Apollo Global Management is purchasing the Bridge Investment Group. Apollo is the most famous in the world of residential real estate to buy anywhere when it is known as Realology.
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The private equity company, previously owned everywhere, is purchasing Bridge Investment Group, a Utah-based real estate investment company, officials said Monday.
Apollo Global Management has acquired Bridge for $1.5 billion in its comprehensive agreement, officials said. Bridge said, “We will provide Apollo with immediate scale to our real estate equity platform and enhance Apollo’s origination capabilities in both real estate equity and credit, which will benefit Apollo’s suite of hybrid and real estate products offerings. We expect this,” the statement said.
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Bridge Investment Group was founded in 2009. The company operates 61,000 units of multi-family rental homes and 3,400 detached home rentals, according to its website. The company is also working on new construction. On Salt Lake City’s home turf, Bridge was one of the companies involved in a bustling, mixed new mega development just southwest of downtown.
The statement further describes the bridge as “an established leader in residential and industrial real estate, as well as other professional real estate asset classes.” The company oversaw approximately $50 billion in assets and was released in 2021.
However, residential real estate professionals may be familiar with Apollo. In 2007, private equity companies bought them everywhere. Apollo won the franchisor general public in 2012, then sold the remaining shares in 2013. According to the Wall Street Journal, Apollo’s strategy involved “addled it with debt near the peak of the housing market.”
Bob Morse
Monday’s deal between Apollo and Bridge shows the benefits seen in the trend of consolidation by large real estate investment players scale up and consolidation.
In a statement on Monday, executives from both companies focused on future opportunities. For example, Bridge Executive Chairman Bob Morse said that once Apollo’s “global integrated platform” and other resources will place the company in the “next stage of growth.”
“The deal will allow Bridge and the Apollo team to grow on the strong foundations that the bridge has built since 2009 to pursue meaningful value and impact for investors and the community,” he said. added.
David Samble
Meanwhile, Apollo partner and Equity co-head David Samble said the bridge “completes and further strengthens existing real estate capabilities.”
“We are pleased to announce this deal with Bridge,” added Sambur.
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