Today, DLP Real Estate Capital announces that it has reached a pinnacle milestone, surpassing $1 billion in its assets under management.
DLP Real Estate Capital broke the billion dollar mark with its most recent and so far, the company’s largest acquisition of 2020 – Preserve at Port Royal apartments, a 400-unit multifamily coastal community in Port Royal, SC, located between Charleston, SC and Savannah, GA. DLP partnered with St. Clair Holdings, an asset manager from Atlanta, GA on the $54.1 million acquisition.
Originally completed in both 2004 and 2006, Preserve at Port Royal includes both interior and exterior upgrades to many of its apartment homes. There are two swimming pools, exercise gym, playground, dog park, additional amenities, and the property is centrally located close to major thoroughfares and schools. DLP will finish the previous owner’s upgrade plan and improve the overall property management.
With this latest acquisition, the number of DLP-owned multifamily apartment communities totals 45, located in 19 states across the country.
Fourteen years ago, I started DLP as a small real estate office located in Allentown, PA. Since that time, we have achieved extraordinary goals, built new companies under the DLP name, and remain focused on driving our core values through our mission and purpose. We experience high growth every single year.Don Wenner, DLP Real Estate Capital CEO & Founder
Melanie French, President DLP Real Estate Management comments, “This extraordinary achievement would not have been possible without our hard working team members working hard in all of our apartment communities. Their dedication to delivering wow to our residents each and every day is something I am extremely proud of. Congratulations to all of our DLP team members!”
Next, DLP Real Estate Capital is poised to acquire what will be their largest acquisition; a multifamily property consisting of 11,848 apartments located in 43 communities and across multiple states, with over 300 employees that would join the DLP team, thus increasing the company to almost 700 team members.
Wenner continues, “I’m often asked what makes our company so unique, what gives us the competitive edge. It’s a combination, really. Nearly 400 hardworking team members, operating with the same mission and direction, sharing the same set of values, and a very disciplined operating system (the DLP Elite Execution System). We accomplish more in 90 days than our competitors do all year because of our dedication to the 20-mile march; putting forth the same effort day in day out, year after year. It’s why we are (according to the Inc. 5000), the 4th fastest-growing company in America out of those who made the list 8 years in a row or more.”
This past year, the company launched the DLP Housing Fund, a $1 billion evergreen REIT flagship fund, one of six investment funds within the company. This specific fund invests specifically in 5,000 existing DLP-owned apartments ($250 million in assets) with the benefit of exiting the fund at the investor’s choice, with a targeted annual return of 12% net return.