The New York Based Sentinel Real Estate Corp. is buying the REIT America First Apartment Investors for 532 million dollars and assuming the debt of the former REIT. The Omaha based company is selling to Sentinel at a 12.2 percent premium.
These deals are coming quickly as the buyout firms in New York have a high liquidity and need to make these investments. The unit price of this purchase is over $73,000 not counting the unnamed commercial property. Not too high unless the properties are in Buffalo or Ohio.
Privately-held Sentinel Real Estate Corp. agreed to buy apartment real estate investment trust America First Apartment Investors Inc. for $532 million, including assumption of debt.
Sentinel’s Omaha, Neb., affiliate will buy all outstanding America First common shares for $25.30 per share. The purchase price represents a 12.2% premium over the stock’s Friday’s closing price of $22.54.
Sentinel Real Estate is a Manhattan-based real estate advisory firm that currently manages about $5 billion in real estate assets. Omaha, Neb.-based America First owns 32 apartments with 7,236 rental units and one commercial property. via Crain’s New York Business.
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