Morrison Grove CAPREIT, LLC, has entered into an agreement to acquire the low-income housing tax credit asset management business of Credit Suisse (USA), Inc.
The transaction involves the asset and/or property management of approximately 15,000 apartment homes in 240 properties in 31 states.
Morrison Grove CAPREIT is an affiliate of CAPREIT, Inc., a multifamily real estate firm based in Rockville, Md., and Morrison Grove Capital Advisors, Inc., a real estate fund management firm based in Tampa, Fla.
"We will be the asset managers on the portfolio overseeing all 240 communities," says CAPREIT President Dick Kadish. "We also bring the ability to do property management on some deals."
In addition, the firm may step in as a general partner in cases where the general partner is no longer in the picture.
The portfolio includes properties that Credit Suisse invested in, syndicated, or provided a guarantee to others in the transaction, according to Kadish.
With the approximately $700 million acquisition, CAPREIT will oversee the ownership, management, and/or asset management of more than 30,000 apartments located in 39 states.