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Asian Ventures LLC, a Louisvillebased owner and developer of multifamily residential apartment properties, is close to completing deals worth a total of $110 million to buy five such complexes in three major cities.
The five market-rate housing properties being purchased have a total of 1,740 units, according to Greg Evans, managing partner of the development firm.
Two of the complexes are in Dallas, two are in Atlanta and one is in Houston, he said.
Evans declined to disclose the names or exact locations of the five properties. He also would not supply the names of the properties' current owners, except to say he is working with two different ownership groups.
He said the deals are slated to close Aug. 20.
With the acquisitions, Asian will own about 3,300 multifamily apartment units in six states - Kentucky, Tennessee, Alabama, Florida, Georgia and Texas, according to Evans.
The company has an "alliance" with Louisville's Property Management Resources LLC to provide property management and leasing services at each of its complexes, he said.
Evans declined to identify other investors in his company's ventures. A separate limited liability company is formed for each of the properties that Asian owns, he said.
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