EMIP Closes on The Revival on Carson Portfolio
EM Investment Partners (“EMIP) closed on a $5.75M equity investment to fund the acquisition of The Revival on Carson Portfolio. The portfolio was acquired in partnership with MultiVersity Housing Partners ("MVHP") a regional operator of multifamily and student housing assets.
The Revival on Carson is a 47-unit, class A+ conventional housing portfolio consisting of two properties known as The Maul and Nakama buildings. The assets are in one of the city's most in-demand neighborhoods, Southside. The properties total approximately 12,750 SF of first-floor retail. These properties have corner frontage on Carson Street which is a historically high foot and automobile traffic area. This core location has attracted long-term retail tenants that have occupied the first-floor retail space for more than 10 years.
The Portfolio provides modern upscale features including hardwood flooring, expansive kitchens, granite countertops, tile showers, and stainless-steel appliances. Community amenities include two rooftop decks (with views of Carson St and the Pittsburgh skyline), resident lobby, fitness center, individual security systems, and private lot parking.
EMIP formed a joint venture with MVHP to provide 90% of the required equity capital to acquire the Portfolio and perform light renovations to further enhance to repositioned properties. The investment was originated by EMIP senior director, Milan Parekh, and represents the 4th time the groups have partnered together. According to Milan “EMIP is excited to partner with MVHP again and expand its portfolio to Pittsburgh’s historic South Side neighborhood. The Revival’s unique location on Carson Street provides a mix of premium features and amenities that will benefit from the already strong macro tailwinds experienced in the market”.
MultiVersity Housing Partners will bring their boutique-style approach and expertise in property management to operate this property more efficiently. The partnership will be adding outdoor kitchens to the rooftop decks, additional fitness equipment, a business center, and updated lobby features to enhance the property for residents. Christopher Feeley, CEO and Managing Partner of MVHP, is "excited to be adding these high-end apartment assets to its growing portfolio of multifamily properties consisting of market-rate apartments, workforce housing, and off-campus purpose-built student housing."
ABOUT EMINVESTMENT PARTNERS
EMIP is the private equity arm of EquityMultiple, a leading investment firm in the crowdfunding space. EMIP uses its proprietary capital to fund investments across the capital structure to nimbly meet the needs of today’s middle market commercial real estate owner/operator. For more information please visit EMInvestmentPartners.com.
ABOUT MULTIVERSITY HOUSING PARTNERS
MVHP is seeking market-rate apartment, workforce housing, and purpose-built student housing acquisitions throughout the Mid-Atlantic, Midwest, and Southeastern U.S. The guiding principle of MVPM is to treat each property as its own individual business first and foremost. MVHP’s affiliate, MultiVersity Property Management ("MVPM") handles all property management for the company. MVPM operates with a total focus on its portfolio of managed properties (both owned and third-party) and its owners/customers. MVPM provides several services that fit the needs of today's conventional and student housing residents, while at the same time focusing on owner requirements and expectations.
