Coolidge Equities purchases 53 garden apartment complexes

Real Estate Weekly, Oct 3, 2001

Coolidge Equities, Ltd., a subsidiary of HoulihanParnes/iCap Realty Advisors and C.L.K. Management Corp. have jointly purchased 53 garden apartment complexes comprising 12,550 multi-family units. The properties are spread over fourteen states in the eastern half of the U.S. and were purchased from New Plan Excel Realty Trust, Inc. of New York. Bank of America. provided financing. Fred Stahl of Coolidge notes: "This purchase meshes with our existing portfolio. Our intent is to expand our holdings in these states".

Houlihan-Parnes Realtors, LLC is a family-owned business founded in 1891. Coolidge Equities, Ltd., the acquisition and development arm of Houlihan-Parnes, is led by Howard Parnes. The firm owns and manages over 300 properties nationwide. These properties include shopping centers, office buildings, and warehouse facilities in addition to multi-family complexes. James J. Houlihan, a partner in Houlihan-Parnes, is also chairman of iCap Realty Advisors, LLC, one of the nation's largest mortgage brokerage companies.

CLK Management Corp., which is owned and controlled by Craig Koenigsberg, is one of the country's leading real estate companies which owns and operates over 25,000 apartments. Their apartment complexes are strategically spread over nineteen states east of the Mississippi and throughout the southwest.

The Koenigsberg family has been involved in the Real Estate Business for over 55 years and have always recognized and continues to believe that multifamily residential housing is one of the most prudent long term real estate investments.

Craig Koenigsberg states, "Maynard Koenigsberg, my father, my partner, my mentor has been the driving force. We have the expertise to step into a transaction such as this, add significant value, and create an excellent return on the investment".

The partners are actively seeking other investment opportunities nationwide.