Clairvue Capital Partners has closed a $20 million recapitalization of an 8,500-unit multifamily portfolio owned by Gregory Perlman, an owner and operator of subsidized multifamily housing, and PK Management Co., an affordable housing owner and operator.
Clairvue executed the Perlman and PK Management recapitalization in partnership with Castle Hill Housing Partners, a New York and Los Angeles-based real estate investment manager.
With more than 14,000 affordable housing units, Perlman is one of the five largest for-profit affordable housing owners in the country.
The geographically diversified portfolio will add a strong component to Clairvue Capital Partners I, the real estate investment fund managed by Clairvue, said Jeff Giller, Clairvue’s managing partner and chief investment officer.
“We also look at this investment as an opportunity to expand Clairvue’s relationship with Castle Hill Housing Partners and its principals, who we feel are savvy real estate owners, operators and investment managers,” Giller added.
“This investment will enhance our ability to finance our growth in a manner which will allow us to maintain our best-in-class operating standards,” noted Perlman.
Gregory Perlman and PK Management, through their related entity GH Capital, based in Sherman Oaks, Calif., focus on acquiring and managing subsidized housing properties, particularly those with project-based Section 8 contracts. GH Capital and PK Management operate regional offices in Cleveland, Ohio and Greenville, South Carolina.