Real Estate Acquisitions in 2024

Second Avenue, a Tampa-based single-family rental platform, acquired Jacksonville-based Pacific Oak Residential, Inc., adding a 2,110-home portfolio valued at about $400 million. The deal expands Second Avenue's managed homes to 5,300 and raises its assets under management to $1.5 billion while extending its operating footprint to 21 states.

Platinum Realty announced that SunWest Real Estate Advisors has joined its Kansas City operations, bringing SunWest’s luxury portfolio and agents into Platinum’s Midwest platform and national partner, United Real Estate. The deal expands Platinum’s luxury offerings and market presence in the Kansas City / Midwest region while giving SunWest agents access to United’s technology, benefits and national referral network.

William Raveis Real Estate, Mortgage & Insurance has acquired Jordan Real Estate, a boutique Nantucket brokerage led by co-owners Gloria Grimshaw and David Callahan. The acquisition expands William Raveis' presence and agent network on Nantucket, adding a long-established luxury and vacation-home specialist to its integrated real estate, mortgage, and insurance platform.

encoviva, a German holding focused on sustainable building solutions, has integrated W+S Real Estate Services GmbH into its group. The move brings W+S’s technical and economic real estate services, headquartered in Munich, into encoviva’s platform to expand capabilities, locations and interdisciplinary offerings while the previous managing partners join the group's shareholders.

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.

FIBRA Prologis completed a tender offer to acquire a majority of FIBRA Terrafina's CBFIs, securing control of the trust with roughly three quarters to nearly 90% ownership across different filings and announcements. The transaction will consolidate Terrafina's ~42 million sq. ft. industrial portfolio under FIBRA Prologis (sponsored by Prologis, Inc.), expanding the buyer's scale and presence in Mexico's industrial real estate market.

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.

U-Haul acquired the former Extra Space Storage facility at 1717 W. River Road N. in Minneapolis and opened it as U-Haul Moving & Storage at West River Road. The two-story, 975-unit self-storage property became operational under U-Haul management on Nov. 19, and the company plans to hire up to eight team members to staff the location.

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.

United Real Estate | Partners, an affiliate of United Real Estate, has merged with Real Estate Resource Group to expand its presence in the Greater New Orleans market. The combined operations now cover three offices (New Orleans, Metairie and Mandeville) and bring nearly 200 agents under the United banner, enhancing agent support, marketing and technology resources.

FCA Management has rebranded as Vest Residential following a merger with Bonaventure’s property management division. The combined platform expands Vest’s footprint to more than 20,000 Class A and B multifamily units across eight states while incorporating Bonaventure’s ~8,000-unit portfolio and property management team.

BRIDGE Housing acquired Bethany Meadows, a 340-unit income-restricted apartment community near Beaverton in the Portland metro area, to permanently preserve long-term affordability for households earning up to 60% of AMI. The purchase (reported at approximately $64.6 million) preserves affordability restrictions that were set to expire in a few years and is financed in part through BRIDGE's revolving credit facility backed by Morgan Stanley and National Equity Fund.

Hulic Co., Ltd. has acquired all shares of Rays Company (Hong Kong) Limited — previously wholly owned by RS Company Ltd., an affiliate of Oasis Management Company Ltd. — which holds a 63.88% stake in listed real estate company Raysum Co., Ltd. Oasis/RS also transferred related loan receivables and dividend claims for cash consideration; Oasis said the sale positions Raysum to achieve further corporate value enhancement under Hulic's stewardship.

BiggerPockets has acquired Left Field Investors and launched PassivePockets, a new platform that aggregates education, community, due-diligence tools, sponsor directories, and sponsor ratings for passive real estate investors. The acquisition brings Left Field Investors' passive investing expertise and community into BiggerPockets' broader audience and resources to expand its offering into passive real estate investing.

Fathom Holdings, a national technology-driven real estate services platform, has acquired Scottsdale-based My Home Group, adding more than 2,200 agents and expanding Fathom’s agent network to roughly 14,500. The deal preserves the My Home Group brand and management team and creates cross-selling opportunities for Fathom’s mortgage and title services as it strengthens its presence in Arizona.

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.

Hunt Military Communities (HMC) has acquired Atlantic Marine Corps Communities (AMCC) from Lendlease, adding approximately 7,900 housing units serving about 24,000 residents across eight military installations. The purchase expands HMC’s military housing portfolio and deepens its partnership with the U.S. Marine Corps, with planned investments in property improvements and resident services.

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.

Spokane-based Windermere Lease Source Property Management has acquired the assets of longtime Spokane property manager Watson Management Co., adding roughly 550 rental properties and bringing Windermere's portfolio to about 1,100 doors. Watson's owners, Rawley and Helen Harrison, have retired and four Watson employees were retained; terms of the transaction were not disclosed.

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.

Michigan-based ERA Prime Real Estate Group has acquired Southgate, Michigan–based GAP Realty Group. The deal, which will expand ERA Prime’s service area and market share in Southeast Michigan, will leave GAP founder Alex Pandoff on as an associate broker; financial terms were not disclosed.

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.

American Healthcare REIT, Inc. (AHR) exercised its purchase option and acquired the remaining 24% minority membership interest in Trilogy REIT Holdings, LLC for approximately $258 million, becoming the sole owner of Trilogy REIT Holdings and its Integrated Senior Health Campuses (ISHC). The acquisition was funded with net proceeds from a concurrent equity offering, with remaining proceeds used to repay roughly $194 million of outstanding credit facility debt.

Neinor Homes has agreed to acquire a 10% stake in Promociones Habitat, S.A. (Habitat) from Merak IMS, S.L. (a Bain Capital-controlled holding) and will provide development and management services to Habitat's assets as part of a new €700 million joint venture with Bain Capital. Habitat's land bank can support c.8,000 housing units (c.4,000 launched), and the partnership is intended to accelerate Neinor's JV pipeline and scale Habitat's residential development platform across Spain.

Peachtree Group acquired the 100-room AC Hotel by Marriott in Park City, Utah — its sixth hotel purchase of the year as the firm expands its hospitality portfolio. The asset will be operated by Peachtree's hospitality management division as part of its growing hotel platform.

Sixth Street Partners and Patron Capital have agreed to acquire Cala Group from Legal & General for an enterprise value of £1.35 billion, with completion expected in Q4 2024. The transaction gives the PE investors control of the UK housebuilder to support Cala’s next stage of growth and further develop its landbank and delivery of new homes across Scotland and Southern England.

Jefferson Apartment Group (JAG) completed the acquisition of J501 Estates, a 240-unit multifamily community in Durham, North Carolina, in a deal executed with partner STARS REI that closed in late 2023. Affiliate JAG Management Company has assumed owner-managed and third-party management responsibilities for J501 Estates and four other established multifamily communities across the Raleigh–Durham area, expanding its Carolinas portfolio and bringing its total managed portfolio to nearly 11,000 units.

Boise-based multifamily developer and operator Roundhouse acquired several apartment communities in 2024 — including Cycle Apartments (Fort Collins, CO), Clovis Point (Longmont, CO), Eagle's Landing Apartments (Idaho Falls, ID) and Sentral First Hill (Seattle, WA) — adding a total of 1,530 Class A units to its portfolio. The company said the transactions are part of more than $300 million in acquisitions (and $150 million in development groundbreakings) this year as it expands its presence across Western U.S. markets.

Doorvest, a San Francisco–based full-service real estate investing platform, has acquired Getaway, a PropTech company that helps investors find and finance investment properties. The acquisition adds Getaway's financing products and a network of more than 34,000 investor customers to Doorvest, accelerating the launch of Doorvest's lending product and creating a vertically integrated end-to-end platform for sourcing, financing, transacting, and managing rental investments.

reAlpha Tech Corp. (Nasdaq: AIRE) has acquired Be My Neighbor (Debt Does Deals, LLC), a mortgage brokerage licensed in 26 U.S. states, to integrate mortgage lending and refinancing services into its AI-powered, commission-free homebuying platform. The acquisition is intended to vertically integrate reAlpha's real estate offering, enhance consumer financing capabilities, and create additional revenue opportunities.

CVC Capital Partners has agreed to join the investor group led by Swedish investment firm Fidelio and Odevo’s management team, taking a stake in tech‑enabled residential property manager Odevo. The investment (from CVC Fund IX) will support Odevo’s international growth and service innovation; closing is expected in Q4 2024 pending regulatory approval. Odevo manages over 1.4 million homes, employs more than 7,000 people and reported annual turnover of about EUR 650 million.

Worth Clark Realty has acquired South Estates Realty, a Dallas–Fort Worth area private brokerage, adding 15 agents and expanding Worth Clark's presence in the DFW market. South Estates recorded $54 million in sales volume and 157 transactions in 2023; Jackie South, the former broker-owner, will join Worth Clark as managing broker for the Dallas-Fort Worth, Tyler, and Longview markets. Terms were not disclosed.

Schuber Mitchell Homes, an employee-owned regional homebuilder based in Joplin, Missouri, has acquired Cronkhite Homes, a Springfield-area homebuilder. The acquisition expands Schuber Mitchell's reach into the Springfield market while ensuring continuity of service for Cronkhite customers and employees.

A joint venture platform established by Warburg Pincus and Lendlease, together with its managed investment vehicle LINO, acquired a ~S$1.6 billion portfolio of industrial life‑sciences, R&D and specialist facilities in Singapore. The assets—previously held by entities associated with Blackstone and Mr Lim Chap Huat (Soilbuild)—give the JV immediate scale in Singapore and support its strategy to build a market‑leading life sciences and R&D real estate platform in Asia Pacific.

Denver-based Avanti Residential acquired The Residence at Old Hickory Lake, a 116-unit Class A multifamily property in the Nashville metropolitan area, marking Avanti's entry into the Nashville market. Avanti purchased the lakefront community from Arnold Companies and plans to operate the asset as part of its expanding multifamily portfolio across the Southeast.

EQT Private Capital Asia, via Baring Private Equity Asia Fund VIII managed by EQT, has completed the acquisition of PropertyGuru Group Limited for USD 6.70 per share, valuing the company at approximately USD 1.1 billion. PropertyGuru, the Singapore-headquartered PropTech marketplace serving Southeast Asia, will be taken private to accelerate technology development, expand market reach, and improve operational efficiency under EQT's ownership.

The Chernin Group has made a majority investment in BiggerPockets, the Denver-based real estate education platform and marketplace. The investment will accelerate BiggerPockets' audience growth and fund the development and launch of new product suites, including Market Finder, Deal Finder, and specialist service marketplaces.

Seabreeze Management Company has acquired Amber Property Management, a full-service property management firm based in Mission Viejo, California. The deal expands Seabreeze's team to over 700 colleagues and is part of Seabreeze's strategic growth plan to broaden its residential and commercial management footprint and resources.

DWS and OMERS have signed an agreement to acquire Grandi Stazioni Retail (GSR) from Antin Infrastructure Partners, ICAMAP and Borletti Group. Headquartered in Rome, GSR holds long-term leasehold rights to commercial leasing and advertising spaces across Italy's 14 largest railway stations; the transaction is expected to close in Q4 2024 with terms undisclosed.

Nocturne Luxury Villas acquired Grand Cayman Villas and Condos (GCVC), a villa rental management company that represents more than 180 properties across Grand Cayman. Gladstone Investment Corporation (NASDAQ: GAIN), an existing investor in Nocturne, provided $18.5 million of secured first‑lien debt to support the transaction and increase its investment in the Nocturne platform.

United Real Estate announced a merger between its United Real Estate | Dallas office and REAL Dallas Properties & Management, bringing roughly 70 agents into United's Dallas operations and expanding its North Texas presence. The deal transitions REAL Dallas agents to United's transaction-fee model and gives them access to United's offices, marketing, support services and technology.

Carmila has closed the acquisition of 93% of the share capital of Galimmo SCA for €272 million,adding a portfolio of 52 primarily north-eastern France retail assets valued at €675 million (Dec 31, 2023). The deal is immediately accretive to Carmila's EPRA NDV and recurring earnings and strengthens its partnership with Carrefour while expanding Carmila's retail property portfolio in France.

ERA Prime Real Estate Group, a Michigan-based ERA franchise, has acquired Southgate-based Compass Realty Pro. The acquisition expands ERA Prime's presence and market share in southeast Michigan; founder Mark Higgins will join ERA Prime as a managing broker. Financial terms were not disclosed.

Cinven has agreed to acquire a 70% majority stake in idealista, the leading online real estate classifieds platform in southern Europe, in a transaction valuing the business at €2.9 billion. Funds advised by Oakley and Apax are selling their holdings, EQT will retain an 18% stake, and founder Jesús Encinar will remain invested and continue to lead the company; CVC Credit provided debt facilities to support the acquisition.

Blackstone Real Estate Partners X (part of Blackstone) has completed its acquisition of all outstanding common shares of Apartment Income REIT Corp. (AIR Communities) for $39.12 per share in an all-cash transaction valued at roughly $10 billion, including assumed debt. The take-private purchase gives Blackstone control of AIR's portfolio of 77 multifamily communities (27,385 apartment homes) and aligns with Blackstone's continued expansion of its real estate platform.

Kaulig Capital (the private investment arm of Kaulig Companies) completed a growth equity investment in Turnserv LLC on June 26, 2024. The capital will support expansion of Turnserv’s multifamily apartment turnover brands — including its proprietary Liquid Liner product — and accelerate geographic expansion across Northeast Ohio and beyond.

PHM Group completed the acquisition of Investis Group's entire real estate services business on 24 June 2024, adding Swiss subsidiaries that provide property management and maintenance services. The acquired businesses employ 2,285 people and generated approximately CHF 181 million in revenue for the year ended 31 December 2023; as part of the deal Investis took a minority stake in PHM and Investis CEO Stéphane Bonvin joined PHM's board.

AKAM, a New York- and Florida-based property management and brokerage firm, acquired Property Management Resources (PMR), a family-run property management business serving Palm Beach County, Florida. The acquisition expands AKAM’s footprint in Southern Florida and brings PMR’s managed properties and team into AKAM’s platform, giving those clients access to AKAM’s capital project management, energy, procurement, insurance and risk management services.