GFH inks $200m multifamily residential deal in the US
TDT | Manama
The Daily Tribune – www.newsofbahrain.com
GFH Financial Group has signed a real estate deal worth $200 million to acquire two multifamily residential sites in prime locations in Las Vegas.
The acquisition was completed in partnership with US-based real estate specialist Carroll, which manages around $5.2 billion of assets. The assets consist of two multifamily residential compounds Emerald Springs and The Meadows, located close to Las Vegas suburban areas.
The community sites include 819 garden-style units combined and amenities such as swimming pools, football fields, fitness centres and clubhouses for residents. Razi Al Merbati, Chief Executive Officer of GFH Capital KSA, said: “Our recent multifamily residence deal alongside Carroll in the US is testament to our strong relationships across a diverse range of sectors and markets.
We worked closely with our partners to see the acquisition come to fruition.” He added: “This sector has proven its resilience with a more than 90% rental collection rate during Covid and has continued to witness significant investor interest.
Around $140 bn was invested in multifamily in 2020, with 0.6% yearon-year growth in multifamily rents and growth in average sales price of US single-family homes.” Carroll manages more than 28,000 units in the US following its latest acquisition with GFH.