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Apollo Realty Income Solutions Inc. has paid $49 million, or $263,441/unit, for the 186-unit Madison at Harper Place apartment property in Charleston, S.C.
The REIT, whose shares do not trade on any exchange, bought the property, at 1100 Hampton Rivers Road, from Madison Communities of Charlotte, N.C. it was built in 2022 and is 95 percent occupied. Apollo Realty, or ARIS as it's commonly referred to, was launched in mid-2022 by an affiliate of investment manager Apollo Global Management. It's raised $616.6 million of capital through the sale of common shares. The company is like other non-traded REITs launched by institutional investment managers in that it sells shares at their net asset value. It allows for limited share redemptions, also at their NAV.
So far, it's focused its investments largely on the debt side, as $473.88 million of its $659.41 million of investments involve loans or real state securities.