SOURCE: Lagovent Real Estate Group

May 14, 2008 09:00 ET

Lagovent Completes $40.5 Million Multifamily Acquisition in Dallas, Texas

LOS ANGELES, CA--(Marketwire - May 14, 2008) - Lagovent Real Estate Group, a national real estate investment firm headquartered in Los Angeles, CA, today announced the acquisition of a 952 apartment portfolio in Mesquite and Duncanville, Texas. The total consideration for the acquisition was $40.5 million.

"These are core assets with stable cash flow which will provide our investors with risk adjusted, double-digit first year returns," stated Konstantin Glasmacher, Managing Partner at Lagovent. "These types of multifamily assets fit nicely into our national real estate strategy which focuses on very specific location and asset attributes."

The acquisition includes two properties, Camelot Village a 512 unit complex in Mesquite, TX and Wimberly Park a 440 unit complex in Duncanville, TX.

"This acquisition illustrates our confidence in the Texas market," said Brett Markinson, Managing Partner at Lagovent. "We are constantly searching for properties such as these to add to our investment portfolio and look forward to acquiring additional assets in the area."

The garden-style, class B assets were constructed in the 1980s and are situated on expansive lots accented by mature landscaping. Each property is complimented by a full array of modern amenities designed to attract and retain the solid tenant bases of each respective submarket. The overall condition of the assets, which have little to no deferred maintenance, and the strong rental metrics of the surrounding areas have resulted in current and historical occupancy rates in excess of 90%. Both properties are bordered by major interstate freeways and located approximately ten miles from the heart of Dallas, Texas. In addition, the properties are fully-amenitized, and have business centers, gyms, swimming pools, playgrounds, and secured living.

"With a limited supply of similar units in the area, coupled with steady job and population growth, we are very pleased to add these properties to our Texas portfolio," commented John Swartz, VP at Lagovent. "These properties represent the quality of asset for which Lagovent is known."

About Lagovent Real Estate Group

Lagovent Real Estate Group, Inc. sponsors a range of performance-based property investment vehicles and caters to US and European high net worth and institutional investors. The firm specializes in US-based multifamily investments and focuses on capital preservation and value enhancement. Lagovent's expertise includes asset acquisition, development, rehabilitation, asset management, and disposition. Lagovent seeks investments in yield-driven multifamily projects across the US. The firm's primary focus is on assets which provide stable and predictable cash flow with possible capital appreciation.

Under the Private Securities Litigation Reform Act of 1995, this press release may contain forward-looking statements that involve risks and uncertainties. It may contain projections or other forward-looking statements regarding future events or the future financial performance of Lagovent or one of its operating companies. These statements are only predictions and actual events or results may differ materially. Any forward-looking information is based on management's current expectations and involves a number of risks and uncertainties.The press release and statements are current as of the date of the individual announcements and the Company undertakes no obligation to publicly release any revisions to any forward-looking statement to reflect events or circumstances after the date thereof or to reflect the occurrence of unanticipated events.

Contact Information

  • For further information, please contact:

    Lagovent Real Estate Group, Inc.
    2121 Avenue of the Stars, Suite 1250
    Los Angeles, CA 90067
    www.lagovent.com
    Tel. (310) 203-0011