Transactions
What multifamily firms bought and sold this summer
This summer, multifamily housing companies actively adjusted their asset portfolios. Knightvest purchased over a thousand units in Austin, Scion Group acquired a student housing portfolio for $400 million, and Camden sold all its California assets for $1.6 billion.
Fogelman Expands Texas Footprint with Ninth Property in Dallas Suburbs
Fogelman Properties has acquired The Ovilla, a 288-unit multifamily community in Red Oak, Texas, within the Dallas-Fort Worth metro. The Memphis-based firm cites limited new supply in the far south suburbs and infrastructure investment along I-35 as key drivers. The property, built in 2023 and 95% occupied, will undergo capital improvements. This marks Fogelman's ninth Texas property and third acquisition in nine months.
AvalonBay and Equity Residential Shareholders Approve Merger to Form Vivmark Residential
AvalonBay Communities and Equity Residential announced Wednesday that shareholders overwhelmingly approved all proposals necessary to close their pending 'merger of equals.' The deal is expected to close on Aug. 17, with the combined company to be named Vivmark Residential, trading under 'VMRK' starting Aug. 18. The merger will create a multifamily giant with a pro forma equity market capitalization of about $53 billion and an enterprise value of roughly $71 billion.