Blue Ocean, the Maryland-based real estate investment firm, has expanded its footprint into Texas and North Carolina with its latest acquisitions. The company, in partnership with Range Summit Capital acquired a 131-unit residential community in North Dallas in July and a 103-unit residential community in West Charlotte in September.
DALLAS and CHARLOTTE, N.C., Sept. 28, 2022 /PRNewswire-PRWeb/ -- Blue Ocean, the Maryland-based real estate investment firm, has expanded its footprint into Texas and North Carolina with its latest acquisitions. The company, in partnership with Range Summit Capital, acquired a 131-unit residential community in North Dallas in July and a 103-unit residential community in West Charlotte in September. The communities will be re-positioned and re-branded under the Company's high-end "TRELLIS" brand, known as TRELLIS North Dallas and TRELLIS West Charlotte.
The Dallas community is a three-story garden-style property situated on ~ 3 acres and is located in the North Dallas suburbs within the City of Dallas. The Charlotte community is a three-story, mid-rise property located in West Charlotte, only minutes from the Charlotte Douglas International airport. Both the Dallas and Charlotte communities offer nearby shopping, entertainment, and dining as well as access to two of the top employment markets in the country.
Since Q1 2021, Blue Ocean has now successfully acquired five (5) TRELLIS communities in Maryland, Pennsylvania, Virginia, North Carolina, and Texas. Ian Scullion, Director of Investments for Blue Ocean, stated "TRELLIS has become a creative solution for continual investment to provide top tier housing in their respective communities. It is exciting to see the expansion across the country into strong markets like Charlotte and Dallas."
Jonathan Ehrenfeld, President and CEO of Blue Ocean, stated, "Acquiring our 4th and 5th TRELLIS properties brings a great sense of pride and our team works tirelessly to grow this platform thoughtfully. These properties are a terrific fit to join our portfolio. I'm very much looking forward to seeing our team reposition the communities over the next few years."
Daniel Cho, Managing Director of Range Summit Capital stated, "This investment continues our longstanding partnership with Blue Ocean. We look forward to helping to deliver another high-quality residential community with the Blue Ocean Team."
About Blue Ocean Investments
Founded in 2004, Blue Ocean is a real estate investment firm, headquartered in Owings Mills, Maryland. Blue Ocean is active in a variety of sectors within the real estate industry including multifamily, industrial, hospitality, and self-storage sectors. Today, the Blue Ocean portfolio consists of approximately 3,000 multifamily units and over 3 million square feet of commercial and mixed-use property across multiple geographies.
About Range Summit Capital
Founded in 2017, Range Summit Capital is an equity investment firm based in Denver, CO. Range's strategy is focused on opportunistic investments in middle-market real estate assets. Range provides structured equity investments -- both preferred and joint venture equity -- to real estate sponsors nationwide and across all major asset classes. http://www.rangesummit.com
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SOURCE Blue Ocean Investments
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