NEW YORK CITY-In a move to provide liquidity to the growing multifamily market, financial services firm Ranieri Real Estate Partners LP and private equity funds affiliated with WL Ross & Co. LLC have entered into a definitive agreement to acquire Deutsche Bank Berkshire Mortgage, a subsidiary of Deutsche Bank, the firms unveiled Monday morning.

While terms of the agreements could not be disclosed due to confidentiality agreements, the firms plan to expand DBBM’s $28 billion multifamily loan servicing and origination company, which is comprised of nearly 2,200 loans in 45 states and the District of Columbia. It is expected to close by the end of the year, and the company will be renamed following the closing, subject to approvals by Fannie Mae, Freddie Mac and the Federal Housing Administration.

Jon Vaccaro, co-founder of CEO of Ranieri Real Estate Partners LP, says the transaction comes at an “important” time as the fundamentals of the multifamily market continue to improve. “The shifting preference toward renting over home ownership to fuel significant new demand,” he says, makes “DBBM a strong platform for future growth.”