Pacific Oak Capital Advisors, a sponsor of value-add alternative investments, has fully subscribed its first Delaware statutory trust offering, Meridian Apartment Homes DST, after raising approximately $28.3 million by 108 investors to acquire the 280-unit, multifamily community located in Midland, Texas.
“Meridian Apartment Homes is an example of the high-quality properties we intend to offer at Pacific Oak,” said Keith Hall, co-founder of Pacific Oak. “Located in the midst of the Permian Basin, Midland, Texas is a modern-day oil boomtown experiencing significant population growth and housing demand. As a result, Meridian Apartment Homes is one of the area’s most popular multifamily rental communities, which enjoys high occupancy and attractive cash flow.”
The property was 95.4 percent occupied at the time of acquisition, and Pacific Oak noted that the market experienced 25.5 percent between the second quarter 2017 and the second quarter 2018, citing CBRE.
Built in 1983, Meridian Apartments is comprised of one- and two-bedroom units ranging in size from approximately 720 square feet to 1,070 square feet. Community amenities include a swimming pool, hot tub, business center with internet access, playground, clubhouse, laundry facility and fitness center.
Pacific Oak and its affiliated companies currently manage a portfolio of real estate valued in excess of $3.2 billion. The firm’s offerings include tax-advantaged Delaware statutory trusts and qualified opportunity zone funds, real estate investment trusts, as well as other value-add alternative investment products.
Pacific Oak is comprised of Pacific Oak Capital Advisors LLC, Pacific Oak Capital Markets Group LLC, and Pacific Oak Holdings LLC. The firm was founded by Keith Hall and Peter McMillan III, two of the co-founders of KBS Capital Advisors LLC.
Pacific Oak Capital Advisors LLC was recently appointed as the new external advisor of former KBS real estate investment trusts: KBS Strategic Opportunity REIT Inc., KBS Strategic Opportunity REIT II, and Keppel Pacific Oak US REIT, which trades on the Singapore stock exchange.