Olayan Group pays $1.5b for European and U.S. portfolios
The Olayan Group has completed two separate deals with its joint venture partners, totaling approximately $1.49 billion in sales price.
In the United States, the Middle Eastern international company and Morgan Properties acquired a 2,671-unit multifamily portfolio known as the Mid-Atlantic Portfolio. The seller is Berkshire Property Advisors. The sales price was $309 million.
The Mid-Atlantic Portfolio comprises nine separate apartment communities located in the Maryland, Virginia and Washington, D.C., area. The Mid-Atlantic Portfolio marks the second acquisition that Morgan Properties has purchased from Berkshire over the past year. CBRE represented the seller on the disposition.
The Mid-Atlantic Portfolio consists of seven garden-style apartment communities constructed bet