Corten Real Estate Makes Common Equity Investments in Attainable Housing and Active Adult Multifamily Assets Based in South Carolina and Maryland

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Oct 29, 2024, 09:30 ET

PHILADELPHIA, Oct. 29, 2024 /PRNewswire/ -- Corten Real Estate announced the successful completion of two common equity multifamily investments in Greenville, SC and Annapolis, MD over the last several weeks.

On September 30, Corten closed a $9.1 million joint venture common equity investment in Park on Gilder Creek, a 1997/2001-vintage, 132-unit apartment community located in Greenville, SC that qualifies for South Carolina's real estate tax abatement program. The deal was done in partnership with Fulton Peak, a vertically integrated, multifamily investment firm focused on acquiring, repositioning and operating rental housing properties throughout the Mid-Atlantic and Southeast. The investment came from Corten Real Estate Fund II LP ("CREF II") and served to both capitalize the acquisition and reposition the asset.

Subsequently, on October 11, Corten made a $10.5 million common equity investment to acquire The Gardens of Annapolis, a 106-unit active adult community located in Annapolis, MD. This deal was done in partnership with Real Asset Industries, a real estate owner/operator focused on senior housing. The investment also came from CREF II and will fund a renovation program focused on enhancing common areas, amenities and unit interiors.

According to Principal Matt Kattler, "Gilder Creek marks our first foray into attainable housing, in an important target market for Corten with a partner that has solid operating capabilities. We look forward to identifying additional opportunities in the attainable/affordable housing space – they are win-wins for communities and investors alike."

Managing Partner P.J. Yeatman said, "Corten's investment activity has increased markedly over the course of 2024, both in special situations requiring structured capital solutions to pay down senior debt and distressed acquisition opportunities that require operational improvements and a reset of cost bases. We look forward to leveraging the network we've built as well as finding new best-in-class partners who share our vision going into next year."

About Corten

Corten Real Estate is a private investment manager that targets middle-market preferred equity, mezzanine debt, joint venture and common equity investments in hospitality, multifamily, office and other properties located throughout the United States. Corten's sector expertise and ability to invest up and down the capital stack allow it to provide tailored capital solutions to operating partners and sponsors looking to execute value-added business plans. Corten is headquartered in Wilmington, DE, with offices in the Philadelphia, PA and Chevy Chase, MD. www.cortenrealestate.com.

SOURCE Corten Real Estate Partners