The firm served as lead counsel for Gables Residential in the disposition of a portfolio of 35+ multi-family properties in six metropolitan areas with a total market value exceeding $1.5 billion.
The client’s needs included real time updates regarding deals in progress to executives, ability to close a high volume of discrete transactions quickly to meet client financial goals and capitalize on market timing and consistency throughout portfolios.
The firm’s role in this project included pre-bid due diligence review of marketed properties for identification and resolution of major issues; development of consistent document forms for each jurisdiction; coordination of local counsel for resolution of local land use and entitlement issues; establishment of consistent negotiated positions on common contract issues with the client; development of a strategy to minimize key post-closing risks in each jurisdiction; and analysis of ERISA conflict of interest issues.
An important transaction:
Kilpatrick Stockton attorneys achieved consistency and real time updates for Gables Residential, by designating one partner with responsibility for the overall project, including intake, quality control, communication and troubleshooting. This is critical in a project of this magnitude. Prior to the project beginning, firm attorneys developed consistent document forms for each jurisdiction (Florida, Georgia and Texas) with back up provisions for negotiation and conducted pre-emptive due diligence reviews of each property, to identify and resolve issues that would slow deal progress.
Consistent communication, management and leadership and due diligence led to a successful conclusion for this valued client.