Cadre sale of the Crestleigh Apartments in Laurel, Maryland
We advised Cadre on the sale
Davis Polk advised Cadre in connection with the $74 million sale of the Crestleigh Apartments, an apartment complex in Laurel, Maryland, to affiliates of Sprucewood Investment Partners.
Cadre is a tech-driven commercial real estate investment platform that invests in single multifamily properties generating good cash yields and internal rates of return. Since the platform was launched in 2014, Cadre has closed more than $3.3 billion in real-estate transactions in more than 16 markets across the United States. It has attracted several big-name investors, including the Ford Foundation and Andreesen Horowitz.
For this investment, Cadre participated in a joint venture with Ross Companies, a group specializing in the development and management of multifamily properties, and GMF Capital, an investment management platform engaged in a range of asset classes, including real estate.
The Davis Polk real estate team included partner Brian S. Lichter and associates Nicholas Soilleux and Omar Ashmawy. All members of the Davis Polk team are based in the New York office.