Domain Capital Group, based in Atlanta, recently announced that its subsidiary, Domain Capital Advisors, and Simpson Housing LLLP completed a joint venture with PFA Pension of Copenhagen, Denmark. PFA Pension acquired a 49% equity interest in a 13-asset, Class A multifamily portfolio valued at $1.05 billion. Domain Capital Advisors will provide oversight and asset management of the newly formed REIT joint venture.
Accord Capital Partners served as the exclusive financial advisor for the transaction. PFA Pension was founded in 1917 as an independent company by a number of labor organizations, for the purpose of ensuring a financially secure future for the employees and their families. Terms of the transaction were not disclosed.
Simpson Housing sold out of the portfolio but will serve as the property manager on behalf of the joint venture. The portfolio has assets located in Austin, Charlotte, Denver, Houston, Nashville, Phoenix, Portland, and Seattle. The communities average about 6 years old and encompass 3,487 units. More than 95% were leased at closing. The portfolio spans urban and suburban lifestyles with both newly built communities and refurbished properties with transportation options located nearby.
“We are excited about our new relationship with PFA Pension and look forward to growing our relationship with them through further acquisitions,” said Patrick R. Leardo, executive managing director and CEO of Domain Capital Group. “Our team is also proud to continue its longstanding partnership with Simpson Housing. We have managed equity investments in their portfolio for more than 10 years, while providing asset management and advisory support to our operating partner.”