PFA Pension Acquires 49% equity interest in 13-asset, Class A multifamily portfolio valued at more than $1 billion
Domain Capital Group, LLC, a comprehensive private investment management services firm, today announced its subsidiary, Domain Capital Advisors, and Simpson Housing LLLP completed a joint venture with PFA Pension of Copenhagen, Denmark. PFA acquired a 49% equity interest in a 13-asset, Class A multifamily portfolio for an aggregate value of $1.05 billion. Domain Capital Advisors will provide oversight and asset management of the newly formed REIT joint venture.
The multifamily portfolio, which was owned by Simpson Housing, is located in high-growth U.S. markets, including Austin, Charlotte, Denver, Houston, Nashville, Phoenix, Portland and Seattle. It is comprised of 3,487 units that are approximately six years old and more than 95% leased at closing. The portfolio serves a mix of urban and suburban lifestyles with both newly built and refurbished product offerings in proximity to transportation infrastructure.
"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 chief executive officer 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."
Simpson Housing LLLP will serve as the portfolio’s property manager on behalf of the joint venture. Accord Capital Partners LLC served as the exclusive financial advisor for the transaction. Terms of the transaction were not disclosed.
About Domain Capital Group
Atlanta-based Domain Capital Group, LLC provides comprehensive private investment management services, through its registered investment advisor subsidiaries, to institutions, public and private pensions, corporations, foundations, endowments, and high-net-worth individuals. Domain Capital Group’s investment professionals are experienced across a diverse range of asset classes and investment strategies, including real estate, natural resources, media, entertainment, technology, and credit and other financial services. As of December 31, 2019, Domain Capital Group managed approximately $6.1 billion in total assets – comprised of securities portfolios and real estate, among Domain Capital Advisors, LLC and Domain Timber Advisors, LLC. Please refer to each registered investment advisor’s most recent Form ADV for additional details. For more information about Domain Capital Group, visit domaincapitalgroup.com.
About PFA Pension
PFA Pension was founded in 1917 as an independent company by a number of labor organizations, with the sole purpose of ensuring a financially secure future for the employees and their families. Today, PFA has approximately 1.2 million individual customers from a wide range of the largest companies and organizations in Denmark. For further information on PFA, visit: pfa.dk.
About Simpson Housing LLLP
Simpson Housing LLLP is a national, fully-integrated real estate development and portfolio management firm. Primarily focused on the multifamily market, Simpson builds and operates high-quality, residential communities throughout the United States. As one of the largest privately held residential developers and managers in the nation, it is organized to deliver a comprehensive range of real estate services – including development, property management, construction, acquisition, marketing and financing. Simpson Property Group is a wholly owned subsidiary of Simpson Housing, providing services in multifamily and commercial property management. For further information on Simpson, visit: simpsonhousing.com.
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