Scottsdale, Arizona, Nov. 14, 2019 (GLOBE NEWSWIRE) -- Fifty Mission Capital and its founding principals, Jared Black of Black Law Group PLLC and Peter Anadranistakis of O2.Capital, just announced that they closed on their first apartment community in their home state of Arizona in the midtown Phoenix district. This community, Plaza 550, is a 92-unit apartment community that is situated in a growing district in Midtown Phoenix where over one billion dollars ($1bn) in residential, multi-family, commercial, and hospitality development is planned. Last month, Fifty Mission Capital announced their acquisition of the general partner of an existing portfolio of apartment communities across core Texas markets – including apartment communities located specifically in Dallas, Austin and Amarillo. With this acquisition, Fifty Mission Capital now manages and controls 13 apartment communities and over 1000 units.
Fifty Mission Capital continues to grow its real estate investment management practice, focused solely on multifamily communities in strategic Southwest markets. Fifty Mission Capital is a vertically integrated real-estate investment management practice where the private placement activity, underwriting, due diligence, asset management, and legal work is all done in-house.
The Plaza 550 acquisition pushes the Fifty Mission Capital platform over the 1,000-unit mark, a significant milestone in apartment community ownership. With transactions also expected to close in December, the principals of Fifty Mission Capital expect that its asset base under management will exceed $100 Million in commercial real property by the end of fiscal year 2019.
Todd Altomare, recently appointed the new president of O2.Capital said, “Real estate investment outcomes are not about how many properties or units you have under management, but become all about the excellence of your asset management and property management after the acquisition. We (Fifty Mission Capital) have a world-class property and asset management team in place that are ready to add Plaza 550 to the portfolio and bring real dollar value to our various accredited investors.”
Fifty Mission Capital has an active real estate investment management practice. Fifty Mission Capital is seeking capital commitments for ‘Midtown Flats”, a 122-unit apartment community near Plaza 550, which is under contract for purchase in December of 2019.
Jared Black, CEO and Co-Founder of Fifty Mission Capital and the founder and Managing Partner of Black Law Group PLLC, a boutique investment management law practice, stated, “Again, we are excited for the closing of Plaza 550, the purchase of the Texas “Forefront Portfolio” by Fifty Mission Capital, and the ongoing expansion of our ownership and asset management of select apartment communities in Arizona.”
Peter Anadranistakis, Chairman of O2.Capital and President and Co-Founder of Fifty Mission Capital stated on the new acquisition, “We are very pleased with Plaza 550 and the increased visibility it brings with it to our firm. We anticipate our ‘Drive to 95’ renovation program will add tremendous value in our Texas as well as Arizona portfolios. Drive to 95 is a property management strategy I developed over the years as a property manager intended to bring each apartment community up to its full potential through 95% occupancy, 95% market rent, and 95% payments without incident. It is ‘a tried and true program’ and this is one of many ways we will drive the value of Plaza 550 and other Arizona properties to their full potential to meet our shareholder needs.”
For further questions, reach out to Eva Koehne at eva@o2.capital.
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