Bahrain-based GFH Financial Group (GFH) has signed a real estate deal worth $200 million to acquire two multifamily residential sites in prime locations in Las Vegas.
The acquisition was completed in partnership with US-based real estate specialist Carroll, which manages around $5.2 billion of assets.
The agreement consist of two multifamily residential compounds, Emerald Springs and The Meadows, located close to Las Vegas suburban areas. The community sites include 819 garden-style units combined and amenities such as swimming pools, football fields, fitness centres and clubhouses for residents.
GFH has announced that it has signed to acquire US multifamily residential portfolio in Las Vegas, United States, valued at $200 million. The deal is part of GFH's strategy that targets areas of high demographic growth. Read more: https://t.co/7kNzMuBb9b pic.twitter.com/vw7G3YTEIq
— GFH Financial Group (@GFH_BSC) September 7, 2021
Razi Al Merbati, chief executive officer of GFH Capital KSA, said: “Our recent multifamily residence deal alongside Carroll in the US is testament to our strong relationships across a diverse range of sectors and markets. We worked closely with our partners to see the acquisition come to fruition.”
Las Vegas is ranked the top city among the high growth secondary markets in the US. It has the highest occupancy rates, at 96.5 percent, the second highest population growth year-on-year, at 2.2 percent, and the second highest annual rental growth, at 3.7 percent.
Al Merbati added: “This sector has proven its resilience with a more than 90 percent rental collection rate during Covid and has continued to witness significant investor interest. Around $140bn was invested in multifamily in 2020, with 0.6 percent year-on-year growth in multifamily rents and growth in average sales price of US single-family homes.”
Carroll manages more than 28,000 units in the US following its latest acquisition with GFH. The firm has developed a portfolio including student housing, single-family residential, and retail communities, and has overseen more than $250 million of construction management for both its owned and fee partners.
Established 20 years ago, GFH currently has more than $12bn of assets and assets funds under management.
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