and II), one multifamily asset in Minneapolis (Elan Uptown), and two land parcels in San Jose, CA and Reno, NV (Diridon Station and Reno Industrial Center), generating $403.5 million in net proceeds at share. As always, the Fund continues to evaluate its portfolio and pursue opportunities to maximize asset value through accretive disposition activity.