The 16 Deals And Trends That Defined Real Estate In 2020 (That Aren’t The Pandemic Or Election)
It was only two weeks of the year for US CRE to get its first major portfolio sale, and it was one for the record books. Harbor Group International’s subsidiaries have purchased 36 US shared apartments for $ 1.85 billion. According to HGI, this was the fifth largest multi-family transaction in US history. HGI provided $ 90 million to renovate the 13,000 units in the contract, which is approximately $ 7,000 per apartment. Most of the units are located in the sun belt, which continues the region’s multi-family investment incentive that has prevailed in recent years.
Then Starlight Investments and KingSett Capital teamed up to buy Northview Apartment REIT in February for $ 4.8 billion, bringing together three Canadian real estate powerhouses. Northview owned apartment buildings in 60 major Canadian cities before it was owned by private equity firm KingSett, with a portfolio of $ 15 billion, and Starlight, whose portfolio was $ 14 billion with more than 43,000 apartment units and SF 7.3 million of other commercials Real estate comprised sales.
In a smaller but still eye-catching deal, Greystar Real Estate Partners bought Alliance Residential’s real estate management arm for $ 200 million in June. Alliance was the fourth largest apartment management company in the United States. The agreement added 130,000 apartment buildings in 21 states to Greystar’s portfolio and increased its presence by 25%.