TriPost Capital Partners, LLC (“TriPost”), a real estate private equity firm focused on partnering with established middle market real estate operating and development companies, today announced it has acquired a minority stake in The Carmin (the “Property”), alongside the property’s existing owners, Invesco Real Estate Income Trust Inc. (“INREIT”), an institutionally managed public non-listed REIT, and Alden Street Capital (“Alden”), a student housing investment company founded in 2015.
Located at 1000 East Apache Boulevard in Tempe, Arizona – just steps from the Arizona State University campus – The Carmin is a Class A, 384-unit, 833 bed, student housing property that offers studio, one-, two- and four-bedroom apartments. The highly amenitized property features designer-inspired interiors with private bedrooms and bathrooms, a 24/7 fitness center with a sauna, a rooftop pool, communal study areas, in-unit washers and dryers and on-site retail.
“As longtime student housing investors, we’re seeing heightened demand for Class A, near-campus student housing facilities at large universities across the U.S. With the support of two like-minded, experienced partners, we believe The Carmin is poised to continue delivering quality services to the ASU students,” said Todd Silverman, Managing Partner and Co-Founder of TriPost. “This partnership is representative of the types of transactions we are focused on within our Asset Solutions strategy, where we can leverage our sector expertise and work with high quality partners to execute quickly and deliver value to existing investors in middle market assets.”
TriPost’s Asset Solutions strategy is focused on acquiring illiquid ownership positions from existing real estate owners on the secondary market. This is an extension of TriPost’s established strategy of providing capital and working collaboratively with real estate owners to drive value, and it establishes the firm as a capital solutions provider for middle market real estate operators across the capital stack. With the Asset Solutions strategy, TriPost supports operators across its existing core sectors, including multifamily, affordable housing, manufactured housing, student housing, medical office, industrial warehouse, life science and retail. TriPost currently manages over $1 billion in assets and has invested in over 650 properties in 31 states, across over 60 investment MSAs and eight asset classes.
“TriPost has always been a solutions-oriented investor,” said Silverman. “Within our Asset Solutions strategy, TriPost is well positioned to partner with, and provide capital solutions to, owners and operators of existing assets in a variety of contexts with highly aligned and tailored structures, including partner buyouts or buydowns, structured equity and single or multi-asset recapitalizations.”
“We’re pleased to partner with TriPost on a transaction that helps INREIT to further its strategic objectives,” said Chase Bolding, President and Lead Portfolio Manager, INREIT. “Student housing is an attractive acyclical sector that can offer portfolio diversification and an ability to grow cash flows. Invesco Real Estate’s conviction in the sector, particularly at growing public universities, continues to strengthen with new investments across the capital structure.”
