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Private Equity Giants Poised to Swallow Multifamily REITs

An impending wave of M&A activity signals confidence in continued growth.

By Jack Rogers | April 02, 2025 at 04:21 AM

The largest private equity players in commercial real estate are in buying mode and several are zeroing in on large multifamily REITs in what may become a crescendo of mega-deals. These impending acquisitions may rival in size and scope Blackstone’s $13B all-cash transaction in 2022, when the firm swallowed student housing REIT American Campus Communities and its portfolio of 166 properties in 71 university markets.

“There’s obviously a big push toward deregulation, but M&A activity hasn’t really picked up that much,” Willy Walker, CEO of Walker & Dunlop said, during a keynote presentation at GlobeSt.’s spring multifamily event in NYC on Tuesday. “There are some larger REITs that are in the process of being taken private and these could be important bellwether events for the commercial real estate industry.”

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