FOR IMMEDIATE RELEASE
33 HOLDINGS & SKYSCEND HOLDINGS PARTNER TO ACQUIRE A PORTFOLIO OF SINGLE FAMILY HOMES
Homes to be renovated and brought to market as retail sales and long-term rentals
(Atlanta, Georgia: September 11, 2020) – 33 Holdings and Skycend Holdings have partnered together to acquire a portfolio of distressed single-family homes from a local private bank. This portfolio consists of
single-family homes that require substantial renovation and rehabilitation in order to bring them to market. A portion of the properties will be sold after renovation while the remaining properties will be stabilized and refinanced into long term rentals.
A spokesperson for 33 Holdings indicated that this is the first of several investments in this partnership. The partners’ joint venture aims to deploy capital creating an asset portfolio valued at $10M in real estate holdings. This joint venture is the result of a service offered by 33 Holdings in which the company structures managed accounts to help investors deploy capital in the real estate market.
33 Holdings is one of the fastest growing private equity, real estate investment companies in the southeast. The company is uniquely positioned within the marketplace because of its fully vertically integrated real estate platform encompassing acquisition/building, rehabilitation/renovation, and leasing/management.
Skyscend Holdings is a real estate subsidiary of Skyscend (SAP Ariba cloud procurement technology solutions company) diversifying a portion of its portfolio into real estate holdings. In a statement, Skyscend CEO Chaya Gagadarappa said “We are very excited to partner with 33 Holdings given the vertically integrated real estate capabilities. We were looking for the right partner who could source, execute & deliver a turnkey model. Their diverse skill set allows us to remain focused on what we do best in technology while diversifying some of our asset holdings into real estate.”
When asked about the joint venture, Sanjay Raghavaraju, founder and CEO of 33 Holdings said “Skyscend came to us with an intent to grow thier portfolio with key real estate holdings. Our managed accounts model was a perfect fit to meet their needs. We structure private funds with high net worth individuals or investment groups to serve their passive real estate investment needs. We are excited about this joint venture and looking for strategic assets in which to deploy the remainder of the funds by year end.”
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