Elco Unit Buys 5,600 Southeast Homes

Tel Aviv-based Elco Holdings Ltd. unit Elco Landmark Residential has bought a portfolio of 5,600 housing units in the Southeast US for $338.5 million from Birmingham, Alabama-based Colonial Properties Trust.  Elco will renovate the properties, expects to finance 20-30% of the acquisition from its own resources, and is in talks with lenders for a non-recourse loan for 65% of the deal. The deal will be closed in stages and completed by the end of the year.

Controlled by chairman Georg Salkind, the company founded Elco Landmark Residential in 2008 to operate in the US market by finding opportunities, mostly residential projects, created by the sub-prime crisis. The latest deal increases the company’s holdings to 15,000 housing units, owned in full or in part, and 20,000 managed properties.  Most of the properties are in Georgia, Florida, and Texas.

Elco is also parent to Electra Real Estate that owns seven office buildings in various US cities including Atlanta’s historic Hurt Building that it acquired with Harbor Group International in 2007.  They are among several Israeli institutional investors, including Gazit-Globes’ Equity One unit, that have significant investments in Southeast real estate.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

  • August 2011
    M T W T F S S
    « Jun    
    1234567
    891011121314
    15161718192021
    22232425262728
    293031  
  • Accel AICC Board Alliancesphere Amdocs at&t Atlanta Atlanta Business Chronicle Benchmark BlogTV Business Exchange Cellcom Celltick Cisco CleanTech Comverse Deals Eagle Star earnix Escape Rescue Fring Funding GDEcD GeorgiaPower Given Imaging GSMA Harmonic Headquarters HP ICQ IDB IMA Infogin Innovid Israeli Companies Israeli Companies in SE jacada Jeff Pulver Jon Medved Kayote Networks Ken Stewart Lorin Coles M&A maggie bellville Mazor Medical Committee Medtronic members Mission Mobile Monday MobiMate Motorola My6Sense Oxendine PerSay PLYmedia Project Better Place Red Herring Scopus Security Committee SemantiNet Sequoia SIT Software Committee Telecommunications Committee telehealth Texas Instruments Microsoft TodaCell Veritas Vringo Water WorldMate Yokneam-Megiddo Yossi Vardi YouTube Zohar Zisapel
  • %d bloggers like this: