Daily market intelligence on mortgages, equity raising, investment sales, and CMBS.

Monday, 03 December 2018

Carroll Organization, PGIM Partner on More Apartment Buys

Carroll Organization has completed another batch of acquisitions in partnership with PGIM Real Estate, bringing the volume of its investments with the investment manager to $2 billion. Carroll, an Atlanta apartment specialist funded the latest investment - valued at $600 million - with capital raised through a fund last year. It's now looking at launching a follow-up fund.

Commercial Real Estate Direct Staff Report

Carroll Organization has completed another batch of acquisitions in partnership with PGIM Real Estate, bringing the volume of its deals with the investment manager to $2 billion.

The latest investments - valued at $600 million - were comprised of three portfolios totaling 13 properties with 4,043 units in the Raleigh-Durham, N.C., area, Ponte Vedra Beach, Fla., and Charleston, S.C. Since the end of last year, Carroll has partnered with PGIM on the purchase of 45 properties with 15,000 units in Florida, the Carolinas, Tennessee and Texas.

Carroll partners with other institutional investors as well.

Like with most of its previous investments, Carroll capitalized its stake in the latest batch through its Carroll Multifamily Real Estate Fund V LP, a $40 million vehicle that it had raised last year. The company initially had targeted raising $75 million for the fund, but decided to complete its capital-raising efforts when it had its first close last December.

That fund was the first for which Carroll had raised capital from...





weekly-call-to-action

“The Weekly”

“The Weekly” is Commercial Real Estate Direct’s PDF newsletter, sent to subscribers every Friday morning. With over 100 news stories published on Commercial Real Estate Direct each week, “The Weekly” features the top stories in commercial real estate that industry participants need to know first. “The Weekly” also contains:

  • Breaking mortgage, CMBS, and REIT news

  • Quarterly league tables with rankings of B-piece buyers, book runners, and lenders

  • Industry moves and changes in “The Insider“

Data Digest

 

CMBS DELINQUENCY VOLUME

dqdataFP1

 

CMBS SPECIAL SERVICING VOLUME

sschartfp

Top Bookrunners Domestic, Private-Label CMBS - 2017
Investment Bank #Deals Vol$mln MktShr%
Goldman Sachs 17.59 11,819.34 13.68
JPMorgan Securities 14.52 10,968.11 12.70
Citigroup 12.04 10,012.71 11.59
Wells Fargo Securities 14.02 9,936.06 11.50
Deutsche Bank 12.55 9,879.74 11.44

 

RCA CPPI

 

cppichart FP

 

 

CMBS 2.0 Spreads

AAAspreads

Top CMBS Loan Contributors - 2017
Lender #Loans Vol$mln MktShr%
Goldman Sachs 146.89 11,719.34 13.63
JPMorgan Chase Bank 117.68 10,114.14 11.76
Deutsche Bank 198.48 9,689.97 11.27
Morgan Stanley 166.18 8,539.78 9.93
Citigroup 199.05 8,088.24 9.41

 

 

 

REITCafe

  • Challenging Retail Environment Weights on REITs
    Mixed economic news is weighing on retail markets, pushing REIT performance down in 2015. This week, the National Retail Federation announced that back-to-school spending is expected to be down 9.3% in 2015. This news came on the heels of a report from the Commerce Department stating that retail sales declined 0.3%...
     
  • US REITs Feeling Effects from Turmoil in Greece and China
    International economic forces have taken center stage this week, affecting both US stock markets and REITs. The crash in the Chinese stock market and ongoing concerns about the future of Greece in the eurozone drove markets down during the first half of the week. REITs fared better than the overall market...

  • What Does Increased Construction Mean for Apartment REITs?
    REITs so far this year have raised $17.1 billion of capital through the sale of unsecured notes, bringing the total raised over the past two and a half years to just more than $75 billion. That’s more than they raised during the previous five years. The massive volume shouldn’t be a surprise as it comes while the yield from 10-year Treasury bonds, the benchmark...
shouldn’t be a surprise as it comes while the yield from 10-year Treasury bonds, the benchmark against which most REIT’s price their bonds
warehouse-backstage