Alex. Brown JV Pays $24M for Alabama Student Asset
The buyer financed the 192-unit acquisition with $19.5 million from Ares Commercial Real Estate. May182021
Riverfront Village
Alex. Brown Realty and Student Quarters have purchased the 440-bed Riverfront Village, a student housing property near the University of Alabama, for $24.1 million, according to Yardi Matrix. Ares Commercial Real Estate provided $19.5 million in acquisition financing. The seller was Chance Partners.
The transaction is the third collaborative purchase between ABR and Student Quarters. TSB Realty’s Randall Calvert closed the deal on behalf of the seller.
Completed in 2014, the 192-unit property offers one-, two- and three-bedroom floorplans, all with incorporated bathrooms. All units are fully furnished and have private balconies. The pet-friendly community includes amenities such as an outdoor pool with a lounge, a two-story fitness facility with a yoga room as well as computer rooms,
Ares Commercial Real Estate: Q1 Earnings Snapshot
May 4, 2021
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NEW YORK (AP) Ares Commercial Real Estate Corp. (ACRE) on Tuesday reported first-quarter net income of $15.7 million, after reporting a loss in the same period a year earlier.
On a per-share basis, the New York-based company said it had net income of 45 cents. Earnings, adjusted for non-recurring gains, were 40 cents per share.
The real estate investment trust posted revenue of $21.2 million in the period. Its adjusted revenue was $30.7 million.
Ares Commercial Real Estate shares have increased 24% since the beginning of the year. The stock has increased 90% in the last 12 months.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on ACRE at https://www.zacks.com/ap/ACRE
Operator
Welcome to Ares Management Corporation s First Quarter Earnings Conference Call. At this time, all participants are in a listen-only mode. As a reminder this conference call is being recorded on Thursday, April 29th, 2021.
I will now turn the call over to Carl Drake, Head of Public Company Investor Relations for Ares Management.
Carl Drake
Investor Relations
Good afternoon and thank you for joining us today for our first quarter 2021 conference call. We hope everyone is safe and healthy. I m joined today by Michael Arougheti our Chief Executive Officer; and Michael McFerran, our Chief Operating Officer and Chief Financial Officer. In addition Bennett Rosenthal, Co-Chairman of our Private Equity Group; Kipp DeVeer, Head of our Credit Group; and Matt Cwiertnia, Co-Head of our Private Equity Group will be available for the question-and-answer session.
Four nominated to CarLotz board
Images courtesy of the company. Thursday, Jan. 07, 2021, 04:11 PM By Auto Remarketing Staff RICHMOND, Va. -
Consignment-to-retail used-vehicle marketplace CarLotz nominated four individuals to its board of directors, with the company’s chief executive officer and co-founder Michael Bor describing them as “pioneers in their industries.”
CarLotz recently announced it would become a public company via a merger with special purpose acquisition company Acamar Partners Acquisition Corp. The company said it nominated Linda Abraham, Sarah Kauss, Kimberly Sheehy and James Skinner to its board of directors effective at the closing of the business combination transaction.
Abraham is currently managing director of Crimson Capital. She invests in and advises early stage technology companies. CarLotz said the CarLotz board will benefit from her strong strategy and growth experience.