Variant Commercial Real Estate LLC has acquired 14 multifamily properties through a court-appointed receivership.
The properties include more than 3,700 units in Texas, Nevada, Maryland, Virginia, South Carolina and Florida, which were owned by Babcock & Brown Ltd. The buildings went into voluntary administration in 2009 until the creditors voted to liquidate the company.
Receiver McKinley Co. has managed the property since August 2011, and will stay in place under Variant.
The real estate company intends to close an additional $500 million in acquisitions in the next 12 to 24 months, especially in the south and southwest parts of the U.S. The company owns multifamily, storage, hospitality and office assets. Terms of the deal were not disclosed.