In mid-November, California-based real estate investment firm RanchHarbor announced acquisition of a 112-unit multifamily complex in Boise, Idaho. The company didn't disclose terms but noted that it was an off-market transaction.
That's hardly the first off-market transaction in a pandemic that has seen massive amounts of money, seeking alternative investments, enter commercial real estate. To cite another example: In June, 29th Street Capital announced an off-market acquisition of a 424-unit Class A+ luxury apartment community in a Denver submarket for $134 million. More recently, earlier this month Apple Hospitality REIT acquired a three-asset portfolio off market for $126 million.
Pricing is one clear reason why buyers like off-market transactions.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
