Reliance Global Holdings LLC, a New Jersey-based limited liability company of Reliance Global Group, has completed its previously announced LOI and executed a contract to acquire a 260-unit multifamily property.
The acquisition of the first 117 units is expected to be complete by January 2020. Once complete, this will be Reliance Global Group’s first deal in the real estate sector, it said.
The properties consist of 260 total planned apartment units located in markets along the East Coast. Construction on the first 117 units was finished in 2017 and is 97% leased. The second phase, which consists of 143 units, is expected to be completed by mid-2020. Reliance Global intends to purchase all the remaining units once they are complete.
“We are pleased to announce the execution of the Contract to acquire these premier properties and will provide further updates upon completion each phase of the transaction. We were attracted by the high occupancy rate and growth in the area. This acquisition, combined with our previously announced PSA to acquire 176 apartment units located in the Central region of the US, is strong validation of our business model to acquire undervalued multi-family properties with sustainable cash flows in attractive markets,” Ezra Beyman, CEO of Reliance Global Group, said.