Mesa Capital Partners had a successful 2016 with seven new investment transactions and nine dispositions, totaling over 3,700 units and $520 million in transaction volume. The new investments are located throughout the Southeast in Alabama, Georgia, North Carolina, and South Carolina. Of the seven multifamily investments, two assets were strategically acquired for value-add repositions while one asset was a newly built property in Augusta, Georgia. The remaining four investments were joint-venture development deals located in Charlotte and Asheville, North Carolina and Charleston, South Carolina with long-time development partners Hathaway Development Partners, based in Atlanta, and LIV Development out of Birmingham.
Mesa’s sale of the nine assets totaled 2,034 units and a disposition value of over $300 million dollars, exceeding expectations and achieving an average internal rate of return of over 35%. Included in the sales were Ansley at Roberts Lake, a 296-unit new development deal in Asheville, North Carolina, and 555 Mansell, a 1980’s vintage value-add acquisition consisting of 200 units.
To cap off 2016, the company has completed another round of fundraising to continue pursuing multifamily investment opportunities. Mesa has secured an additional $90 million in committed equity capital to pursue approximately $350 million in additional acquisitions and new developments over the next 18 months. Mesa remains bullish on the multifamily real estate market looking onward to the 2017 fiscal year. While Mesa recognizes signs of oversupply in some urban markets, they have identified a significant number of underserved markets with fundamentals that point to strong performance in the coming years.