Tricap Residential Group Acquires Portfolio in Kalamazoo, Michigan
Tricap acquires four assets in new market
CHICAGO, ILLINOIS, October 13, 2020 – Tricap Residential Group, an owner and operator of multifamily communities has closed on four assets in the Kalamazoo market. This transaction will add another 427 apartments to Tricap’s existing portfolio, increasing its total portfolio to over 2,700 apartments. This is Tricap’s first acquisition in Michigan, which expands its market reach to six states.
The properties will be immediately rebranded and will undergo a value-add strategy, including unit renovations, streamlining use of the modernized common areas, and professional management practices that will increase value with expanded resident services.
In addition to this, Tricap will be implementing its newly shifted operations plan that includes a virtual component allowing 24/7 leasing on-line with AI technology and expanded self-led tour options allowing for extended hours and weekend availability for self-led showings.
“We are excited to enter a new market and expand our operations into Michigan. The previous ownership group exceptionally maintained each of these communities, and they provide a fantastic opportunity for our team to take them to the next level with our management, marketing, and renovation strategy,” stated Joe Palomino, President of Operations at Tricap.
About Tricap Residential Group:
Our company, at its core, is a real estate execution firm. We are finding opportunities, creating a vision of where we want to take that opportunity, and driving the deal’s execution. Headquartered in Chicago, Tricap develops, owns, and manages communities across six markets. For more information, visit www.tricapres.com.