WASHINGTON, DISTRICT OF COLUMBIA -- Thursday, July 1, 2021 -- DHS Real Estate, a privately held Washington, DC-based real estate investment and private equity company, today announced the acquisition of the 1468-unit Park City
Development portfolio from Alton Investments, LLC for a purchase price of $53.8 million, or $89,676 per unit, or approximately one-third of replacement cost. The Park City Development portfolio includes three separate contiguous communities covering 25.56 acres and is 97% occupied.
The Park City Development portfolio located at 1705 Green Road, Ypsilanti, Michigan, is the tenth multifamily complex to close escrow in the past 20 months with DHS expanding its portfolio to 14 properties with a collective 2,000 units. Built in 1968 - 1974, and was renovated in 2018. DHS plans to modernize the units, maintain occupancy to market levels, and anticipates generating significant returns for investors.
The well positioned apartments serve the vibrant collegiate community of Eastern Michigan University. Top rated shopping, dining, and entertainment amenities are within walking distance. The revitalization in the economy results in increased demand for housing from area employers - the University of Michigan, the University of Michigan Health Center, Toyota, and Ford. "DHS' competitive advantage is its expertise and deep roots in the Michigan market and judicious experience in identifying attractive economic and demographic fundamentals in dynamic secondary markets," says Fernando Aguirre, Vice Chairman of DHS.
DHS is a high-stakes advocacy, public strategy, and global public relations and communications firm. Our strategic insights and innovative programming build and sustain strong corporate and brand reputations. We provide our clients with counsel and program development across the spectrum of public relations, public affairs, reputation and crisis management, digital strategy, advertising and other communications services. Our clients are companies, industry associations, nonprofit organizations, professional services firms, and other large organizations.
We began as a unique grassroots and lobbying firm with customized services for an elite group of clients. Our work applies equally to regulatory issues as well as legislative ones, and we manage issues for our clients at the local, state, federal, and international levels of government.
We use our core competencies and reach to gain competitive advantage for clients. Our expertise comes from extensive must-win campaign experience and operating successfully at the highest rung of business, government, politics and media. Our reach is the ability to use strategic intelligence to mobilize the message and persuade the toughest audiences. We know what it takes to win in difficult situations. We have proven results for prominent figures, leading advocacy groups and the world's most successful companies. We leverage what others cannot.
This release contains forward-looking statements which are made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933 and of Section 21E of the Securities Exchange Act of 1934. These forward-looking statements do not constitute guarantees of future performance. Those statements involve a number of factors that could cause actual results to differ materially, including risks associated with transitions in key personnel and succession, products, their development, integration and distribution, product demand and pipeline, customer acceptance of new products, economic and competitive factors, DHS' key strategic relationships, acquisition and related integration risks as well as other risks detailed in DHS' filings with the Securities and Exchange Commission. DHS assumes no obligation to update any forward-looking information contained in this press release or with respect to the announcements described herein.
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Steven Palmer, Vice President of Communications