EQT Exeter is acquiring US residential real estate manager Redwood Capital Group (RCG).
EQT Exeter has agreed to buy the residential core-plus and value-add investment manager for an undisclosed amount.
RCG was founded in 2007 by David Carlson and Mark Isaacson. The company’s investments comprise deal-by-deal joint ventures on behalf of multiple institutional clients, including global fund sponsors, insurance companies and family offices.
The RCG team of 35 employees will combine with EQT Exeter’s existing US multifamily team. Following the combination, EQT Exeter’s expanded multifamily team will consist of nearly 55 investment professionals, in addition to RCG’s in-house property management team.
EQT Exeter said the new group will be led by Carlson, who will report directly to Ward Fitzgerald, head of EQT Exeter.
The integrated team is expected to pursue diverse residential strategies in sectors including multifamily, student housing, workforce housing and self-storage.
Fitzgerald said: “RCG’s strong cultural fit, impressive performance, aligned investment approach and similar commitment to sustainability make them the ideal partners as we continue to establish EQT Exeter as a global geo-sector leader across sheds, beds, and meds.
“Expanding our multifamily offering is a crucial step in our growth, and this combination offers a fantastic opportunity to build on the significant track records of both our firms, as we develop one of the leading residential real estate businesses in the US.”
Carlson, said: “When Mark Isaacson and I founded RCG over 15 years ago, our goal was to create one of the premier real estate investment management platforms in the industry.
”We are proud of what our people, track record and culture have allowed us to achieve and believe that with this combination with the EQT Exeter multifamily team, and the backing of EQT AB, we will continue to fulfil that vision.”
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