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HomeArchiveAmerican Spectrum Realty Acquires Evergreen Self-Storage Management Contracts

American Spectrum Realty Acquires Evergreen Self-Storage Management Contracts

Article-American Spectrum Realty Acquires Evergreen Self-Storage Management Contracts

American Spectrum Realty Inc., a real estate investment and management company, closed the acquisition of the property-management and asset-management contracts held by Evergreen Realty Group LLC and affiliates, and Evergreen's interest in real estate assets.

American Spectrum Realty Inc., a real estate investment and management company, closed the acquisition of the property-management and asset-management contracts held by Evergreen Realty Group LLC and affiliates, and Evergreen's interest in real estate assets. The purchase price is subject to adjustment after Dec. 31, based on the revenue generated by the property-management and asset-management contracts.

Seventy-four property-management and asset-management contracts were acquired in the transaction, representing 80 separate assets. The interests in real estate acquired, held in each case as tenant in common interests, represent Evergreen's interest in many of the properties associated with the contracts acquired.

The former Evergreen-managed properties consist of more than 5 million square feet of office and industrial properties, 2,934 multi-family units, 12,098 self-storage units consisting of more than 1 million square feet, 3,206 student housing units and nine assisted living facilities. All are now under the management of ASR Management.

American Spectrum Realty Inc. is a real estate investment company that owns 30 offices, industrial and retail properties Arizona, California, Texas and the Midwest.

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