National Property REIT Corp. (NPRC) Acquires Five Multifamily Properties for $250 Million
NEW YORK, Dec. 22, 2020 (GLOBE NEWSWIRE) -- National Property REIT Corp. (“NPRC”) announced today the recent acquisitions of five separately financed multifamily properties for an aggregate asset purchase price of $250.4 million.
These acquisitions add 1,856 units to NPRC’s diversified multifamily portfolio, which now includes 44 separately financed properties totaling 17,946 units across 14 different states, primarily in Southeast and Midwest markets. NPRC’s multifamily portfolio has a total current market asset value in excess of $2.5 billion.
These acquisitions continue NPRC’s core strategy of investing in suburban workforce housing with value-add potential, a sector that, based on rent growth and occupancy, has outperformed large central city housing, office, retail, and multiple other real estate segments during the past year. NPRC’s recent property acquisitions are geographically diverse, with locations in Atlanta, Birmingham, Charleston, and Dallas, all Sunbelt cities exhibiting favorable employment growth and multifamily supply-demand dynamics.
“Despite market challenges from the ongoing pandemic, NPRC continues to deliver strong net operating income and rent collection performance in its portfolio of multifamily workforce apartment communities,” said Daniel Ackerman, Chief Operating Officer and Vice President of Acquisitions of NPRC. "Our recently completed acquisitions continue with our strategy of addressing this underserved important market segment, and we are pleased with our pipeline of additional potential acquisitions in other attractive markets.”
ABOUT NATIONAL PROPERTY REIT CORP.
National Property REIT Corp. (www.npreitcorp.com) is a REIT that acquires real estate properties, with a particular focus on multifamily real estate. NPRC may acquire real estate assets directly or through joint ventures alongside operating partners. NPRC’s current multifamily portfolio consists of 44 properties with a market value in excess of $2.5 billion.
NPRC is a portfolio company of Prospect Capital Corporation (NASDAQ: PSEC), a publicly traded investment firm with $5.4 billion of assets under management as of September 30, 2020.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, whose safe harbor for forward-looking statements does not apply to business development companies. Any such statements, other than statements of historical fact, are highly likely to be affected by other unknowable future events and conditions, including elements of the future that are or are not under NPRC’s control, and that NPRC may or may not have considered; accordingly, such statements cannot be guarantees or assurances of any aspect of future performance. Actual developments and results are highly likely to vary materially from any forward-looking statements. Such statements speak only as of the time when made, and NPRC undertakes no obligation to update any such statement now or in the future.
For further information, contact:
Daniel Ackerman, Chief Operating Officer & Vice President of Acquisitions
dackerman@npreitcorp.com
Telephone (646) 912-6184
