Rio Properties Breaks Up Multifamily Portfolio for $30M
Rio Properties has divested a five-asset multifamily portfolio through a set of moves involving multiple buyers, brokers at Colliers (CIGI) announced Tuesday.
In a series of deals valued at approximately $30 million, Rio exchanged three of the properties into tax-sheltered multifamily funds, while the other two transferred to REITs in order to take advantage of their individual tax benefits, according to Colliers.