A massive portfolio sale, a big financing, a cross-border joint venture and two downbeat forecasts comprised the most read stories on Connect CRE over the past week. Leading the roster was a breaking news story on the latest transaction between two giants that have done numerous deals together, Prologis and Blackstone. 

Prologis Acquires $3.1B of Blackstone Industrial detailed an agreement for San Francisco-based Prologis to acquire 14 million square feet of warehouse properties in 10 regional hubs, including Northern and Southern California, New York/New Jersey and South Florida. Although a $3.1-billion sale is sizable by any measure, it doesn’t exactly constitute a selloff of Blackstone’s industrial holdings: the company owns 175 million square feet of warehouses globally. 

New Loans Extend Debt Maturity Dates in Challenging Market

TruAmerica Multifamily, a national multifamily investment firm, has secured $300 million in refinancings on five multifamily properties in four states.

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TruAmerica Multifamily has obtained $300 million for the refinancing of five multifamily communities, comprising more than 2,100 units, located in Florida, Georgia, Arizona and Tennessee. Walker & Dunlop Senior Director Russell Dey and Senior Managing Director Trevor Fase arranged the loans on behalf of the borrower.

The portfolio encompasses the 432-unit Sabal Palm at Carrollwood, in Tampa, Fla.; Slate Apartments, a 350-unit property in the Atlanta metro; The Urban, a 435-unit community in Phoenix; the 468-unit Viera Cool Springs, located near Nashville, Tenn.; and the 425-unit Stillwater Palms, in the Tampa/St. Petersburg market. The owner picked up the properties back in 2021.

TruAmerica Multifamily, a national, institutionally-focused multifamily investment firm, added to an already successful year with the $300-million refinance of five multifamily properties in four states, The agency loans were arranged by Walker & Dunlop’s Russell Dey and Trevor Fase and include multifamily properties encompassing more than 2,100 units in Florida, Georgia, Arizona and Tennessee.

The assets were acquired by TruAmerica in 2021. They include Sabal Palm at Carrollwood, a 432-unit property in Tampa; Slate Apartments, a 350-unit property in Atlanta; The Urban, a 435-unit property in Phoenix; Viera Cool Springs, a 468-unit property near Nashville; and Stillwater Palms, a 425-unit property in the Tampa/St. Petersburg market. 

On June 1st, 2023, The Jewish Federation of Greater Los Angeles hosted the Real Estate & Construction (REC) Network Dinner at The Beverly Hilton in Beverly Hills, CA honoring the life and philanthropic legacy of Founder, Chief Executive, and President of TruAmerica Multifamily Robert “Bob” E. Hart. The night raised over $3.3 million for the Federation’s vital and lifesaving work of caring for the most vulnerable Jews in Los Angeles (including Holocaust survivors), keeping Jewish Los Angeles safe from the rising tide of antisemitism, and helping build meaningful relationships and programs for Angelenos of diverse backgrounds.

The Jewish Federation of Greater Los Angeles held its Real Estate and Construction (REC) Network Dinner at the Beverly Hilton.

The June 1 event honored the life and philanthropic legacy of Robert Hart, founder, CEO and president of TruAmerica Multifamily.

The Jewish Federation of Greater Los Angeles honored the life and philanthropic legacy of Robert Hart, founder, CEO and president of TruAmerica Multifamily, on Thursday at its Real Estate & Construction (REC) Network Dinner at The Beverly Hilton in Beverly Hills. The REC Dinner is regarded as the premier gathering of real estate professionals in Los Angeles.  

Hart, who has built TruAmerica into the 25th largest multifamily owner in the U.S., gives of himself —in time, talent, and treasure –to a wide variety of charitable organizations. He has raised tens of millions of dollars to better the lives of others in his community. He sits on the Board of Governors for City of Hope and is a member of the board of directors of Chrysalis.   

The Jewish Federation of Greater Los Angeles is honoring our industry colleague, Robert Hart of TruAmerica, at its annual Real Estate & Construction Network Dinner. As a Diamond Level sponsor of the event, W&D is looking forward to a great company presence. Please join us.

In the world of real estate, we tend to celebrate the big numbers, the big deals. But at the annual Jewish Federation of Greater Los Angeles’ Real Estate and Construction (REC) Network dinner, the industry will be celebrating something even bigger. On June 1, 2023, guests will gather at the Beverly Hilton hotel to honor a true industry luminary: Robert “Bob” E. Ha

Robert E. Hart, MBA '83, a board member of the UCLA Ziman Center for Real Estate, will be honored by the Jewish Federation of Greater Los Angeles on June 1.

The 2023 Real Estate & Construction Network (REC) dinner is being held will start at 5:30 p.m. at the Beverly Hilton Hotel. Those having questions about the event or wishing to purchase tickets to the organization’s annual fundraising gala may contact Steven Singer ([email protected], 323-761-8329) or Carly Vazana ([email protected], 323-761-8332).