Residential Investment Advisors has closed on its first property acquisition in a joint venture with Crimson Ventures. The purchase is an 86-unit apartment complex in Pensacola, Fla., currently operating as Hilburn Apartment Homes. The partnership was created to acquire and manage multi-family real estate properties throughout the southeastern United States. The acquisition price was $3.9 million or just under $45,350 per unit. “We are excited to complete our first acquisition after working over 15 months to identify this initial property and another six months to close this transaction,” Managing Partner Rob Walker said. “We are highly appreciative for the opportunity to work with our group of external investors who have aggressive growth plans for this partnership.”
