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Pensam announced the completion of a preferred equity investment to facilitate the acquisition of an 85-unit multifamily community in Jackson, Wyoming.  Pensam’s preferred equity investment was structured behind Freddie Mac senior debt financing.  The sponsor is an experienced private equity investment and development group specializing in multi-family housing, condominiums and ski area management.

“Pensam’s preferred equity investment presents a strong opportunity to further expand its presence into the Rocky Mountain region and enter a market with an extremely high barrier to entry,” said Michael Stein, founding partner of Pensam.

The property features studio, one, and two-bedroom units with spacious floorplans in Downtown Jackson.  The Town of Jackson is the only incorporated municipality in Teton County’s wealthy Jackson Hole valley enclave.  In addition to being home to world-renowned ski resorts and arts organizations, Jackson is a major gateway for millions of tourists visiting nearby Yellowstone and Grand Teton National Parks each year.

The vast majority of multifamily properties in the market have in-place affordability restrictions on more than 20% of units.  This multifamily community is one of the few market-rate properties in Jackson, and has benefited from strong and stable performance with average vacancy rates hovering at just under one percent over the last twelve months.

The post Pensam Completes Preferred Equity Investment for the Acquisition of an 85-Unit Multifamily Property in Jackson, WY appeared first on Pensam Funding.