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A merger has been announced between multifamily owner-operator and investment manager Pacific Urban Residential (PUR) and multifamily private equity investor Hanover Real Estate Investors.
The blended company will operate under the name Pacific Urban Investors LLC. Headquartered in Palo Alto, Calif., the combined company will operate regional offices in Los Angeles and Irvine, Calif.; Seattle; Denver; Manhattan and Washington, D.C.
Founded 23 years ago, PUR owns and manages more than 13,000 apartment homes valued at $5 billion, has become one of the most active multifamily investors in the U.S. and has successfully identified and deployed a number of multifamily strategies.
PUR is entirely focused on multifamily strategies and invests substantial partner capital alongside strategic partners. Since 1998, PUR has acquired more than $7 billion in multifamily communities.
Established eight years ago, Hanover Real Estate Investors’ initial strategy was to provide both LP and GP capital to best-in-class local and regional developers and operators. Over the course of its lifetime, the company has been involved in 40 investments featuring a total cost of more than $1 billion. Along with its joint venture partners, Hanover today owns, manages and developers more than 2,000 apartment homes. The value of those properties stands at more than $800 million.
The merged company will continue to exclusively focus on multifamily, as well as on disciplined investment strategies. It will also furnish joint venture equity, preferred equity and other structured finance solutions to select operators and developers.
Alex Yarmolinsky, former Hanover CEO, will continue to serve as president of the Structured Finance Group at PUR. Hanover Principals Ash Baraghoush and David White are now PUR’s managing directors of structured finance. In July, PUR sold a 160-unit community in Long Beach, Calif., to Gelt Inc.