Real estate · Industry brief

Milhaus, an Indianapolis-based multifamily developer and operator, completed its merger with SRG Residential (a Sares Regis Group subsidiary) creating a combined company with 1,400 employees managing 50,000 apartments across 190 properties and a development pipeline exceeding $2.5 billion. The merger represents a consolidation move in the commercial real estate sector, with the combined entity planning eight development projects totaling over 2,000 new units in Southern California, Denver, and Phoenix. Additionally, Milhaus announced an agreement to acquire Broadshore Capital Partners, a Los Angeles-based investment management platform with $1 billion in assets under management, expected to close in summer 2024. These transactions reflect ongoing market consolidation as Milhaus expands its third-party management vertical and vertically integrates development, property management, and investment capabilities across more than 20 markets nationwide. (Source: Real Estate Business Online)

Deutsche Pfandbriefbank announced its exit from the US commercial real estate market at significant cost. Nuveen and Schroders completed a merger creating a €10 billion European real estate debt platform, representing notable consolidation in the commercial property market. CBRE reports that refinancing activity continues to dominate lending activity in the sector.

The U.S. Department of Justice has issued enforcement guidance on the use of software, artificial intelligence, and algorithmic tools in price-setting within the rental housing sector. Additionally, the U.S. Department of Housing and Urban Development issued Enforcement Guidance on May 22 regarding requests for reasonable accommodations for service animals. The senior housing industry is undergoing significant consolidation and transformation, with changes in care models and industry structure reshaping the sector.