Memphis, TN, December 26, 2018 --(PR.com
)-- Menora Financial Corp (www.menorafinancial.com) and DJ Acquisitions LLC (www.djacquisitions.com) announced today the acquisition of 6 multi-family apartment communities totaling 1240 units.
The $40 million dollar off-market deal is in the surging Memphis market. The transaction, from two different sellers with financing from one lender on the whole group, was first viewed, contracted and closed in under ninety days.
Menora Financial Corp (MFC) located In Skokie, IL has been investing in multi-family for 30 years as well as having additional holdings in Health Care Facilities and various Hi-Tech companies. The company has owned and managed more than 10,000 units.
DJ Acquisitions LLC, (DJ) headquartered out of Aventura Florida, will handle the day to day management for the Joint venture. With a broad background in the residential multi-family ownership sector, led by Jon Fridlender, DJ has successfully owned and managed over 4000 multi-family units and produced over $195 million in transaction value.
MFC and DJ plan to focus on building a portfolio together of 5,000-10,000 units by acquiring underperforming or value add properties in the Southeast and Midwest markets. The joint venture’s formula for success is in seeking out motivated sellers who want on-time closings and the avoidance of last minute re-trading.
President of MFC, Shalom Menora comments: “We are excited to be partnering with DJ who share the same values and philosophies and thus together we will be able to add maximum value through enhancing the properties and excellence of management and service to our Residents.”
Founder of DJ Acquisitions, Jon Fridlender stated, “We are very excited to have been able to execute this acquisition and expand into Tennessee. Menora Financial has a strong vision for the future of these properties and we are elated to partner in ownership as well as provide superior management."
For more information, contact: Ms. Autumn May, email@example.com or (786) 868-0454