White Oak Partners Announces $400m Commitment from BGO to Form U.S.-based M/F Housing Partnership
Columbus, OH, July 7, 2021 — White Oak Partners (“White Oak”), an experienced owner-operator specializing in institutional-quality multifamily housing, announced today that BentallGreenOak (“BGO”), a global real estate investment management advisor, acting on behalf of its institutional investors, has committed $400 million of equity to form a strategic partnership that, with leverage and equity from White Oak, intends to acquire over $1 billion of multifamily assets. At closing, the venture recapitalized two multifamily communities owned by White Oak, which will be followed shortly by an additional two communities that are under contract plus future investment opportunities. The initial four deals are high-quality, newer-vintage multifamily communities in White Oak’s target markets, generally defined as desirable suburban and infill locations in large secondary U.S. metropolitan statistical areas that have resilient economies and magnetic growth potential. The assets generate consistent cash flow and offer the potential for strong appreciation over a long-term investment horizon.
“We are very pleased to partner with BGO, one of the global leaders in real estate investment management. We believe the combination of BGO’s diverse and deep capital sources, scale of our multifamily platform, and shared views on managing risk and prioritizing resident satisfaction provide great alignment of interest for this partnership to be successful,” said Mike Menzer, Founder and CEO of White Oak.
“Multifamily housing, especially within White Oak’s target markets, have proven to be a durable, income-producing investment with relative low volatility in the current economic climate. BGO’s objective of growing its multifamily portfolio through the acquisition of high quality assets in markets with strong growth drivers that are well-positioned to outperform in this next economic cycle, is made stronger through partnerships like the one we have established with White Oak,” said Kevin Rivest, Managing Director, Investments for BentallGreenOak.
About White Oak Partners
White Oak Partners is an experienced owner-operator specializing in institutional-quality multifamily housing. Based in Columbus, Ohio, White Oak has acquired over 13,000 multifamily units, with a market value of $2.3 billion, since inception under the direction of its leadership team, which averages over 25 years of experience. White Oak builds on the track record of its Founder, Michael J. Menzer, who owned and managed approximately 100,000 multifamily units in 47 states while building his prior multifamily firm, Paramount Financial Group, from 1987-2004.
For more information, please visit www.whiteoakpartners.com
BentallGreenOak is a leading, global real estate investment management advisor and a globally-recognized provider of real estate services. BentallGreenOak serves the interests of more than 750 institutional clients with approximately $62 billion USD of assets under management (as of March 31, 2021) and expertise in the asset management of office, industrial, multi-residential, retail and hotel property across the globe. BentallGreenOak has offices in 24 cities across twelve countries with deep, local knowledge, experience, and extensive networks in the regions where BentallGreenOak invests in and manages real estate assets on behalf of clients in primary, secondary and co-investment markets.
BentallGreenOak is a part of SLC Management, which is the alternatives asset management business of Sun Life.