NEW YORK--(BUSINESS WIRE)--Beitel Group and The Scharf Group, both NY-based single-family offices, have acquired 1,918 units in Virginia, Kentucky, Wisconsin, and Missouri for a purchase price of $325 Million.
The goal is to attain an increased rent premium by upgrading and enhancing the property. The amenities will include a new business center, state of the art fitness center, clubhouse, playground, dog park and leasing office.
Additionally, the objective is to upgrade the exterior and interior of the units as well. Which includes new roofing, sidings, windows as well as new appliances, resurfaced counters, new cabinets doors, faux wood flooring, upgraded lighting, multi-sport courts, grilling stations, and luxury pool-side experience.
Beitel Group
A NY-based family office focused on the acquisition and development of multifamily and commercial properties nationwide while pursuing a value-add strategy. Beitel currently owns and operates a multifamily portfolio spanning nine states, consisting of 10,000+ units.
The Scharf Group
A NY-based fourth generation family office; owner, developer, and operator of a large portfolio of commercial, multifamily, healthcare & senior housing properties nationwide.
