Ares Management and Kaplan Management Company Form Joint Venture to Develop Prime Residential Site in Scottsdale, AZ.
January 17 2017 - 6:30AM
Business Wire
A new joint venture among funds managed by the real estate group
of Ares Management, L.P. (NYSE: ARES) and Kaplan Management Company
today announced the acquisition of a prime residential development
site in Scottsdale, Arizona.
The 8.8-acre development, to be known as the District at the
Quarter, will consist of 612 for-rent residential units and 7,000
square feet of commercial space upon completion. The project is
located adjacent to the Scottsdale Quarter, a 1.2 million
square-foot mixed-use lifestyle center featuring more than 80
high-end retailers, and is proximate to Kierland Commons, an
open-air lifestyle center containing 700,000 square feet of
specialty retail, office and residential uses. The project will be
built in two phases, with the first phase (comprising 332
residential units) anticipated to open in 2018.
“The District at the Quarter is located in one of the strongest
for-rent markets in Phoenix, and presents the opportunity to drive
significant value by creating a best-in-class living experience for
residents. This positions the project as a strong addition to our
opportunistic real estate strategy, which focuses on development
and redevelopment opportunities in primary U.S. markets,” said Jay
Glaubach, Managing Director in the Ares Real Estate Group. “This
project also marks the beginning of a strong partnership with
Kaplan, a proven developer and owner with a long track record of
building high-quality multifamily projects.”
“The District at the Quarter represents an outstanding location
and is a welcome addition to our development portfolio,” said Geoff
Simpson, CFO of Kaplan Management Company. “It also represents
Kaplan’s second development in Phoenix and its first with Ares
Management, a partner we look forward to working with closely for
many years.”
About Ares Management
Ares Management, L.P. is a publicly traded, leading global
alternative asset manager with approximately $100 billion of assets
under management as of September 30, 2016, pro forma for Ares
Capital Corporation’s acquisition of American Capital, Ltd. which
closed on January 3, 2017, and more than 15 offices in the United
States, Europe and Asia. Since its inception in 1997, Ares
Management has adhered to a disciplined investment philosophy that
focuses on delivering strong risk-adjusted investment returns
throughout market cycles. Ares Management believes each of its
three distinct but complementary investment groups in Credit,
Private Equity and Real Estate is a market leader based on assets
under management and investment performance. Ares Management was
built upon the fundamental principle that each group benefits from
being part of the greater whole. For more information, visit
www.aresmgmt.com.
About Kaplan Management Company
Kaplan Companies and its operating affiliates, Kaplan Management
Co., Inc. and Kaplan Acquisitions, LLC, consist of a fully
integrated team of professionals dedicated to the development,
ownership, and operation of multifamily properties located
throughout the Sunbelt region of the United States. Since its
inception, Kaplan has acquired or developed 43 projects totaling
12,128 units located in Arizona, Arkansas, Florida, Mississippi,
New Mexico, Texas and Utah.
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version on businesswire.com: http://www.businesswire.com/news/home/20170117005544/en/
For Ares Management:Media:Mendel CommunicationsBill Mendel,
212-397-1030bill@mendelcommunications.comorInvestors:Carl Drake,
800-340-6497cdrake@aresmgmt.com
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