Large Platform Events | Issue 24.15

 

Summary of Transaction Headlines

Multi-Housing News | “Blackstone to Acquire AIR Communities for $10 Billion”

A Blackstone fund has agreed to acquire Apartment Income REIT Corp., known as AIR Communities, for approximately $10 Billion. Blackstone Real Estate Partners X will purchase the company in an all-cash transaction, assuming its existing debt and taking it private. AIR Communities portfolio comprises 76 multifamily communities situated primarily in coastal markets, including Miami, Los Angeles, Boston, and Washington, D.C.

PERE | “S2 Capital Targets $1 Billion for Multifamily Private REIT”

The REIT, which will be seeded with a $1.6 Billion portfolio of assets, will be the largest vehicle of it’s kind focused on the sector. S2 declined to comment, but PERE understands the firm is targeting $100 Million in the initial closing for the open-end vehicle and aims to reach $1 Billion in commitments over the next five years. The Dallas-based multifamily specialist launched S2C Real Estate Income Trust in February, according to a filing with the US Securities and Exchange Commission.

Bisnow | “Real Estate Equity Giant Lone Star Names New CEO”

Lone Star Funds has appointed a new CEO and Global President as it positions itself on the offensive. Donald Quintin, who has been with the company since 2010, will be stepping into the roles, the Dallas-based investment giant announced. He most recently served as President of opportunity funds, during which he oversaw fundraising and strategies surrounding the firm’s opportunity fund and residential mortgage fund.

Business Wire | “CBRE Streamlines Leadership of its Two Real Estate Services Business Segments”

CBRE Group, Inc. (NYSE: CBRE) announced that Chief Operating Officer Vikram Kohli will assume direct oversight of the company’s two real estate services business segments: Advisory Services and Global Workplace Solutions (GWS). To bring greater focus and impact to his efforts, Jack Durburg, who has served as CEO of Advisory Services, will now exclusively lead the U.S. and Canada Advisory Business, and Chris Kirk, who has served as COO of Advisory, will lead the International Advisory Business. Both Executives will report to Mr. Kohli. 

IREI | “Missouri Employees Retirement Hires Scott Day as Next CIO”

The Missouri Local Government Employees Retirement System (LAGERS) has announced it has selected Scott Day as the pension fund’s next Chief Investment Officer. Day will assume the role effective May 1, 2024. Day will join Missouri LAGERS with more than 30 years of institutional asset management experience. Most recently, he served as the Deputy Chief Investment Officer for the School and Institutional Trust Fund Office (SITFO) in Utah, where he helped oversee the $3.5 Billion permanent fund. In this role, Day collaborated with the Executive Director and Board, focusing on numerous governance items, including the long-term strategic asset allocation, risk and reporting framework, and investment strategy.

Bisnow | “Brooklyn Brokerage TerraCRG Appoints New CEO as it Aims to Double in Size”

Brooklyn-based brokerage TerraCRG is shaking up its leadership. Dan Marks, a partner in the firm, has been promoted to CEO, with Founder Ofer Cohen transitioning to Chairman. Marks told Bisnow in an interview Wednesday afternoon that the change isn’t due to “any one particular thing,” nor is Cohen “stepping away.” “We felt like this was a really good time to reenergize, refocus, and restrategize how we’re continuing to grow our market share,” Marks said.