Saudi-Backed, DC-Based Ritz Banc Group Makes Two Multifamily Buys
Ritz Banc Group, a DC private equity and management firm, has just added more than 450 apartment units to its investment portfolio in separate transactions in Maryland and North Carolina.
RBG, backed by a Saudi family investor, bought Seven Oaks Apartments, a 278-unit multifamily property in Odenton, MD, near Fort Meade, home to the National Security Agency. Sources tell Bisnow the deal was for around $60M. We first heard about it last week, when we snapped RBG co-founders Amer El Souki and Nasr El-Hage at their holiday party.
The property, a JV partnership with Stonebridge Investments, includes nine garden apartment buildings, a clubhouse and 406 surface parking spaces. It's also near the developing Odenton Town Center, a 1,600-acre, mixed-use development that will include 3M SF of office and 1M SF of retail space.
Just yesterday, Ritz Banc also acquired Sterling Forest Apartments, a 178-unit multifamily asset on 17.4 acres in Raleigh, NC, in a value-add deal with Lincoln Property Co worth about $20M, we're told. Another Saudi group of anchor investors is a majority limited partner. The purchase marks Ritz Banc’s entry into North Carolina and the Raleigh submarket.
Take note: Saudi money is flowing into DC through RBG, and it's gobbling up apartments.
