Private Equity-Backed Real Estate Acquisitions

The Cynosure Group acquired Park City-based Utah Development and Construction and reorganized it into a newly established development platform jointly owned with Clyde Capital Group, a subsidiary of Clyde Companies. The joint venture, operated by Cynosure Elevations and Clyde Capital Group, will focus on hospitality and mixed-use resort projects across the Intermountain West to scale development efforts in high-growth resort markets.

BlueWater Marinas, backed by Bain Capital Real Estate, has acquired Bayside Marine, a full-service marina in Duxbury, Massachusetts. The Kent family will remain in place to oversee day-to-day operations as the acquisition expands BlueWater/Bain's portfolio of East Coast marina properties.

Town Lane, in partnership with a leading international institutional investor, has acquired ShopOne Centers and a 27-asset grocery-anchored retail portfolio from Pantheon. ShopOne CEO Chris Reed is reinvesting in the transaction and Town Lane said it will significantly expand the ShopOne platform by pursuing additional value-add retail assets and portfolios.

Makarora Management LP, together with Ares Alternative Credit funds, completed the all-cash acquisition of Plymouth Industrial REIT, Inc. for approximately $2.1 billion, paying $22.00 per share. As a result of the transaction, Plymouth will be taken private and its shares will no longer trade on any public securities exchange.

Keystone Equity Partners has acquired David Nicholas Building & Property Maintenance, a luxury residential property manager serving Southern New Jersey, as the inaugural investment for its new Shoreline Platform. The deal gives Keystone a foothold managing 130+ high-end coastal homes and positions the platform to scale services for affluent second-home owners in vacation markets while keeping founder David Nicholas involved in operations.

PURE Property Management and HomeRiver Group have merged to form PURE HomeRiver, creating the nation's largest third-party single-family rental (SFR) property manager that will operate more than 40,000 homes across 80+ local offices and 35+ states. The combined company secured $80 million in growth capital with PGIM (Prudential’s asset management business) serving as the primary lender to support continued acquisitions and investments in technology, operations, and service innovation.

ActivumSG, a UK-based real estate investment manager, has acquired a majority stake in Centralis, a German serviced-apartment real estate platform, as part of a plan to scale a €500 million hospitality platform. Greenberg Traurig advised ActivumSG on the transaction; Centralis will continue to focus on the German market with an accelerated project pipeline.

Suntex Marina Investors LLC, in partnership with Centerbridge Partners, L.P., has acquired Two Georges Marina in Shalimar, Florida and rebranded the property as Shalimar Harbor Marina. The acquisition adds 134 wet slips and 190 dry rack storage spaces to Suntex’s network; George and Amanda Fussell will continue to operate an independent marine sales and service business on-site under the Two Georges Marine name.

Oakline Properties, a property-management platform launched by Alpine Investors, has acquired Four Star Realty, a Colorado-based multifamily and student-housing property management firm. Four Star—founded in 1986 and managing more than 5,000 market-rate residential units and 3,000 student housing units—will continue to operate under its current brand and leadership while joining Oakline's expanding Mountain West platform.

Affiliates of Alojica (a Black Creek Mexico-sponsored platform), together with Royalton Hotels & Resorts, have completed the acquisition of The Westin Resort & Spa, Cancun from affiliates of Marriott Vacations Worldwide. The buyers plan a transformational capital improvement program to convert the property into an All‑Inclusive by Marriott Bonvoy Westin resort and reposition the asset to capture institutional demand for high‑end all‑inclusive resorts in Cancun.

A joint venture, MCME Carell — an affiliate of Elliott Investment Management and Morning Calm Management — completed its previously announced acquisition of City Office REIT, Inc. for $7.00 per share, taking the REIT private. The buyers said the transaction reflects an opportunistic investment to create value across City Office REIT's office portfolio amid broader sector dislocation.

TPG Real Estate has acquired a majority interest in Quarterra, recapitalizing the multifamily platform while Lennar Corporation retains a minority stake and will continue to provide synergies. The partnership includes a $1 billion strategic commitment from TPG to support Quarterra’s growth and the development of its pipeline of attainable multifamily rental housing across the United States.

Rithm Capital Corp. completed its acquisition of Paramount Group, Inc., a vertically-integrated REIT that owns, operates and manages Class A office properties in New York City and San Francisco. The deal expands Rithm’s commercial real estate footprint and strengthens its integrated asset-management and owner-operator capabilities as Paramount is integrated into the Rithm platform.

Oakline Properties, a portfolio company of Alpine Investors, has acquired Drucker + Falk, a Top-50 NMHC multifamily and commercial property management firm. The transaction brings D+F into Oakline's platform (increasing the platform to 65,000+ units managed) while the Drucker and Falk families will remain actively involved in the business.

StayTerra, a vacation-rental platform backed by Garnett Station Partners and Bessemer Venture Partners, announced an investment in Cape & Coast Premier Properties, a luxury vacation rental manager based in Cape San Blas, Florida. The deal brings Cape & Coast onto the StayTerra platform to accelerate growth, expand StayTerra's footprint in Florida's Gulf Coast, and provide the company with capital, technology and operational support.

Safe Harbor Marinas closed its acquisition of Port Annapolis (a 16-acre, 250-slip marina and boatyard) on November 11, 2025, adding the facility to its global portfolio. As a result, subsidiary Bluewater Yacht Sales will relocate operations to the Port Annapolis site to expand storage, service capabilities, and yacht sales presence in the Annapolis/Chesapeake Bay market.

H.I.G. Capital has established a new Italian self‑storage platform, Boxengo, following the completion of five acquisitions — four in Milan and one in Rome. The platform will be led by CEO William Binella and initially focus on opening two Milan facilities by year‑end, with the remaining sites operational during 2026.

Bain Capital Real Estate, working with marina operator BlueWater Marinas, has acquired Kent Narrows Boatel (KNB), a Class-A heated drystack marina on Kent Island, Maryland. The property — which offers 375 slips and over 12,000 square feet of commercial space — will become the fourth marina in the Bain/BlueWater portfolio and will be operated to enhance customer experience and regional market presence.

KSL Capital Partners affiliates, via its Tactical Opportunities Fund, acquired The Westin Hilton Head Island Resort & Spa; terms were not disclosed. The oceanfront resort on Hilton Head Island features roughly 420 refreshed rooms, extensive event space and wellness amenities — the deal expands KSL’s travel & leisure portfolio with a high-quality beachfront asset in the Southeast United States.

Alpine Investors launched Oakline Properties, a new platform to partner with and scale property and association management businesses across the United States. Oakline will partner with outsourced managers (including Cirrus Asset Management) to drive growth through cross-platform lead generation, service expansion, tech enablement and talent, led by CEO Amanda Sayigh.

Hg has made a growth investment in Parte to accelerate the company's expansion across the Benelux and DACH regions and to scale its AI-enabled property management platform. Parte, founded by Around Partners in 2020, manages more than 5,000 buildings and has over 450 employees across 27 regional offices.

Stout, a global advisory firm, has acquired Appraisers and Planners, Inc., a New York City–based real estate appraisal and valuation firm with a team of over 15 professionals. The acquisition, finalized September 16, 2025, expands Stout's Real Estate Valuation capabilities and provides Appraisers and Planners' clients access to Stout's broader valuation and advisory services.

Adelis Equity Partners (via Adelis Equity Partners Fund IV AB) has acquired Retta Oy and Retta AB, the leading provider of B2B property management and real estate services in Finland and Sweden, taking a majority stake to support the company's next growth phase. Adelis will back Retta's investments in digitalization, capability development and complementary strategic acquisitions to accelerate Nordic expansion.

Community Management Holdings (CMH), a Charlesbank Capital Partners-backed platform, has acquired regional community management operators HOAMCO and Alamo Management Group (AMG). The add-on acquisitions expand CMH's footprint to serve roughly 1,000 communities and nearly 500,000 households, adding local leadership while integrating technology and scale.

An affiliate of Certares Real Estate Management LLC has acquired a majority interest in the Hyatt Regency Greenwich from Trinity Investments. Trinity completed a $35 million renovation while owning the property and will partner with Certares to drive future growth and capitalize on favorable market dynamics in the Fairfield/Westchester region.

Aquavista, the UK's largest residential and leisure mooring provider, has acquired three marinas in the North West of England — Fettlers Wharf Marina (near Ormskirk), Furness Vale Marina and Marple Marina (near Stockport) — expanding its portfolio to 32 marinas and over 5,300 berths. The investment was supported by private equity investor LDC, with debt facilities provided by Barings and Clydesdale Bank.

Snappt, an AI-powered applicant trust platform for multifamily housing, has acquired Trigo, a rent‑verification technology provider, and secured a $50 million committed growth facility from Hercules Capital. The acquisition integrates Trigo’s verified rental payment history capabilities into Snappt’s fraud‑detection and applicant screening platform to speed leasing decisions and improve tenant qualification signals.

Safe Harbor Marinas has acquired Monaco Marine, expanding its footprint into the Mediterranean with nine marina and shipyard locations across the South of France and Monaco that provide slips, storage and refit/maintenance services for vessels up to 90 meters. The deal increases Safe Harbor’s global portfolio to 149 marinas and shipyards and extends its service offering into premier Mediterranean yachting destinations such as Saint-Tropez, Antibes and Monaco.

Norvestor created a continuation vehicle (Norvestor SPV III), supported by commitments from Norvestor IX and a syndicate of institutional investors, to acquire PHM Group Oy and Sperre Air Power AS from earlier Norvestor funds (Norvestor VIII and Norvestor SPV II). The transaction provides liquidity/options to existing investors while preserving follow-on capital and strategic support for the two companies’ growth and M&A agendas.

Knightvest Capital acquired the 412-unit Avana Desert View apartment community in Scottsdale, Arizona as the eighth investment in its Fund II. Knightvest plans value‑add renovations — modernizing unit interiors, refreshing common areas, and upgrading amenities — to deepen its Phoenix‑area footprint and drive long‑term returns for investors.

New Home Co. completed its acquisition of Landsea Homes Corporation, creating a privately-held, top-25 national homebuilder led by New Home CEO Matthew Zaist. Landsea common stock was delisted from NASDAQ and shareholders received $11.30 per share in cash; the transaction was funded with equity from funds managed by affiliates of Apollo, $522 million of homesites under option from Millrose Properties, and a senior notes offering by New Home.

Sixth Street has made a strategic partnership and significant investment in L+M Companies, a New York–based affordable and mixed-income housing developer. L+M will remain the majority partner and keep its leadership team while using the capital to expand development and preservation activity across existing and new U.S. markets.

Canadian proptech and brokerage platform RealServus, backed by Round13 Capital, has acquired StreetCity Realty, a 170-agent independent brokerage operating across Ontario. The deal expands RealServus' national brokerage platform and brings StreetCity access to RealServus technology, infrastructure and scale while allowing the brokerage to continue serving local Ontario communities under the RealServus network.

Millrose Properties agreed to provide a $700 million commitment to acquire a portfolio of homesites in partnership with New Home Company to support New Home's acquisition of Landsea Homes Corporation. The deal will enable development and delivery of those homesites to New Home over time under Millrose's Homesite Option Purchase Platform.

Ares Management (via a private equity fund) has made a strategic growth investment in Awayday, a U.S. vacation rental property manager, with existing sponsor LightBay Capital fully realizing Fund I and re-investing alongside Ares. Awayday operates 30 local brands and manages more than 9,000 properties; the new capital will be used to scale go-to-market efforts, accelerate acquisitions, drive organic growth, and invest in operating tools.

Warburg Pincus, through its Warburg Pincus Asia Real Estate Fund (WPARE), has acquired the Tokyo Beta portfolio — a share-house rental housing portfolio comprising 1,195 assets and 16,192 rooms across Tokyo. The portfolio will continue to operate under the Tokyo Beta brand and will be managed by Tosei Asset Advisors as Warburg Pincus expands its Asia living-sector platform into Japan.

Icona Capital and Stoneweg have combined operations under the newly formed SWI Group, which will manage more than €10 billion in assets and employ over 350 professionals across 25–26 offices. The firms (now operating as SWI Group) also completed the €280 million acquisition of Cromwell Property Group’s European funds management platform and associated co-investments (including a 27.8% interest in Cromwell European REIT), providing immediate scale, product diversification and greater institutional appeal.

Heitman LLC has acquired a majority stake in Servistore, the third-largest self-storage operator in Sweden, which operates 31 sites (25 open, 6 due to open) with over 4,000 units and ~330,000 square feet of storage. The acquisition, completed on behalf of Heitman's European value strategy, will see Heitman scale Servistore's technology-led, largely unmanned operations and enhance revenue management and ancillary services across the Swedish market.

Bain Capital, through a consortium led by its Europe Private Equity team, has agreed to acquire Apleona, the Neu-Isenburg-based European integrated facility management group, from PAI Partners. The deal will support Apleona's continued growth — including European platform expansion, digital transformation and ESG/decarbonisation capabilities — and is subject to customary closing conditions and regulatory approvals.

Evernest, a national tech-enabled property management operator, has acquired Cupertino-based Poplar Homes and secured $15 million in strategic funding led by LL Funds. The deal expands Evernest's footprint into six new states (including West Coast markets), growing its managed portfolio to roughly 23,000 units and integrating Poplar-owned assets such as Zendoor and select 33 Realty property-management operations into its platform.

Vacatia, a technology-driven hospitality company, acquired The Berkley Group, Inc. and Daily Management, Inc., combining Vacatia’s product and rental capabilities with Berkley and Daily Management’s resort development, sales and property-management expertise. The transaction was financed in partnership with affiliates of Fairfax Financial (via Hamblin Watsa Investment Counsel Ltd.), and brings together more than 2,500 associates servicing over 460,000 owners and managing over 11,000 units across 13 states.

Storage Post Self Storage has acquired five existing self-storage facilities across Chicago neighborhoods (Albany Park, Belmont, Edgewater, Little Village and Uptown), marking the company's entrance into the Midwest market. The acquisitions expand Storage Post's multi-state portfolio and bring its amenity-focused, climate-controlled storage product to the Chicagoland area.

A consortium led by Starwood Capital Group, Sixth Street and SSW Partners, with Warburg Pincus, Qatar Investment Authority and ESR's founders, completed a take-private of ESR Group Limited. The privatisation (valued at ~HK$55.2 billion / US$7.11 billion in the proposal) is intended to accelerate a strategic transformation—simplifying the portfolio, refocusing on logistics and data centres, and executing long-term initiatives in a private setting.

ICG has invested in Lomond in a transaction in which LDC exits its original investment but will reinvest alongside ICG, founding Chairman Stuart Pender and Lomond management. The recapitalization provides capital to support Lomond's continued roll-up strategy and geographic expansion after the business grew from 600 to 1,900 employees and completed 65 acquisitions under LDC's ownership.

Partners Group, alongside Portobello Capital, has acquired a majority stake in BLUESEA Hotels, a Palma de Mallorca–headquartered hospitality platform that owns and operates 25 hotels (around 5,100 rooms) across Spain. The investors plan a transformational value-creation program including refurbishments, operational improvements and strategic acquisitions to grow BLUESEA's platform in key Spanish tourist destinations.

Charlesbank Capital Partners has made a strategic growth investment in CCMC, a Scottsdale-based community association management company, with CCMC's management team co-investing. Concurrently, a new parent company, Community Management Holdings, was formed and Deb Dulsky was named CEO to lead expansion into additional community types, capability investments, and M&A activity.

Jamestown completed the acquisition of the Atlanta-based subsidiary of North American Properties, acquiring the subsidiary's real estate operating platform and making an investment in the platform's portfolio of properties. North American Properties will remain an investor in the portfolio and continue to operate other affiliates while Jamestown expands its presence in Atlanta and Sun Belt markets.

Heitman LLC acquired a self-storage property in Galway, Ireland to expand its U-Store It platform and strengthen its presence in the Irish self-storage market. The bolt-on acquisition adds approximately 72,000 square feet (plus ~36,000 sq ft expansion capacity) and is part of Heitman's strategy to scale its U-Store It business across Ireland.

Kensington Vanguard National Land Services has completed the integration of BridgeTrust Title Group, consolidating BridgeTrust's offices and employees under the KV brand and its KVConnect technology platform. BridgeTrust operated for more than 20 years with 18 offices in eight states and over 130 employees; all employees and offices are now fully integrated into KV's operations.

An affiliate of H.I.G. Capital (operating as H.I.G. Realty in Europe) has made a minority investment in Ziegert Group GmbH to finance existing projects and support strategic acquisitions. Ziegert Group is a Berlin-based, fully integrated real estate platform managing over 100 standing assets and a development pipeline of approximately 1,500 residential and commercial units.