Milhaus, SRG Residential Complete Merger, Plan To Acquire Broadshore Capital Partners
Milhaus and SRG Residential completed a merger, forming a national multifamily platform to develop, own and manage apartment communities in more than 20 markets.
Together, Indianapolis-based Milhaus and Newport Beach-based SRG Residential, a subsidiary of Sares Regis Group, have $2.5B of total investment activity and more than 50,000 apartments under third-party management, according to a release. SRG Residential's portfolio includes apartment complexes in Long Beach, Irvine, Woodland Hills and Ontario, California.
The combined company plans to start eight development projects containing more than 2,000 units this year, according to the release.
Milhaus also announced it will acquire Los Angeles-based Broadshore Capital Partners, an investment management and lending platform. The move will expand Milhaus' capabilities in those areas.
Chris Payne, formerly the CEO of SRG Residential, is now chief development officer at Milhaus. Jeff Bailey, SRG Residential president of property management, will continue to helm the combined property management group.
Broadshore Capital Partners CEO Brad Howe will become the chief investment officer of Milhaus upon closing of the acquisition, which is anticipated later this summer.
The combined Milhaus platform will have corporate offices in Indianapolis, New York, Phoenix, Los Angeles, Orlando, Florida, and Newport Beach, California.
Mergers and acquisitions proliferated in the spring. Financing for transactions is plentiful, despite geopolitical events that shook the market for single-asset sales earlier this year. Market watchers expect more activity as the year goes on.
