Bahrain-based Islamic investment bank, GFH Financial Group (GFH) has signed a $200 million worth real estate agreement to buy two multifamily residential sites in prime locations in Las Vegas, United States.
The deal was made in collaboration with Carroll, a real estate investment firm based in the US that oversees $5.2 billion in assets.
According to the statement, the goal of GFH’s residential asset investment strategy is to establish a varied and stable portfolio that targets locations with substantial population growth. Las Vegas is the fastest-growing secondary market in the US region.
The properties include two multifamily residential communities, Emerald Springs and The Meadows, both of which are located near Las Vegas suburban areas. The community sites comprise 819 garden-style units combined and amenities such as swimming pools, football fields, fitness centers, and clubhouses for residents.
“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. 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 $140 billion was invested in multifamily in 2020, with 0.6 percent year-on-year growth in multifamily rents and growth in the average sales price of US single-family homes.”
Following its recent acquisition with GFH, Carroll now manages over 28,000 units in the US. Further, the company has built a portfolio that includes student housing, single-family residential communities, and retail communities, and has managed more than $250 million in construction for both owned and fee partners.