LOS ANGELES & HOUSTON--(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.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170117005544/en/
For Ares Management:
Media:
Mendel Communications
Bill
Mendel, 212-397-1030
[email protected]
or
Investors:
Carl
Drake, 800-340-6497
[email protected]
Source: Ares Management, L.P.
