Home Alts News Legendary Capital Sponsors UPREIT Acquisition of El Paso Courtyard Hotel

Legendary Capital Sponsors UPREIT Acquisition of El Paso Courtyard Hotel

Legendary Capital, a sponsor of non-traded real estate investment trusts and other alternative investment offerings, has sponsored the acquisition of the 90-room Courtyard El Paso Airport in an UPREIT transaction.

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Legendary Capital, a sponsor of non-traded real estate investment trusts and other alternative investment offerings, has sponsored the acquisition of the 90-room Courtyard El Paso Airport in a $15.2 million UPREIT transaction.

The 721 exchange/UPREIT deal allowed the previous property owner to contribute their equity in exchange for common limited partnership units. This was Legendary Capital’s second transaction with this contribution group, according to Andrea Scott, director of acquisitions.

“The momentum just keeps building,” said chief executive officer, Corey Maple. “Together with our Equity Preservation UPREIT program, Legendary Capital has sponsored the acquisition of six properties while providing potential tax benefits to our contributors…”

The Courtyard is located in the El Paso metropolitan statistical area, which has a population of 840,000. Home to University Medical Center, the only level-1 trauma center in the region, the city serves as a medical hub to western Texas and southern New Mexico. It is also home to William Beaumont Army Medical Center, which provides medical care for active and retired military personnel within Arizona, New Mexico, and Texas.

The property is located near the El Paso International Airport, which had 3.5 million passengers in 2019, and the Fort Bliss military base which houses 38,500 active-duty military personnel.

Headquartered in Fargo, North Dakota, Legendary Capital has acquired 30 hotels through its affiliated entities and primarily targets 80-to-200 room limited-service, select-service, full-service and extended-stay hotels in America’s heartland.

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