Irvine, CA (PRWEB) February 28, 2013
Delta Alliance Capital Management, LLC (DACM) is pleased to announce the acquisition of 288 units in suburban New Orleans, LA for 18 million dollars. The purchase follows the acquisition in August, 2012 of the 226 unit Cedarwood Apartments and the 226 unit Baywood Apartments both located in the same metropolitan area. Carlyle Apartments is located directly next door to Baywood Apartments. Robert C. Warren III, CEO, noted, “The addition of another prime asset in the desirable Westbank submarket truly helps us to provide an even better rental housing product to this attractive marketplace. Carlyle and Baywood will combine operations and allow us to improve both sites with common fitness center and playground amenities. The Carlyle name will be retired and the combined operations of the larger site will operate under the Baywood name.” DACM partnered on the transaction with Redwood Real Estate.
Delta Alliance Capital Management (Headquartered in Irvine, California) is a firm organized to acquire and operate income property that can be enhanced in value though a combination of renovation, operational stabilization, and improved management. The company was formed in late 2010. DACM has acquired approximately 1,200 units in the past 19 months. DACM will engage on a contract basis Investors’ Property Services to provide property level management for each of its acquisitions. Investors’ Property Services has a 30 year history of providing third party income property management services on a national basis and it operated by DACM principal, Robert C. Warren III.
Redwood Real Estate Partners (Headquartered in Rancho Santa Margarita, California) is a privately-owned entrepreneurial real estate investment and asset management company founded by Carl Chang and the Chang Family. The company has a team with extensive experience and success in purchasing assets directly, as well as investing throughout the capital stack via joint venture equity, preferred equity, and junior debt structures.