BOSTON–(BUSINESS WIRE)–Metropolitan Properties, a vertically integrated real estate investment manager focused on multifamily assets located along the east coast provided a recap of its business activities in 2022.
Metropolitan Properties over the past year was successful in furthering its investment strategy in a challenging and continuously evolving market purchasing three multifamily communities comprising approx. 400 units across its target markets. These acquisitions include a value-add multifamily asset located in Canton, Massachusetts; a core-plus multifamily property located in Tewksbury, Massachusetts; and a value-add multifamily community located in Wakefield, Massachusetts.
Metropolitan Properties advanced several of its strategic alliances with institutional investors throughout the year further broadening its already robust investor base. The capital was raised from a diverse group of capital allocators including institutional asset managers; private equity funds; and ultra-high net worth family offices.
“Although a challenging and evolving investment market, we closed 2022 in a position of strength with two acquisitions closing in the final quarter of the calendar year. We were able to expand our platform and grow our assets under management all the while positioning our firm for long term success securing fixed rate financing across the portfolio to hedge against this rising interest rate environment,” said Gregory Cohen, Managing Director of Capital Markets at Metropolitan Properties. “We begin 2023 with ample liquidity running the investment spectrum from core-plus to value-add return allocations which will allow us to execute on our strategic business incentives. We believe the continued market volatility will present unique opportunities in the new year of which Metropolitan Properties will be able to capitalize on provided our experienced investment team as well as our robust operating and management platform.”
Metropolitan Properties investment strategy focuses on the acquisition of attractive risk-adjusted multifamily assets with net annualized returns in the low to mid-teens. The firm has a focus on first and second ring suburban submarkets surrounding economic hubs with higher barriers to entry. Metropolitan Properties portfolio consists of several thousand apartment units located along the east coast.
About Metropolitan Properties
Metropolitan Properties is a vertically integrated real estate investment manager focused on multifamily assets located along the east coast. Founded in 1980, the Boston-based firm invests primarily in value-add and core-plus opportunities utilizing its vertically integrated operating platform to execute on a variety of value creation initiatives across each investment. Metropolitan Properties’ deep experience gained over four generations of real estate investing strongly positions the firm to capitalize on opportunities throughout various market cycles and provide attractive risk adjusted returns to its investors and partners. For additional information about Metropolitan Properties please visit the firm’s website at: www.metprop.com.
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