Commercial Real Estate Finance

Hint: Stuy-Town's not the biggest

Toward the end of last year, Jerry Ascierto of Apartment Finance Today published a list of the largest multi-family real estate transactions to have taken place in the ‘oughts.’  It’s no surprise that many of these deals were acquisitions of REIT assets considering few private owners own as many units as the large public companies.  The most interesting transaction in the list, in my opinion, is the #1 largest multi-family deal; not because of its size, but because the deal went through in spite of a collapsing CMBS market.  That deal was a harbinger of things to come.  When CMBS financing was unavailable, Fannie and Freddie stepped in to push the deal through.  Hmmm…that sounds like every other multi-family deal that has traded since then.

10.  Acquisition of GMH Communities Trust (2008)
Transaction Size: $1.4 Billion
Buyer(s): American Campus Communities
Sellers(s): GMH Communities Trust shareholders

9.  Acquisition of Casden Properties (2002)
Transaction Size: $1.5 Billion
Buyer(s): AIMCO
Sellers(s): Casden Properties

8.  Acquisition of Town and Country Trust (2006)
Transaction Size: $1.5 Billion
Buyer(s): Morgan Stanley
Sellers(s): Town and Country shareholders

7.  Acquisition of UDR portfolio (2008)
Transaction Size: $1.71 Billion
Buyer(s): Steven. D. Bell & Co. and DRA Advisors
Sellers(s): UDR

6.  Acquisition of Kushner Companies portfolio (2007)
Transaction Size: $1.9 Billion
Buyer(s): Morgan Properties and AIG
Sellers(s): Kushner Companies

5. Merger of Camden Property Trust and Summit Properties (2005)
Transaction Size: $1.9 Billion
Buyer(s): Camden Property Trust and Summit Properties
Sellers(s): Camden Property Trust and Summit Properties

4.  Acquisition of AMLI (2006)
Transaction Size: $2.1 Billion
Buyer(s): Morgan Stanley
Sellers(s): AMLI shareholders

3. Acquisition of Gables Residential Trust (2005)
Transaction Size: $2.8 Billion
Buyer(s): ING Clarion
Sellers(s): Gables Residential shareholders

2.  Acquisition of Stuy-Town/Peter Cooper Village
Transaction Size: $5.4 Billion
Buyer(s): Tishman Speyer and BlackRock Realty
Sellers(s): MetLife

1.  Acquisition of Archstone-Smith
Transaction Size: $22.2 Billion
Buyer(s): Tishman Speyer and Lehman Brothers
Sellers(s): Archstone-Smith shareholders

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