Real Estate Acquisitions in 2022

Stewart Information Services Corporation announced the acquisition of BCHH, a provider of title and closing services focused on individual and institutional investors, lenders, and bulk real estate transactions. The deal expands Stewart's lender services and bulk-transaction capabilities to better serve investor and lender customers across multiple states.

ApartmentLove Inc. completed an all-cash acquisition of GottaRent.com and four related domains from Metroland Media Group Ltd. for C$940,000, a purchase price equal to approximately 4x EBITDA. The deal adds established Canadian SEO rankings, an active customer list and recurring revenue to ApartmentLove’s portfolio; the balance of the purchase price plus ~C$54,000 working capital was funded from the company’s debenture financing.

Class Valuation, a Troy, Michigan-based appraisal management company, has acquired Property Val, LLC, a Freeport, Maine appraisal management/residential appraisal firm. The acquisition expands Class Valuation’s presence and appraisal capacity in Maine and the New England market and bolsters its regional appraisal panel and market-data capabilities.

Safe Harbor Marinas has acquired Chula Vista Marina (Chula Vista, CA) and Marina Bay Yacht Harbor (Richmond, CA), adding roughly 1,450 slips to its California network. The purchases expand Safe Harbor’s presence in California and increase its total marina capacity as the operator continues to grow its national marina platform.

Philadelphia-based Houwzer has acquired Denver-based Trelora, a next-generation flat-fee real estate brokerage. The deal expands Houwzer’s footprint to 14 states, adds Trelora’s management team (including Rod Ward as CRO), and broadens Houwzer’s product and enterprise offerings across consumer and institutional real-estate end markets.

NexPoint Storage Partners acquired 29 newly developed self-storage properties from SAFStor, bringing its wholly owned portfolio to approximately $1.7 billion in assets and 71 operating properties. As part of the deal Extra Space Storage extended and restructured its preferred equity investment in NexPoint and will manage NexPoint’s entire platform (nearly 90 properties) under the amended arrangement.

Frisco-based Rockhill Capital & Investments has merged with McKinney-based Horizon Capital Partners to combine teams and expand real estate investing and development capabilities across North Texas. The combined firm will operate under the Rockhill Capital & Investments name and plans to pursue a broader slate of residential, mixed-use and hospitality development projects in the region.

Fidelity National Financial, Inc. announced the acquisition of St. Louis Title, Security Title Insurance Agency, Accurate Disbursing of St. Louis, and Benchmark Title of Southern Illinois. The deal brings local title, escrow and disbursing teams into FNF’s national platform to expand its service footprint in the St. Louis metropolitan area and Southern Illinois; John Schaefer will continue to lead operations.

The Real Brokerage Inc. acquired all issued and outstanding common shares of Redline Real Estate Group (BC) Inc. through a wholly owned subsidiary, gaining Redline's real estate licence to operate in British Columbia. The deal expands Real's Canadian footprint and leverages Redline's ~90-agent team to support the company's provincial expansion.

PropertyGuru Group Limited has acquired Sendhelper, a Singapore-based home services technology start-up, to expand its property ecosystem into home maintenance and services. The deal lets PropertyGuru integrate Sendhelper's network of verified service providers into its marketplace, enabling homeowners, tenants and agents to book services like cleaning, AC maintenance and repairs through PropertyGuru's platform.

Chicago-based private equity firm CIVC Partners has made an investment in Continuum Companies, partnering with founder and CEO Marcus Mayo and the Continuum management team. Continuum is a Mid‑Atlantic integrated platform providing HOA property management and associated residential services across roughly 700 communities (~100,000 doors); CIVC said it will support accelerated acquisitions and organic growth initiatives.

Yardi has acquired Planimetron, a long-standing provider of space management and floorplan visualization solutions, and will rebuild and rebrand Planimetron's Propidex platform as Space Manager. The Space Manager product will be integrated into Yardi's CommercialEdge platform to expand Yardi's space-management and visualization capabilities for commercial and corporate real estate owners and operators.

Suntex Marina Investors, a Dallas-based owner and operator of marina properties, has acquired Channel Club Marina in Monmouth Beach, New Jersey. The four-acre facility on the Shrewsbury River features more than 140 slips, on-site restaurants, a pool and marina services; Suntex said the property will be added to its growing portfolio in the New Jersey/New York area.

Affiliates of Blackstone Real Estate (Blackstone) completed an all-cash acquisition of Bluerock Residential Growth REIT, Inc. for $24.25 per share, valuing the transaction at approximately $3.6 billion. The deal included a spin-off of Bluerock's single-family rental business into a newly listed REIT, Bluerock Homes Trust (BHM).

BBG, a national commercial real estate valuation firm headquartered in Dallas, has acquired Columbus-based VSI Appraisal Group. The deal (terms undisclosed) expands BBG's affordable housing appraisal capabilities and establishes a second Columbus office led by David Ross, Jr., who joined as Managing Director along with seven VSI professionals.

Pinnacle Realty Advisors has acquired Bay Area technology firm Realthy.io and closed a seed financing round led by Launchpad Capital, raising more than $5 million to date. The Realthy.io team joined Pinnacle to develop PinnacleHQ and support the brokerage's subscription-based BaaS platform; Launchpad's founder Ryan Gilbert will join Pinnacle's board.

Extra Space Storage (NYSE: EXR) completed the acquisition of multiple entities doing business as Storage Express—adding 107 remote-managed self-storage properties across Indiana, Ohio, Illinois and Kentucky—for approximately $590.0 million. The deal also included the purchase of the E-Tracker operating software platform and adds 14 future development sites; Storage Express founder Jefferson Shreve was appointed to Extra Space's board following the transaction.

Inframark, LLC has acquired Certified Management of Austin (CMA), a family-owned community association management firm serving 39 communities and over 6,200 residential units in the greater Austin, Texas market. The acquisition, which closed August 31, 2022, expands Inframark's Community Management portfolio and significantly increases its presence in the Austin market.

Northmarq has acquired Stan Johnson Company, a national investment sales brokerage, along with its affiliate Four Pillars Capital Markets, expanding Northmarq’s investment sales and capital markets capabilities across all major commercial property types. The deal adds over 100 investment sales professionals and broadens Northmarq’s debt/equity intermediary capabilities to establish a full-service sales brokerage and capital markets platform.

LDC-backed iamproperty has acquired SDL Property Auctions' portfolio of estate agency partners, bringing over 1,000 branches into iamproperty's iamsold Partner Agent network. The deal expands iamproperty's market-leading Modern Method of Auction (MMoA) reach across the UK and allows SDL Property Auctions to focus on its live-streamed, unconditional auction business.

Family-owned StorageMart acquired the Stor-All Self Storage property in Nampa, Idaho, adding 128,293 rentable square feet and 845 drive-up units to its Idaho portfolio. The site will transition immediately to StorageMart management and receive standard brand renovations and contactless gate access via the StorageMart Unlocked app.

Prestige Storage Capital of Columbus, Ohio has acquired North Huron Street Storage, a 244-unit self-storage facility in Ypsilanti, Michigan, from P-Tech Management, LLC (owned by Robin and Mike Petix). Calder Capital served as exclusive M&A advisor on the transaction. The acquisition expands Prestige's footprint in the metro Detroit area; terms were not disclosed.

Valet Living, a Tampa-based portfolio company of GI Partners, acquired Irving, Texas-based Contemporary Contractors, Inc. and Boca Raton, Florida-based A Rite Way to expand its Valet Living Turns national multifamily make-ready and renovation platform. The acquisitions will operate as additional lines of business under Valet Living Turns to broaden geographic coverage and service capabilities (plumbing, HVAC, renovations and capital projects) for multifamily clients.

Knox-Precision Holdings, backed and financed by Knox Capital and an investor group including Stephens Capital Partners, ORIX USA, Granite Creek Capital Partners and GMB Capital Partners, acquired Lenders Title Group from First Horizon Corporation. The deal adds LTG’s title, escrow and closing operations across Arkansas, Louisiana and Tennessee to Knox-Precision’s platform as an add-on to accelerate geographic expansion and build scale in the independent title market.

Blackstone’s Core+ perpetual capital vehicles — primarily Blackstone Real Estate Income Trust (BREIT) and Blackstone Property Partners (BPP) — have completed the acquisition of all outstanding common shares of American Campus Communities (ACC) for approximately $12.8 billion, including assumption of debt. The acquisition gives Blackstone significant exposure to the U.S. student housing sector and will allow ACC to invest in existing assets and develop new student housing in university markets.

3STEP Sports has acquired Sports Made Personal (SMP), an Illinois-based youth sports organization that operates soccer and lacrosse clubs, leagues, events, travel and technology offerings. The deal brings SMP's clubs and technology into 3STEP's national platform while retaining SMP's leadership and staff to expand 3STEP's presence in the Midwest.

Class Valuation, a Gridiron Capital portfolio company, has acquired Appraisal Tek (ATek), a nationwide appraisal management company headquartered in Chandler, Arizona. The add-on expands Class Valuation’s regional footprint and staff-appraiser network to improve service levels, scale operations, and enhance its digital appraisal capabilities.

MarineMax, Inc. agreed to acquire Island Global Yachting LLC (IGY Marinas) for $480 million in cash plus a potential earnout of up to $100 million, expanding MarineMax's global marina and superyacht services footprint. The transaction, expected to close in the first half of fiscal 2023 (closed effective October 1, 2022 per follow-up release), adds 23 luxury marinas, a yacht management platform and the IGY Trident membership program while IGY's management will remain in place.

Cushman & Wakefield has acquired UK logistics and industrial consultancy Burbage Realty Partners Limited to strengthen its UK Logistics & Industrial advisory capability. The deal brings eight Burbage Realty Partners employees into Cushman & Wakefield's national sector team and expands the firm's capacity across the Midlands Grade A logistics market.

Peachtree Hotel Group acquired the 176-room Canopy by Hilton Atlanta Midtown hotel in Midtown Atlanta. Peachtree Hospitality Management, a division of Peachtree, will operate the 15-story lifestyle property; terms of the transaction were not disclosed.

World Wide Land Transfer Holdings (WWLT), a portfolio company of Corridor Capital, has acquired First Partners Abstract Co. Inc. in partnership with FPA founder Stephen Wooldridge. The add-on strengthens WWLT’s regional title and settlement services footprint — adding ~70 employees across 13 offices in the greater Philadelphia / New Jersey market to support consolidation and capability expansion.

Affiliates of Blackstone Real Estate completed the acquisition of all outstanding shares of PS Business Parks, Inc. for $187.50 per share in an all-cash transaction valued at approximately $7.6 billion. The deal brings PSB's portfolio—93 properties serving ~4,800 tenants across ~27 million square feet (plus ~800 residential units)—into Blackstone's real estate platform (operated via Link Logistics), expanding its industrial/industrial-flex and suburban office footprint.

Sixth Street has made a minority investment in Spanish homebuilder Vía Célere and commercial real estate firm Dospuntos Asset Management; financial terms were not disclosed. The investment is intended to support each company's current strategy and management, reflecting Sixth Street's continued activity across the European real estate market.

Jones Lang LaSalle (JLL) has acquired Metropolitan Valuation Services (MVS), a leading commercial property appraisal and real estate consulting firm serving the greater New York metropolitan area. The deal adds a team of approximately 20 valuation professionals to JLL’s Tri-State valuation practice to expand its multi‑housing, office, industrial and retail valuation capabilities and scale its footprint across the U.S.

Berkshire Hathaway HomeServices Spain has acquired Nova Mallorca Real Estate, a leading Palma de Mallorca brokerage founded in 1969. The agency will operate as Berkshire Hathaway HomeServices Nova Mallorca and expand the BHHS Spain network’s luxury residential presence across the Balearic Islands.

Casago, a vacation rental management and franchise operator, has acquired the vacation rental assets and operations of Mountain Valley Realty in Snowshoe, West Virginia, effective July 1, 2022. The deal expands Casago's Snowshoe footprint and adds additional lodging options for visitors while Mountain Valley founder Debbie Goodwin will continue offering real estate services locally.

Home365, a San Jose-based PropTech platform, acquired Paper Street Realty to support management of its Chicago real estate investments and expand its OneRate NOI-backed offering into the Chicago market. The acquisition brings Paper Street's local team and management of more than 500 units into Home365's end-to-end property management and investment platform, enabling geographic expansion and local operational capability in Chicago.

WP Global Partners invested in Landing on June 23, 2022. Landing is an online marketplace offering fully furnished multi-family homes for rent; the investment is intended as growth capital to scale Landing's flexible-living network and expand its membership-based rental offerings.

Pebblebrook Hotel Trust (NYSE: PEB) acquired the 257-room Gurney's Newport Resort & Marina in Newport, Rhode Island for $174.0 million on June 23, 2022. Pebblebrook plans to reposition and renovate the resort, integrate it into its Curator Hotel & Resort Collection, and evaluate operating and physical enhancements to drive cash flow and higher positioning in the Newport market.

eXp World Holdings, Inc. (Nasdaq: EXPI) has acquired Toronto-based Zoocasa Realty Inc. and its Zoocasa.com property to strengthen eXp Realty's online lead generation, home-search and listings portal capabilities. The acquisition (expected to close in July 2022 and completed July 14, 2022) brings Zoocasa's technology, market insights and roughly 150 in-house agents into eXp's cloud-based brokerage ecosystem.

Avistone, a San Diego-based real estate private equity and investment management firm, acquired the 187-room Courtyard Dulles Airport Herndon in Herndon, Virginia. The deal marks Avistone's first acquisition in Virginia as the firm continues to expand its branded-hotel portfolio; the company also named Youngbin Park vice president, lodging investments, and transitioned Charlie Muller to an advisory role.

Move, Inc., the operator of Realtor.com and a News Corp subsidiary, has acquired San Mateo-based UpNest, a marketplace that connects home sellers with competing local agents. Founder Simon Ru and UpNest's 50+ person team will join Move, Inc.; terms were not disclosed. The acquisition advances Realtor.com's seller-focused offerings and expands its agent-referral capabilities.

JPAR – South Florida Living (owned by Chris, Lisa and Michael Schlitz and Jeremy Constantino) acquired Signature Invest Realty LLC of Orlando on June 3, 2022, expanding JPAR’s Florida footprint. The deal brings Jose Vega and his team of sales professionals into the JPAR network to support residential brokerage growth and agent-focused technology and marketing services.

American Securities has made a strategic growth investment in RealManage to support the HOA and condominium management company's continued organic and inorganic expansion, including acquisitions and branch openings. RealManage, which serves more than 3,000 communities across 19 states and operates the CiraConnect SaaS platform and GrandManors division, will use the capital and partnership resources to accelerate technology investment and geographic expansion.

A Warburg Pincus-led consortium has completed a US$250 million investment in Novaland (HOSE: NVL), one of Vietnam's leading real estate developers. The funding will be used to expand Novaland's strategic land bank and accelerate development of ongoing residential, hospitality and industrial projects across Vietnam.

SmartStop Self Storage REIT, Inc. completed a stock-for-stock merger to acquire Strategic Storage Growth Trust II, Inc., valuing SSGT II's real estate portfolio at approximately $280 million. The transaction adds 10 wholly-owned operating self storage facilities (about 8,500 units and ~900,000 rentable sq ft) to SmartStop's portfolio, creating a combined portfolio of 152 properties (~11.7 million rentable sq ft and 102,000 units) and delivering expected scale benefits and expense efficiencies.

Phoenix-based residential brokerage North&Co. has acquired Chandler-based Rusch Gledhill Brokerage, adding the local team's relationships in Gilbert, Mesa, Chandler and Queen Creek to North&Co.'s platform. Financial terms were not disclosed; the move expands North&Co.'s East Valley footprint and agent resources, bringing the firm to more than 260 agents across four Greater Phoenix offices.

Vino Vault, a fine wine storage and services provider, has acquired Wine Storage of Denver — its sixth U.S. location and first in Colorado. The acquisition brings Wine Storage of Denver's climate-controlled facility and local customer base into Vino Vault's national network, giving clients access to additional inventory, collection analysis and auction services.

PotlatchDeltic Corporation completed an all-stock merger to acquire CatchMark Timber Trust, combining two timberland REITs to create a leading integrated timber REIT with approximately 2.2 million acres of timberlands. The transaction is expected to deliver synergies, diversify PotlatchDeltic's geographic footprint into the U.S. South, and be accretive to Cash Available for Distribution.

Pixiu Real Estate, Woodbine Development Corporation and a collective of Austin-based investors (including Bryan Sheffield) acquired The Driskill Hotel in downtown Austin from Hyatt Hotels & Resorts. The new ownership group plans substantial capital investment to preserve and revitalize the 189-room historic luxury hotel and help stabilize the surrounding Sixth Street entertainment district, while Hyatt will continue day-to-day management.