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GFH acquires $200m multifamily residential sites in US

GFH acquires $200m multifamily residential sites in US
The acquired multifamily residential sites are located close to Las Vegas suburban areas
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Mubasher: GFH Financial Group has inked a real estate deal with the US-based real estate specialist Carroll to acquire two multifamily residential sites in Las Vegas in exchange for $200 million.

The company's investment in residential assets is in line with its strategy to expand a stable portfolio across areas of high demographic growth, according to a press release on Wednesday.

The two acquired multifamily residential sites, Emerald Springs and The Meadows, are located close to Las Vegas suburban areas, with 819 garden-style units combined and amenities.

Commenting on the acquisition, the CEO of GFH Capital KSA, Razi Al Merbati, 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."

Meanwhile, Al Merbati added: "This sector has proven its resilience with a more than 90% rental collection rate during Covid and has continued to witness significant investor interest. Around $140 billion was invested in multifamily in 2020, with 0.6% year-on-year growth in multifamily rents and growth in the average sales price of US single-family homes."