Large Platform Events | Issue 22.47

 

Summary of Transaction Headlines

Business Insider | “JPMorgan is About to Spend $1 Billion on Hundreds of Rental Homes Across the US on the Way to Becoming a Megalandlord”

A new joint venture between one of America’s largest banks and a growing build-to-rent operator is the latest sign that big investors are undeterred by the volatile real estate market. Haven Realty Capital and JPMorgan Chase’s asset management arm said they will invest up to $1 Billion to develop build-to-rent single-family homes across the country, according to a November 15 announcement. The duo plans to seed their investment with up to $415 Million in equity. The first installment will include a purchase of 250 Homes in three communities around the Atlanta metropolitan area, and the deal could close within the next 90 days, the statement said.

Globe St. | “Apartment Income REIT Corp. Sells $500 Million Multifamily Portfolio”

Real estate investment trust Apartment Income REIT Corp. (AIR) has sold a portfolio of six apartment communities for $500 Million. The assets total 1,314 units in New England. The sales price represents a trailing 12-month NOI cap rate of 4.4%.

IPE Real Assets | “Sares Regis Closes US Value-add Multifamily Real Estate Fund at $548 Million”

Sares Regis Multifamily Investment Management exceeds target, raising $548 Million for its Multifamily Value-Add Fund IV. Sares Regis Multifamily Investment Management (SRMIM) has raised $548 Million (€526 Million) for its fourth US value-add multifamily real estate fund. The amount raised for Sares Regis Multifamily Value-Add Fund IV exceeded the fund’s $500 Million target and was also higher than SRMIM’s Multifamily Value-Add Fund III fund which closed at $328 Million in October 2019.

Connect CRE | “JLL IPT Teams with Amherst on $500 Million Single Family Rental Venture”

JLL Income Property Trust (JLL IPT) has expanded its existing relationship with Amherst to acquire up to $500 Million in single-family rental homes in a phased venture over the next two years. Chicago-based JLL IPT will have 95% ownership in the venture, and Austin-based Amherst will have a 5% stake. The daily NAV REIT previously acquired a 47% interest in a 4,000-home portfolio in which Amherst is also a partner and the operator.

PR Newswire | “Taylor Morrison Unveils New Build-to-Rent Brand Yardly”

The national home builder will now develop build-to-rent communities in house under a new brand name. Following the conclusion of its licensing agreement with Christopher Todd Communities, Taylor Morrison has launched its new build-to-rent brand Yardly. Specializing in cottage-style, for-rent homes with private backyard space, these communities aim to blend the best of single-family and apartment concepts to create a housing product specifically for renters. “There is so much to be excited about in the emerging build-to-rent space, but above it all is the opportunity to serve more consumers—at each stage of life—by building a home that’s just right for their lifestyle,” says chairman and CEO Sheryl Palmer. “With Yardly, we add renters to our lineup of consumers and offer them a unique alternative to traditional, vertically constructed apartments.”

Bloomberg | “Abu Dhabi’s $829 Billion Wealth Fund is Pushing Deeper into the US, Real Estate”

The $829 Billion Abu Dhabi Investment Authority is pushing deeper into the US and real estate investments, tapping into opportunities brought on by the pandemic. After one of its busiest years of dealmaking, the emirate’s biggest sovereign wealth fund has raised its target allocation range for North America to between 45 percent and 60 percent, and expects activity levels for real estate investments to remain high this year and beyond, according to its 2021 annual review released on Thursday.

Student Housing Business | “Core Spaces Hires Jennifer Holmes as Chief Financial Officer, Appoints Christine Richards to Chief Operating Officer”

Core Spaces has hired Jennifer Holmes as chief financial officer and appointed Christine Richards to the role of chief operating officer. Holmes most recently served as chief accounting officer with Urban Edge Properties. “We are so excited to welcome Jen Holmes to the Core Spaces team and are proud to recognize the significant contributions of other key, senior executives across the organization,” says Dan Goldberg, president of the Chicago-based company. “The addition of Jen is an important step towards building a diverse, world-class leadership team as we transform our business.” As COO, will Richards oversee the company’s operations, revenue optimization, research and strategy, people, technology, and asset management teams. Richards joined Core in April 2021 and most recently served as president of property management.

IREI | “Goodstone Living Appoints Iliya Blazic as CEO”

Goodstone Living, a specialist real estate developer and investment manager, has appointed Iliya Blazic to the newly created role of CEO. Goodstone partners with institutional investors to deliver high-quality, build-to-rent residential real estate across the United Kingdom. Blazic, who brings more than 25 years of real estate investment and funds management experience to the role, will be responsible for day-to-day leadership of the business and report to the board of directors.