MREC Purchases Residential Portfolio From Synovus Bank]Mountain Real Estate Capital[/link] (MREC), based in Charlotte, N.C., has announced a portfolio purchase of residential communities from Synovus Bank. The assets purchased by MREC had a prior basis of approximately $110 million. The portfolio consists of 135 residential projects covering an estimated 1,300 acres in the greater Atlanta metropolitan area. ‘While most of what we have bought has been composed of residential lots that we will either sell on a retail basis to merchant builders or develop through joint ventures with qualified builder partners, we are now expanding our underwriting and asset management platform to all commercial real estate types,’ says said Arthur Nevid, chief investment officer of MREC. MREC is the equity investment arm of the Mountain Real Estate Group. SOURCE:


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