Large Platform Events | Issue 22.41

 

Summary of Transaction Headlines

The San Diego Union-Tribune | “Hines, USAA Break Ground on $4 Billion Riverwalk San Diego”

Decades in the making, construction on the 195-acre, Mixed-use Riverwalk development in Mission Valley is now underway with a portion of the project — 930 apartment homes, 75,000 square feet of retail shops and improvements to Friars Road — expected to be completed by early 2025. Wednesday, local dignitaries and project executives commemorated the achievement with a ceremonial groundbreaking event at 1150 Fashion Valley Rd. The occasion comes nearly two years after San Diego’s City Council signed off on the now $4 Billion project that will eventually replace the Riverwalk Golf Club.

PR Newswire | “RREAF Holdings, DLP Capital and 3650 REIT – Partner to Purchase $500 Million Southeast Portfolio Spanning Seven States”

RREAF Holdings LLC, a private real estate investment and development firm, in partnership with 3650 REIT and real estate investment and financial services firm DLP Capital, today announced the acquisition of “Southeast Multifamily Portfolio III,” with a capitalization of approximately $500 Million. The portfolio includes 10 multifamily properties consisting of over 2,744 units located in Arkansas, Georgia, Indiana, Mississippi, North Carolina, Oklahoma, and South Carolina and marks the trio’s third portfolio acquisition in less than 12 months.

IPE Real Assets | “Simon Property to Buy 50% Stake in Jamestown”

US-based Simon Property Group is buying a 50% stake in global real estate manager Jamestown. Simon said it has agreed to acquire the interest in Jamestown from founding partners Christoph and Ute Kahl, who will continue to be Jamestown shareholders. Jamestown will operate independently and continue to be led by CEO Matt Bronfman and president Michael Phillips, who will retain their existing ownership. Christoph Ute will transition from day-to-day involvement as the company’s chairman to a member of the new Jamestown board of directors.

Bloomberg | “Brookdale Senior Living is Exploring a Sale”

Brookdale Senior Living Inc., one of the biggest operators of senior-living communities in the US, is exploring options including a potential sale, according to people familiar with the matter. The stock gained as much as 29%. The Brentwood, Tennessee-based company is working with financial advisers to scope out potential buyers, said the people, who asked not to be identified because the information isn’t public. No final decision has been made and Brookdale could remain independent.

Builder Online | “Fischer Homes Announces Leadership Changes”

Fischer Homes—No. 31 on the 2022 Builder 100—announced major changes in the company’s leadership, naming a new CEO emeritus, CEO, and chief operating officer. Bob Hawksley, a 28-year veteran of Fischer Homes and the current CEO of The Fischer Group, has been named CEO emeritus. Tim McMahon has been promoted from president and COO to CEO, and Jay Smith has been promoted from executive vice president of operations to president and COO.