GFI Capital Resources and The Carlyle Group recently entered a partnership that will provide GFI with $1.2 billion in buying power, ($300 million worth of equity) to invest in real estate assets throughout the country. This will allow GFI to more than double the size of their existing 20,000-unit real estate portfolio.
“GFI has vast experience as the owner/manager of more than 100 properties in 5 different states and is ready for significant expansion over the next few years. We have already purchased a few properties as part of this venture and we’ve only just begun,” said Michael Weiser, executive vice president of acquisitions and dispositions at GFI. “Unlike many other companies in today’s market, we have capital and are seeking distressed, non-performing, real estate and debt assets to acquire immediately.”
Some recent GFI acquisitions include The East/West portfolio, for $26.6 million, which consists of three properties totaling 994 residential units, The 224-unit Willow Trail apartment homes for 11.6 million, and The 722 unit Village at Stone Mountain, all in the Atlanta metro area. GFI has also purchased three non-performing loans on condominium projects in Brooklyn, which are in various stages of development.