RREEF Property Trust Closes $30.9M Credit Investment in Multi-Family
RREEF Property Trust, Inc., a publicly registered real estate investment trust advised by asset manager DWS Group has acquired a 100% interest in the Class D Certificate and related interest-only securities of a fixed rate Freddie Mac Multifamily CMBS Securitization known as FREMF 2021-K150 for approximately $30.9 million.
K150 is a $1.2 billion pool of 52 multifamily commercial mortgages in diverse markets with a weighted average loan-to-value and debt yield of 57.9% and 8.2%, as of October 2022.
The largest concentrations of the underlying properties were in Florida (14% of the unpaid principal balance), California (15% of the UPB), Texas (12% of the UPB), New Hampshire (10% of the UPB) and Utah (9% of the UPB).
“We continue to remain constructive on the multifamily sector as we believe strong residential market fundamentals in the US will persist as the result of low current vacancy rates, low housing supply and a disciplined construction pipeline,” said Todd Henderson, Chairman of the Board of RREEF Property Trust and Head of Real Estate, Americas at DWS.
RREEF Property Trust invests primarily in commercial real estate properties in the US, including retail, industrial and apartments.