City Club Apartments has formed a new strategic partnership with Berkeley Capital, a Cleveland-based boutique real estate private equity firm. Through this partnership, Berkeley Capital will use its access to niche sources of international capital to enhance CCA’s growth and development strategies, as well as create an efficient pipeline of investment, development, and acquisition.
“Our firm is thrilled to partner with City Club Apartments. The team at City Club Apartments has a rich, 100-year history and incomparable expertise in developing luxury urban mixed-use communities,” says Michael Wager, managing director of Berkeley Capital. “Berkeley Capital and City Club Apartments have very similar philosophies about real estate investment, an alignment that is key to a strong and lasting partnership.”
CCA currently owns a portfolio of approximately 10,000 apartments in 30 urban and suburban-urban communities, with a total of $2 billion in active real estate assets and $750 million under development and construction in major Midwest cities, and intends to expand to the East Coast in the near future. The firm’s latest project, CCA SCB Detroit, is set to open in late 2020.
“Berkeley Capital’s exclusive focus on international capital was very attractive to us,” says Jonathan Holtzman, CEO and founder of City Club Apartments. “Not many firms of its size are able to accommodate cross-border investment, and we feel Berkeley’s capital sources will add significant value to our urban mixed-use apartment and penthouse communities.”
