Daily News: September 23, 2014

Spell Capital Mezz Invests in Apartment Data Services

Spell Capital Mezzanine announced a mezzanine debt and minority equity investment in Apartment Data Services (ADS) as part of the acquisition of the Company by Salt Creek Capital.

“ADS has a unique business model that has been continually refined and improved upon over the last 28 years with advances in technology,” said Andrew Leonard, managing director at Spell. “We are pleased to invest in ADS alongside Salt Creek Capital and support their initiatives to accelerate the Company’s growth.”

“We appreciated the flexibility and professionalism of the Spell team in helping us close this transaction in an expedited manner,” said Dan Phelps, managing director of Salt Creek Capital.

Houston, TX-based ADS collects and packages competitive real-time information that enables renters and apartment locators to find appropriate rental properties; property managers to optimize revenues and occupancy rates; construction companies to locate, plan and design optimized floor plans for new apartment construction and renovations; and commercial property investors to forecast returns.