2023-07-31 09:02:38 ET
In a bid to build its presence in the multifamily space, RMR Group ( NASDAQ: RMR ) said Monday it has agreed to acquire all equity interests in MPC Partnership Holdings, doing business as CARROLL, for $80M in an all-cash deal.
The transaction is subject to customary purchase price adjustments, with the potential for incremental earnout consideration up to $20M based on the deployment of future capital.
Vertically integrated multifamily platform CARROLL will bring advanced technology infrastructure and digital marketing capabilities that may be leveraged across the RMR ( RMR ) platform.
In addition, the deal will add some $7B in assets under management and more than 20 institutional partner relationships, thus advancing RMR's ( RMR ) focus on growing its private capital business.
RMR gained 2.3% in premarket trading.
As of March 31, 2023, CARROLL provided asset and property management services to 81 multifamily properties with more than 28,000 units, mostly located across the high-growth Sunbelt markets. CARROLL has the potential to make multifamily investments in excess of $3B in its current general partner fund series.
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RMR Group to buy CARROLL multifamily platform for $80M cash