Real Estate Acquisitions in 2023

Shore Capital Partners has formed a growth partnership with Bundled Management, a national property management platform founded in 2018 that provides property management, maintenance, and ancillary services to homeowner associations and real estate investors. The investment will support Bundled’s national expansion, technology enhancement, and team development as Shore works with Bundled’s leadership and a newly assembled board to scale the business.

OneKey MLS has acquired Mid-Hudson MLS, a broker-owned multiple listing service based in Poughkeepsie that serves more than 1,400 agents across roughly 350 offices in Dutchess County and the Mid-Hudson Valley. The consolidation expands OneKey MLS's regional coverage and subscriber base (bringing it to nearly 50,000 professionals), simplifies access to listing data for members, and is expected to be finalized in January 2024.

Synergy Global Housing has agreed to acquire Primestone Housing Solutions, the corporate housing business unit of New York-based Primestone Partners, for an undisclosed amount. The deal expands Synergy’s U.S. footprint and client relationships with multifamily property managers and corporate relocation customers, while allowing Primestone Partners to focus on its core technology and advisory businesses.

StorageMart has acquired Hanley Storage, a 53,920 rentable-square-foot self-storage facility with 218 units in Coeur d'Alene, Idaho. The acquisition expands StorageMart's presence in Idaho and will include facility upgrades and enhanced security and amenities under the StorageMart brand.

Mongo Holdings, through its subsidiary Taylor Mercantile, in partnership with Atlanta-based private equity firm Keel Funds, acquired Kings River Marina in Shell Knob, Missouri. The buyers plan immediate capacity and amenity improvements — including new covered wet dock construction, additional boat lifts, and an expanded rental fleet — as part of Keel Funds' continuing marina roll-up strategy.

United Homes Group, Inc. (UHG) has acquired Rosewood Communities, a private homebuilder operating in the Upstate South Carolina markets of Greenville and Clemson. The acquisition expands UHG's footprint in the Upstate and adds Rosewood's cottage-style home designs to UHG's product offering; Mark Nyblom, Rosewood's former owner, will remain as Division Manager - Rosewood.

CoStar Group has proposed to acquire UK residential property portal OnTheMarket for £1.10 per share, roughly £100 million, subject to shareholder approval. The deal provides CoStar with an entry into the UK residential marketplace and OnTheMarket will benefit from significant marketing investment and integration into CoStar's global portal network.

TPG Real Estate Partners, via its vehicle European Real Estate Holdings NV, has filed a voluntary all-cash takeover offer to acquire all outstanding shares of Belgian logistics and office REIT Intervest Offices & Warehouses NV at €21.00 per share. The offer, supported by key Intervest shareholders, seeks to provide long-term capital and expertise to accelerate Intervest's logistics growth while enabling a strategic sell-down of its non-core office portfolio.

Sumitomo Forestry America, Inc. has signed a definitive agreement to acquire JPI's operating platform, with JPI management (CEO Payton Mayes and CFO Mollie Fadule) taking minority stakes. JPI will retain its name and operate autonomously from its headquarters in Irving, Texas, and the transaction is expected to close in the fourth quarter of 2023.

Bersh HOA, a permanent-capital platform focused on HOA property management businesses, has acquired Blue Door Realty, a property management firm serving HOA and residential communities in the greater Albuquerque, New Mexico area. Blue Door's founder Melanie McLaughlin will remain in day-to-day leadership while Bersh provides capital and resources to accelerate organic and acquisition growth and expand services in New Mexico.

PHM Group has agreed to acquire Sefbo Holding AS from a fund managed by Valedo Partners, subject to Norwegian Competition Authority approval. The deal is an add-on to PHM's Nordic platform (majority-owned by Norvestor) and expands PHM's footprint and service offering in Norway; Sefbo is headquartered in Oslo with ~560 employees and NOK 730 million in revenue.

Jogan Inc., a Denver-based holding company founded by Dan Dietrich, acquired Echo Mountain, a ski area near Idaho Springs and Evergreen, Colorado, on September 18, 2023. Jogan plans strategic investments to grow Echo Mountain's winter and summer offerings (including events and weddings) and to expand access to affordable, local snow-sports experiences.

Flyhomes has entered a definitive agreement to acquire certain assets and the Home Sale Assured brand from Innovative Holdings, LLC. The deal brings Home Sale Assured founder Eric Meadow into Flyhomes in a senior executive role and expands Flyhomes' "buy before you sell" Guaranteed Backup Contract offering for lenders, realtors and consumers.

EasyKnock has acquired Onder, a Seattle-based home maintenance subscription platform, in an asset acquisition to integrate Onder's property maintenance capabilities into EasyKnock's residential sale-leaseback marketplace. Onder CEO and co-founder David Krieger will join EasyKnock as chief product strategy officer as the combined company expands services to simplify homeownership and launch a nationwide property maintenance offering.

Clear Title Agency of Arizona has acquired the operating assets of First Arizona Title, adding four branch locations and more than 1,000 customer accounts. The transaction expands Clear Title's footprint in the Phoenix metro market and strengthens its position among local title and escrow providers in Arizona.

Zonda, a residential real estate technology and data provider, has acquired UTour, an on-demand self-guided home tour platform that serves the new home construction market. The acquisition will integrate UTour's unattended access, AI-powered voice/chat capabilities and smart-home security with Zonda's Livabl listings and data offerings to expand Zonda's product and data capabilities and improve the homebuyer journey.

TopSide Marinas, a Texas-based marina operator, acquired two Table Rock Lake properties — Cape Fair Marina and Hideaway Marina — from owner Scott Raridon Sr. The two marinas (combined ~450 wet slips and a 20-boat rental fleet) are TopSide's first properties in Missouri and expand its portfolio into the Ozarks vacation market.

RentRedi has acquired eRentPayment and PaymentReport to expand its payments and credit-reporting capabilities and to grow its subscriber base. The deal will fold eRentPayment and PaymentReport into RentRedi (with founder Rick Sands joining as Head of Payments), giving customers access to RentRedi's broader property-management feature set and improved credit-reporting across major bureaus.

Kensington Vanguard National Land Services (KV) acquired James P. Lazar, P.C., a Dallas-based commercial title insurance provider. The acquisition expands KV’s commercial title footprint in Texas and brings Lazar’s Dallas leadership and team onto KV’s national platform.

TPG Real Estate (through TPG Real Estate Partners) has acquired a majority stake in a portfolio of three stabilized hyperscale data centers in Ashburn, Northern Virginia, in a joint venture with Digital Realty, which retains a minority interest and will continue to manage the assets. The three facilities were contributed at an aggregate value of $1.5 billion (approx. 104 MW IT capacity), with the transaction valuing the portfolio at roughly a 6.0% cap rate and Digital Realty receiving about $1.3 billion of gross proceeds.

Public Storage agreed to acquire Simply Self Storage from Blackstone Real Estate Income Trust (BREIT) for $2.2 billion. The deal includes 127 wholly-owned properties totaling ~9 million net rentable square feet across 18 states (predominantly Sunbelt markets) and is expected to close in the third quarter of 2023.

Lincoln Property Company acquired RiverRock Real Estate Group, an Irvine-based property and asset management firm, adding more than 50 million square feet to its management portfolio. The deal expands Lincoln's third-party property management capabilities—particularly on the West Coast—and brings RiverRock founding partner John Combs into Lincoln's leadership team.

Yardi has acquired CloudVO, a San Francisco–based online reseller and marketplace for virtual offices, meeting rooms and other workplace services. Yardi will integrate CloudVO’s assets and partner relationships into its commercial listing service network to expand inventory, reach and booking capabilities for coworking operators and property owners.

Regency Centers Corporation agreed to acquire Urstadt Biddle Properties Inc. in an all-stock merger valued at approximately $1.4 billion including assumed debt and preferred stock. The combined company will create a larger portfolio of grocery-anchored, open-air shopping centers (481 properties, ~56 million sq. ft.), with Regency shareholders owning ~93% and Urstadt Biddle shareholders ~7% of the combined company.

Nuveen, the asset manager for TIAA, is acquiring a portfolio of affordable housing assets and operating capabilities from Omni Holding Company, expanding Nuveen’s affordable housing AUM to $6.4 billion. The deal transfers Omni’s development, construction, maintenance and management capabilities to Nuveen and strengthens the firm’s ability to preserve and expand high-quality affordable housing across U.S. urban markets.

EasyKnock, a New York–based technology-enabled residential sale-leaseback platform, has acquired Ribbon, a power‑buying and cash‑offer proptech platform. The deal combines EasyKnock’s sale‑leaseback product with Ribbon’s homebuying and agent network to accelerate a national marketplace and expand consumer financing and agent solutions; terms were not disclosed.

Investment funds managed by Morgan Stanley Capital Partners (MSCP) have acquired RowCal, a Minneapolis-based provider of outsourced homeowner association (HOA) property management services. MSCP is partnering with founder and CEO Jake Christenson to accelerate RowCal's national buildout through organic growth and M&A; RowCal currently serves Minnesota, Colorado and Texas.

RecNation Storage acquired three recreational vehicle and boat storage facilities — two in Smithville and Trimble, Missouri and one in Houston, Texas — expanding its platform to 47 locations across six states. The transaction continues RecNation’s rapid roll-up of specialized storage assets as it grows its national footprint with backing from Centerbridge Partners and WOJO Capital Partners.

JLL (Jones Lang LaSalle Incorporated) has wholly acquired Kensington Capital Advisors (KCA), a North Carolina–based derivatives and structured finance advisory firm, along with its Frame Financial Systems technology platform. The deal brings KCA and Frame's 23 employees into JLL's Capital Markets and JLL Technologies teams and adds a proprietary 'software with a service' debt portfolio reporting and analytics capability to JLL's CRE investor offerings.

The Real Brokerage Inc. has merged Sentry Residential into its platform and will launch a new Real Military Division to serve service members and veterans. Sentry brings operations in 74 markets across 24 states, relationships with the U.S. Department of Defense, and a roster that helped over 3,000 military families, pushing Real above 10,000 agents.

Denver-based Evermore Partners and Ridgefield-based New Castle Hotels & Resorts acquired the Montana Marriott Portfolio in downtown Missoula, Montana, comprising a 105-key AC Hotel by Marriott, a 175-key Residence Inn by Marriott, and The Mercantile (approx. 20,000 sq. ft. of retail). The co-sponsors said the acquisition expands their presence in the Rocky Mountain region and broadens New Castle's management platform to the West.

reAlpha Asset Management Inc., an AI-powered real estate technology and investment company based in Dublin, Ohio, has acquired Columbus-based Rhove, an SEC-qualified real estate investment and technology platform. The acquisition combines complementary technology and data, expands reAlpha's investor base (adding Rhove's 5,000+ users), and brings Rhove co-founder and CEO Calvin Cooper onto reAlpha's advisory board.

Safe Harbor Marinas has acquired the Savannah Yacht Center from Colonial Group, Inc.; consideration for the transaction was paid in securities of Safe Harbor’s parent company, Sun Communities Inc. The facility — which can accommodate the largest superyachts and includes a 140-meter graving dock, a 3,240-ton shiplift and extensive floating docks — will continue operations and its ~50 employees will join Safe Harbor.

Newmark Group, Inc. (Nasdaq: NMRK) has acquired London-based real estate advisory firm Gerald Eve, adding nine UK offices and roughly 600 professionals to its platform. The acquisition strengthens Newmark’s advisory, valuation and management capabilities in the UK and accelerates its international expansion across the UK and Europe.

Blueground has acquired Denver-based Travelers Haven, the leading U.S. provider of on-demand corporate housing, to add on-demand sourcing and expand furnished rental coverage across the U.S. The combined business will continue to operate separately for now, will employ over 1,200 people and is expected to generate over $600M in revenue in 2023.

Seattle-based home-buying platform Flyhomes has acquired host-to-own startup Loftium. Loftium's 11 employees (including its two co-founders) will join Flyhomes while Loftium maintains its operations and branding; Flyhomes plans to integrate Loftium's host-to-own affordability product into its search and home-buying tools.

Funds managed by Stone Point Capital made a strategic investment in Lincoln Property Company, backing a leadership succession that names David Binswanger and Clay Duvall as Co-CEOs while founders retain ownership stakes. The minority growth investment will support Lincoln’s national and international expansion and the build-out of its real estate investment management and operating capabilities.

Sentral has acquired Align Residential, a national residential management firm, expanding Sentral's portfolio to 40 communities across 15 U.S. cities and increasing its managed footprint to over 10,000 apartment units. Roman Speron, former CEO of Align Residential, will join Sentral as Chief Development Officer to lead development, design & construction, hospitality services, and JV partnerships.

Seabreeze Management Company, Inc. has acquired Best Management Company, a Bellevue, Washington-based property management firm. Best Management will continue to operate under its existing leadership while joining the Seabreeze family to expand the combined companies' presence and resources in the Pacific Northwest.

Lessen has acquired SMS Assist in a cash-and-stock transaction backed by roughly $500 million of new debt and equity financing from investors including Monroe Capital, Värde Partners and Koch Real Estate Investments. The combination creates a national, tech-enabled property services platform serving ~250,000 properties and processing ~2.5 million maintenance orders annually, with Lessen founder Jay McKee leading the combined company.

Second Home Management has acquired AllSet Turnover, a Chicago-based short-term rental management company founded in 2014 that managed more than 150 rental units. Raincatcher and AJL Atelier advised and represented AllSet in the sale. The acquisition expands Second Home Management's platform presence and local capabilities in the Chicago market.

Pagaya Technologies acquired Austin-based Darwin Homes to expand its single-family rental (SFR) platform by integrating Darwin's proptech software, operations and leadership. The deal makes Darwin a wholly owned subsidiary and is intended to create a data-rich, end-to-end SFR offering for residents, investors and service providers.

RealManage, LLC acquired Brown Community Management (Mesa, Arizona) and Walters Management (San Diego, California) in early January 2023, expanding its footprint across Arizona and Southern California. The deals increase RealManage's scale to roughly 3,400 communities and more than 700,000 units under management and reinforce its strategy of growth through technology-enabled M&A.