NASHVILLE, Tenn., Nov. 15, 2016 /PRNewswire/ -- Crimson Ventures today announced that its joint venture partnership with Residential Investment Advisors of Lebanon, Tenn., has closed on its first property acquisition. The partnership was created to acquire and manage multi-family real estate properties throughout the southeastern United States. This first transaction is an 86-unit complex in Pensacola, Fla., currently operating as Hilburn Apartment Homes.
"We are excited to complete our first acquisition after working over 15 months to identify this initial property and another six months to close this transaction," Managing Partner Rob Walker said. "We are highly appreciative for the opportunity to work with our group of external investors who have aggressive growth plans for this partnership." Dave Childers, CEO of Residential Investment Advisors and a managing member of the newly formed Hilburn Investment Company, commented, "Our team is working diligently to source additional multi-family property options for those who wish to co-invest with us on similar transactions." Crimson Ventures is the largest equity investor in Hilburn Investment Company and also maintains minority equity positions in several operating companies including Thrivist, Sovereign Sportsman Solutions and Glide Slope Partners. Advisors and partners in this transaction included Waterford Law Group, IRA Innovations, Pinnacle Bank and Provence Real Estate.