Rincon Partners, LLC (“Rincon”) is pleased to announce the acquisition of
NEXTLoft Apartments (the “Property”) in Bluffton, SC on May 21, 2021, for $18.15
million. The Property is a 148-unit, Class B+, multi-family community constructed
as an extended stay hotel in 2000 and fully renovated and converted to an
apartment community in 2018. The Property primarily consists of studio
apartments with modern finishes such as new cabinets, stainless steel
appliances, and granite countertops.
Located between Savannah, GA and Hilton Head, SC, Bluffton is one of South
Carolina’s fastest-growing counties with 18% growth since 2010.
Rincon is headquartered in Phoenix, AZ with an acquisition office in Atlanta, GA
and targets opportunistic and value add multifamily and self-storage commercial
real estate in the Southwestern and Southeastern United States.
For further information on new acquisitions and joint venture opportunities,
please contact Brian McGlynn, Chief Investment Officer, in our Phoenix, AZ office
at (480) 378-2959.
Mr. McAllaster currently serves as President of Rincon. Prior to joining Rincon, Mr. McAllaster spent over 11 years with Cole Real Estate Investments, Inc. ("Cole"), a public REIT (NYSE: COLE) and real estate investment management company, as Executive Vice President and Chief Financial Officer and in other executive leadership positions. He played a critical role in growing the company from a firm of 20 people and $20 million of real estate managed to a national organization of more than 375 people and $17 billion of real estate owned and managed. The Company listed on the NYSE in 2013 and merged with VEREIT, Inc. in 2014. At Cole, Mr. McAllaster was Chief Financial Officer of eight SEC registered public non-traded REITs. He was a member of the Executive Committee and Investment Committee and oversaw a broad range of accounting, corporate governance, Sarbanes Oxley and finance activities including; financial planning and analysis, property-level financing, lines of credit and cash management. During his tenure, Mr. McAllaster also played a critical role in the successful sale of three of the company's managed public, non-traded REITs in separate merger transactions with a combined value of over $6 billion. Prior to joining Cole, Mr. McAllaster spent six years with Deloitte & Touche LLP, most recently as Audit Senior Manager, and also worked for Coopers & Lybrand LLP and in private industry. Mr. McAllaster was previously a member of the Board of Directors of NexPoint Multifamily Capital Trust, Inc., a SEC registered non-traded REIT, the Board of Trustees of Xavier College Preparatory, and the Board of Directors of Cole Credit Property Trust, Inc. Mr. McAllaster is a Certified Public Accountant and has a Bachelor of Science degree from California State Polytechnic University-Pomona with a major in Accounting. He is a member of the American Institute of CPAs, the Arizona Society of CPAs, the National Association of REITs, and was a member of the Financial Standards Committee of the Investment Program Association.