Source: HFBE Capital / #Apartments #Multifamily
HOUSTON, TX - HFBE Capital, L.P., an affiliate of HFBE Inc., one of Texas' premier Valuation Advisory and Investment Banking Firms, recently announced the $1 billion merger between Bailey Properties, LLC and Summit Housing Partners, LLC (Summit Housing) creating BSR Trust, LLC. The deal has been approved by both companies' boards but remains subject to regulatory approval and project lender consent. This deal is one of the largest such real estate transactions this year.
David S. Kulkarni, Senior Managing Director, headed up the HFBE team, advising Summit Housing, a Montgomery, Alabama-based real estate owner and operator. Through HFBE's relationships with a diverse group of real estate owners, Mr. Kulkarni was able to identify and initiate a strategic merger partner for Summit Housing.
BSR Trust will operate 111 such communities in ten states in the southeastern US, Oklahoma and Texas, comprising about 18,700 apartment units. The merger provides BSR Trust with an enhanced geographical footprint.
Over the last several years, the HFBE real estate team has successfully completed over $350 million of private placements of equity to finance over $1 billion dollars of real estate acquisitions and developments. HFBE also provides a broad range of financing, advisory, and investment services to real estate operating and development companies. Specific services provided include fairness opinions, strategic alternative assessments, business valuations and mergers and acquisitions advisory services. HFBE has the experience and expertise to match the client's objectives with the most appropriate equity capital in the marketplace as it has well-established relationships with institutional investors, private equity funds, real estate investment firms, pension funds, and opportunity funds throughout the country.