One of Europe's largest private equity firms, which has ties to the Wallenberg family, has agreed to buy a Chicago-based owner of apartment communities.
A person who asked not to be named because the deal hasn't been made public said that the Redwood Capital team will combine with the real estate arm of EQT. The person said the closing is expected in the third quarter.
A person for EQT declined to speak. A representative from Redwood didn't reply to a request for comment.
According to its website, Redwood owns about 30 US rental properties in states like Arizona, Florida, Georgia and Texas. The company has more than $1 billion of assets.
Demand for apartment living is high as soaring US home prices and rising mortgage rates force many people to remain renters. Property investors have been buying portfolios in order to bet on continued rent growth.
There are more than 1,800 properties owned by the company. It invests in everything from warehouses to offices.
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