The Carlyle Group and New York-based GFI Capital Resources have established a $300 million (€213 million) joint venture to target US distressed residential properties.
The joint venture could acquire up to $1.2 billion of real estate with leverage, according to media reports. Washington, DC-based Carlyle declined to comment.
GFI executive vice president of acquisitions and dispositions, Michael Weiser, said the joint venture was looking to purchase around 30,000 apartments in the US, including New York.
The deal follows on the heels of other private equity real estate firms targeting US distress opportunities. Last month, Parmenter Realty Partners launched its fourth real estate fund, Parmenter Realty Fund IV, targeting $500 million in equity. The vehicle will invest in distressed and/or under-managed infill office properties in the Southeast and Southwest regions of the US. It could also consider multifamily investments where there is “extreme distress,” the firm said, such as the South Florida market.
A joint venture between Lubert-Adler Real Estate and The Related Group also picked up 500 condos in Florida last month, paying $100 million for the properties, which the pair said were acquired ‘at significant discounts.’