Welcome to Merion Realty Partners
Specializing in Multifamily Real Estate Investments and Property Management
Firm Profile
Merion was established in 2010 by William Landman and Richard Aljian as a real estate investment and management platform. Prior to the formation of Merion, Messrs. Landman and Aljian were partners for over 16 years at a private equity firm specializing in multifamily funds as an equity provider. It is also over this period of time that Merion’s senior leadership team joined Landman and Aljian. This private equity firm invested capital across a broad cross section of real estate asset classes on behalf of high net-worth investors. Approximately $1.4 billion was raised by the firm and invested through 20 real estate related private equity funds focusing on multifamily, hospitality, medical office, single tenant net leased, and gaming.
Merion primarily targets value-add and core-plus apartment projects located in select suburban markets focused in the Northeast, Mid-Atlantic and Southeast regions. Merion’s investment strategy continues to evolve to best suit the ever-changing market dynamics of renter demand, lifestyle and demographic shifts, financing and investor equity targeted return parameters. Merion’s multifamily investment strategy has allowed the investment team to find best in class assets that have provided investors with consistent returns.
The Merion Difference
An alignment of interests between ownership and property operations seeks to maximize efficiencies in both revenue creation and expense management. Merion believes that people drive results. By having top quality, high energy management personnel, Merion is able to achieve top and bottom line efficiency. Merion’s integrated asset and property management platforms are designed to provide significant advantages over unaffiliated third-party management including:
- A more coordinated and targeted approach to value creation through cost savings, marketing and capital improvement programs.
- More consistent and informed underwriting and due diligence.
- Improved monthly reporting reducing the potential for gaps in revenue.
- Improved resident satisfaction due to management’s direct pride of ownership.
Merion’s professionals maintain a known reputation for closing transactions.
The competitive nature of the multifamily asset class has created an extremely efficient market for sellers via the broker network. Merion has direct relationships with national and regional brokerage firms, REITs and other multifamily investors and is respected as a closer among these groups. To win deals it is critical to highlight the ability to finance and close the transaction within a very tight time frame. Access to equity, staff to coordinate due diligence, good standing with lenders and an in-house management and legal team enables Merion to convert letters of intent to winning bids even, in some cases, when it is not the highest price bidder.
Merion’s Investment Strategy
Merion’s investment strategy is concentrated primarily on acquiring, managing, and strategically realizing value-add and core-plus multifamily apartments. The Merion team is actively underwriting new investment opportunities in select markets with the following acquisition criteria:
- Garden, Townhome, Mid-Rise Apartment Communities
- Core and Value Add Opportunities
- 150 Units or More
- Primary, Secondary and Tertiary Markets
- A or B Asset Quality
- Attractive Pricing Relative to Replacement Cost
- Single Asset or Portfolio of Assets
- All Cash or Existing Assumable Financing in Place
- Northeast, Mid-Atlantic and Southeast Regions
COMMUNITIES ACQUIRED
NUMBER OF APARTMENT UNITS
TOTAL ACQUISITION ASSET VALUE
Merion Milford
Merion acquired the 246-unit apartment community in February 2023. The community is situated on 22 acres and consists of seven traditional garden style three-story buildings, a clubhouse-leasing center, two detached garage buildings and four detached carports. The property has immediate direct access to I-95 and is located near other major highways such as the Merritt Parkway, the Milford Parkway, Route 1 and is a 20 minute drive to the center of downtown New Haven (north) or Bridgeport (south).
Merion Milford was constructed in 2004 and although the property was professionally managed and maintained over the years, none of the 246 units have been upgraded. It is rare to find a nearly 20 year old asset that is well maintained, yet has not undergone any level of coordinated interior upgrade program. The units themselves show well and are not dated in floorplan and amenities, however, the units have white cabinets with white painted surfaces on the walls, ceilings, trim and dated one inch white window blinds. The appliance package is white as well with fluorescent ceiling fixtures and tan carpeting throughout the living area and plain sheet vinyl kitchen and bathroom flooring. Merion Milford was underwritten to upgrade all of the market-rate units over the hold period.
Although the property was offered free and clear of debt, Merion underwrote the asset with the assumption of seller’s existing 4.05% fixed rate, interest only, Freddie Mac mortgage loan that will mature in January 2025. The assumption will act as a short term bridge loan and will allow Merion’s property management team to execute the Merion “Simply Modern” value-add interior unit upgrade. Upon maturity of the loan, Merion has underwritten a permanent loan that should provide proceeds sufficient to return a percentage of investors initial equity investment while maintaining a current yield on remaining invested capital.
Property Summary
Address:
1 Avalon Road, Milford, CT
Number of Buildings
Seven three story buildings
Number of Units
246
Average Unit Size
One BR 773 square feet, Two BR 1,208 square feet
Land Area
22.6 acres
Year Constructed
2004
Unit Mix
184 One BR/One BA, 62 Two BR/Two BA
Parking
352 surface spaces, 53 carports and 21 private garage units
Utilities
Individually metered for gas, electric and sub-metered for water.
Amenities
Clubhouse, residential lounge, pool with sundeck, fitness center, grilling areas, outdoor fire pit, sprinklered, washer/dryers in all units. Current ownership constructed an outdoor “Halstead Town Center” that has bocce, shuffleboard, gas grills and fire pit and sitting areas.
Merion Milford 2
Merion acquired the 246-unit apartment community in February 2023. The community is situated on 22 acres and consists of seven traditional garden style three-story buildings, a clubhouse-leasing center, two detached garage buildings and four detached carports. The property has immediate direct access to I-95 and is located near other major highways such as the Merritt Parkway, the Milford Parkway, Route 1 and is a 20 minute drive to the center of downtown New Haven (north) or Bridgeport (south).
Merion Milford was constructed in 2004 and although the property was professionally managed and maintained over the years, none of the 246 units have been upgraded. It is rare to find a nearly 20 year old asset that is well maintained, yet has not undergone any level of coordinated interior upgrade program. The units themselves show well and are not dated in floorplan and amenities, however, the units have white cabinets with white painted surfaces on the walls, ceilings, trim and dated one inch white window blinds. The appliance package is white as well with fluorescent ceiling fixtures and tan carpeting throughout the living area and plain sheet vinyl kitchen and bathroom flooring. Merion Milford was underwritten to upgrade all of the market-rate units over the hold period.
Although the property was offered free and clear of debt, Merion underwrote the asset with the assumption of seller’s existing 4.05% fixed rate, interest only, Freddie Mac mortgage loan that will mature in January 2025. The assumption will act as a short term bridge loan and will allow Merion’s property management team to execute the Merion “Simply Modern” value-add interior unit upgrade. Upon maturity of the loan, Merion has underwritten a permanent loan that should provide proceeds sufficient to return a percentage of investors initial equity investment while maintaining a current yield on remaining invested capital.
Property Summary
Address:
1 Avalon Road, Milford, CT
Number of Buildings
Seven three story buildings
Number of Units
246
Average Unit Size
One BR 773 square feet, Two BR 1,208 square feet
Land Area
22.6 acres
Year Constructed
2004
Unit Mix
184 One BR/One BA, 62 Two BR/Two BA
Parking
352 surface spaces, 53 carports and 21 private garage units
Utilities
Individually metered for gas, electric and sub-metered for water.
Amenities
Clubhouse, residential lounge, pool with sundeck, fitness center, grilling areas, outdoor fire pit, sprinklered, washer/dryers in all units. Current ownership constructed an outdoor “Halstead Town Center” that has bocce, shuffleboard, gas grills and fire pit and sitting areas.
