Cityr group grabs 672 units in illinois

The 672-unit asset traded for $51.7 million, in large part thanks to $42.7 million in financing arranged by Eastern Union Funding.

The Fannie Mae loan was originated by Eastern Union President Ira Zlotowitz and Senior Managing Director Michael Muller. It features a 10-year term locking in at 4.03 percent. Arbor Commercial Mortgage provided the loan, which covers roughly 83 percent of the purchase price.
 
While CityR Group is based in London, they have an office in Teaneck, New Jersey, and are no stranger to investing in US apartments. The company has now closed deals in New Jersey, Alabama, Kentucky and Chicagoland. The New Colonies, their latest acquisition, is classified as a Class B asset with significant upside potential.

The team at CityR identifies and purchases multi-family residential American properties on behalf of investors from around the world.

"The economic crisis has created some good opportunities for buying in the US, but in order to take advantage of this, considerable scale is required," explains the compamy.

"Investment in commercial and residential property is in many cases an asset class which can produce high yield with relatively low risk."

CityR’s partnership model means that the investment specialists have as much interest in delivering returns to investors as their clients. They target properties in the US that have the potential to meet their investment goals – delivering at least 10 per cent return per year, plus the potential for capital gain.

"The way we distribute returns means that you can enjoy rates of return that outpace the majority of other investment options in the market today," adds the company.

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