Trecap buys $39m Washington state apartment

The real estate investment firm has teamed up with Pacific Property Company to buy 248 multifamily units from US REIT, BRE Properties.

Trecap Partners has bought an 18-building apartment complex in Washington state in a joint venture with Pacific Property Company for $38.9 million.

The firm, which last month took over the real estate equity funds business of Capmark Investments, said in a statement it acquired the Montebello Apartments in Kirkland, Washington, on behalf of one its value-added funds. US REIT BRE Properties sold the apartment complex, which comprised 248 units.

Trecap did not disclose financial details, but data provider Real Capital Analytics reported the deal closed in April for $38.9 million.

The deal was lead by Michael McNamara, managing director and head of acquisitions for TRECAP, who joined the firm in March from Lehman Brothers Real Estate Partners.

In mid-March, Trecap acquired the investment management contracts and general partnership interests in Capmark Investment’s four US equity property funds as well as one UK equity vehicle and several single asset client accounts. No financial terms were disclosed, but Capmark Investment’s equity portfolio was valued at $4.3 billion and included 129 multifamily and commercial properties in the US and 41 commercial and multifamily assets in Europe.

Capmark Investments’ management team, including Robert Fabiszewski, William Martin, Wayne Harris, Paul Dolinoy and Gene Conway, as well as 25 other real estate professionals, including five in London, have transferred to Trecap.

The Philadelphia-based property investment firm was founded in 2009 by former Equitable Real Estate Investment Management executives Doug Tibbetts, Gary Sligar and Paul Klick in association with developers Transwestern and Hunt Companies