Real Estate Acquisitions in California

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.

Ascendant Capital Partners purchased the 340-room Embassy Suites by Hilton San Diego La Jolla from BioMed Realty (owned by Blackstone) for $111 million. Ascendant plans roughly $20 million of renovations to modernize guest rooms, meeting spaces and public areas; BioMed said the sale reflects a shift in focus to other redevelopment projects.

Sea Glass, a boutique lifestyle real estate franchisor headquartered in Irvine, California, has acquired Sperry Commercial Global Affiliates, a commercial real estate franchisor. The deal brings the two complementary franchising platforms together under shared leadership to expand capabilities and resources across residential lifestyle and commercial real estate while preserving each brand's independence.

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.

Lower, a digital mortgage lender, has acquired proptech portal Movoto from prior parent OJO Labs to integrate Movoto's large consumer audience with Lower's lending and retail network. The deal aims to create an end-to-end homeownership platform that connects homebuyers, local agents, and Lower loan officers to simplify the mortgage and homebuying journey.

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.

Real estate software provider Yardi has acquired Deskpass (U.S.) and Hubble (U.K.) to expand its CoworkingCafe marketplace and Yardi Kube integrations, enhancing booking, listing and workspace-management capabilities for hybrid and flexible work. The acquisitions broaden Yardi's global flexible-workspace network and aim to provide greater reach and operational integration for operators, enterprises and individual users.

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.

RedAwning, a Petaluma-based short-term rental platform, has acquired Awning.com, a San Francisco–based remote full-service vacation rental management company. The deal brings Awning.com's team and client base into RedAwning, expanding RedAwning's service offerings to include remote full-service management and giving Awning clients access to RedAwning's marketing, distribution and platform tools.

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.

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.

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.

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.

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.

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.

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.

Cushman & Wakefield has acquired Cresa Partners of Los Angeles, Inc., adding a team of more than 40 occupier-focused commercial real estate professionals across three Los Angeles County offices. The acquisition strengthens Cushman & Wakefield’s local occupier services capabilities and expands its West Region platform in Los Angeles.

Seabreeze Management Company, a full-service property manager based in Aliso Viejo, California, has acquired CT Prop Management, a Simi Valley-based property management firm owned by Carol Tolchin. The acquisition is part of Seabreeze's strategic growth plan to expand its presence and resources across Los Angeles and Ventura Counties.

First Washington Realty (FWR) announced that an affiliate has acquired Donahue Schriber Realty Group (DSRG) from institutional investors advised by J.P. Morgan Global Alternatives, closing on March 31. The deal combines two leading private open‑air retail platforms and expands FWR’s portfolio to more than 150 neighborhood and community shopping centers (over 20 million square feet) across the United States.

Ready Capital has completed mergers to combine Mosaic Real Estate Credit Funds with its platform, creating a bicoastal real estate finance operation. Wedbush Securities served as sell-side advisor to Mosaic (MREC Management, LLC) to facilitate the transaction, which brings complementary commercial real estate origination and servicing capabilities together.

Marcus & Millichap Inc. has acquired Eisendrath Finance Group Inc. and will integrate founder Brian Eisendrath into its Institutional Property Advisors (IPA) division as executive managing director focused on multifamily debt, equity and capital markets advisory. Eisendrath brings a long track record of agency and non-agency financing originations (more than $35 billion in closed financings since 2005), which Marcus & Millichap says will expand IPA’s capital markets capabilities and support its strategic alliance with M&T Realty Capital.

Reali, the San Mateo-based real estate and fintech platform, has acquired San Diego brokerage TXR Homes as part of its expansion into the Southern California market. The acquisition brings TXR Homes' local agent expertise and inventory onto Reali's integrated platform to accelerate Reali's regional footprint and offer its Buy Before You Sell and Reali Cash Offer products to San Diego clients.

StoicLane, via its mortgage services affiliate, has completed the acquisition of Brentwood Property Appraisal (BPA), a Los Angeles–based appraisal management company serving high-end residential markets. StoicLane will provide capital, operational support, and technology infrastructure to accelerate BPA's growth into new markets and modernize its appraisal services.

An investment fund managed by Trinity Fund Advisors LLC (on behalf of Trinity GP Fund I L.P.) acquired a 50% interest in the 511‑key Omni San Diego Hotel from JMI Realty. Omni Hotels & Resorts retains the remaining 50% and will continue to manage the property. Trinity and Omni plan a multimillion‑dollar capital improvement program to renovate guestrooms, reimagine food & beverage, and reposition the hotel to capture higher-rated transient and group demand in the growing San Diego market.

Yardi acquired and redesigned 42Floors.com, a commercial real‑estate listing and search platform, and integrated it into its CommercialEdge marketplace network. The move brings more than 320,000 nationwide listings into Yardi’s CommercialEdge ecosystem to expand listings, drive leads and enhance its CRE data and marketing capabilities. The site was purchased from Roni Mova of United Group.

Independence Realty Trust (IRT) and Steadfast Apartment REIT (STAR) completed a strategic merger creating a combined public multifamily REIT retaining the Independence Realty Trust name and headquartered in Philadelphia. The combined company had an equity market capitalization of approximately $5.6 billion and an enterprise value of approximately $8.3 billion as of December 15, 2021; the companies expect about $28 million of annual synergies and identified nine non-core assets to sell to optimize the portfolio.

CubeSmart (NYSE: CUBE) closed the acquisition of LAACO, Ltd., owner of the Storage West self-storage platform, adding 59 properties across Southern California, Phoenix, Las Vegas and Houston. The deal expands CubeSmart's national footprint and was funded with proceeds from recent equity and unsecured senior note issuances.

StoicLane has closed on a majority stake in appraisal management company Lender's Valuation Services (LVS). The investment is the first for StoicLane's mortgage services platform and aims to help LVS scale its appraisal management and tech-enabled mortgage services nationwide.

San Francisco-based real estate team The Level Up Group has merged with Napa Valley agent Dotty Hopkins & Associates, combining their agents and local expertise to expand coverage across the Bay Area from Napa Valley to Silicon Valley. The partnership increases the combined team's scale to about 20 agents and staff and broadens capabilities in single-family, luxury, vineyard, commercial, and probate sales.

Walker & Dunlop, Inc. entered into a definitive agreement to acquire Alliant Capital, Ltd. and its affiliates (Alliant Strategic Investments and ADC Communities), bringing approximately $14 billion of affordable housing assets under management to Walker & Dunlop's platform for a total enterprise value of $696 million. The deal (expected to close in Q4 2021) expands Walker & Dunlop's affordable housing capabilities by adding tax credit syndication, development and preservation expertise and is expected to be immediately accretive to revenue and adjusted EBITDA.

Small Business Development Group, Inc. (SBDG) signed a definitive agreement to acquire Appraisal 3000, Inc., a Southern California real estate appraisal firm. SBDG — a publicly traded holding company — intends to invest capital, technology, and human resources to expand Appraisal 3000’s operations nationally and build a real estate vertical within its portfolio.

CoreLogic has completed the acquisition of all outstanding shares of ClosingCorp, a San Diego–based provider of closing-cost intelligence and digital settlement solutions. ClosingCorp will remain led by CEO Bob Jennings and will join CoreLogic's BUY segment to broaden CoreLogic's capabilities for mortgage lenders, title and settlement companies and real estate professionals.

LF Capital Acquisition Corp. and Landsea Homes closed their previously announced business combination, resulting in LF Capital being renamed Landsea Homes Corporation and beginning trading on Nasdaq under the ticker LSEA on January 8, 2021. The transaction provides Landsea Homes with public-market capital to support its growth across U.S. markets and was approved by LF Capital’s board and stockholders.

HomeLight, the San Francisco–based real estate technology platform, acquired Disclosures.io, a listing management software provider, to launch HomeLight Listing Management nationwide. The acquisition integrates Disclosures.io’s listing, buyer-interest reporting, and offer-management tools into HomeLight’s suite of transaction products to simplify and accelerate residential real estate closings.

The Avalon Management Group has acquired the assets, staff and accounts of S & L Association Management, Inc., a Temecula-based community/HOA management firm, with the transition effective September 1, 2020. The acquisition expands Avalon's footprint across Southern California and brings S & L's clients and team into Avalon's regional association management platform.

OJO Labs announced the acquisition of Movoto, a fast-growing residential real estate search site, as it closed a $62.5 million funding round led by Wafra. The deal combines Movoto's consumer-first search and large audience (nearly 24 million monthly visits) with OJO's AI-driven personalized homebuying platform to scale reach and enhance its consumer guidance capabilities.

Grace Hill announced the acquisition of Kingsley Associates on January 21, 2020, combining Grace Hill’s talent performance and training solutions with Kingsley’s customer insights, survey and benchmarking capabilities for the real estate industry. The deal is intended to connect resident and tenant insights to team performance, enhancing Grace Hill’s offerings for multifamily and commercial property managers, owners, and investors.

Greybull Stewardship has made an equity investment in Grand Welcome, a Torrance, California–based vacation rental management operator and franchisor. The capital will support Grand Welcome's national expansion and franchise development; terms were not disclosed and Brandon Ezra will remain President & CEO.

Class Valuation, a nationwide appraisal management company based in Troy, Michigan, has acquired Van Nuys, California–based Landmark Network, a specialist in real estate valuation for the reverse mortgage lending industry. The acquisition expands Class Valuation’s reverse-mortgage capabilities and geographic footprint while integrating Landmark’s client relationships and valuation technology into Class’s national platform.