ROCKVILLE, Md., Nov. 15, 2013 /PRNewswire/ — Finesa Real Estate Group announces it has completed another acquisition through its equity fund, Diversified International Partners (DIP). On October 8, 2013, the Fund closed on the purchase of Dorsey Place Apartments, located in Tempe, Arizona near Arizona State University (ASU).
This multifamily Class A building was originally built as a condominium community in 2007 and includes 84 units, 6,555 square feet of ground floor retail space, an on-site leasing center and offers structured parking for its residents. Dorsey Place is located on University Drive approximately a half mile from Arizona State University and is a short commute from major employers in Phoenix, including two Fortune 500 companies. Additionally, SkySong Center, located two miles from the property, will employ more than 2,000 associates once completed. At the same time, State Farm announced its plan to open a two million square foot office within one mile from the property that will employ over 10,000 employees.
"We are excited to add this investment to our portfolio and look forward to improving the property through capital upgrades," said President of Finesa, Andres Gonzalez. "We plan to add additional rental units as well as improve the common areas."
DIP is a real estate private equity fund developed for Latin American institutional and qualified high net worth investors. Finesa successfully secured commitments from some of the most prominent pension fund and endowment managers in Latin America. Transwestern Investment Management (TIM) is the exclusive investment manager and managed the acquisition process. DIP is actively seeking investments in the best markets across the country, focusing on multi-family, retail, office, and industrial/flex properties.
FINESA REAL ESTATE GROUP
Finesa Real Estate Group ("Finesa") is a real estate private equity firm and operating company founded in 2002 and headquartered in the Washington DC metropolitan area. Finesa specializes in the acquisition, redevelopment and management of commercial assets. Historically, the firm has operated along the East Coast and Mid-West regions of the United States, with a focus on multifamily and retail properties.
Contact:
Susan Prince for FINESA
Cadence Marketing
301.340.2520
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