White Oak Partners/BentallGreenOak Expand U.S.-based Multifamily Housing Partnership w Migdal Group
Columbus, OH (January 10, 2022) — White Oak Partners (“White Oak”), an experienced owner-operator specializing in institutional-quality multifamily housing, and BentallGreenOak (“BGO”), a global real estate investment management advisor, acting on behalf of its institutional investors, are pleased to welcome Migdal Insurance Company (“Migdal”) into their strategic multifamily partnership. The addition of Migdal, who is an existing investment partner of White Oak, diversifies the equity base of the partnership and increases the amount of capital to execute on White Oak’s strong pipeline of deal flow.
The partnership’s investment objective is to acquire 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 (MSAs) that have resilient economies and magnetic growth potential. The assets are projected to generate consistent cash flow and offer the potential for strong appreciation over a long-term investment horizon. In December, the partnership acquired three properties that met this investment criteria, located in MSAs of Atlanta, Charlotte, and Dallas.
“We could not be more pleased with the pace at which this partnership has already grown. We have a great working relationship with both BGO and Migdal. Our collective views on investment discipline, risk-adjusted returns, and prioritizing our residents are completely in sync. It only makes sense to bring our partners together for further alignment. Our pipeline is very robust today and multifamily fundamentals in our target markets, primarily in the Southeast and Southwest regions of the U.S., are stronger than ever. The additional capital associated with Migdal’s commitment allows us to build a larger, more diverse multifamily investment portfolio with yield enhancing opportunities in this inflationary environment,” said Mike Menzer, CEO of White Oak.
“We are keen to continue building on the success of our partnership with White Oak through this expansion with Migdal, bringing together three firms with clear alignment on investment objectives and a commitment to strengthening our position in the multifamily market,” said Mike Keating, Managing Director, BentallGreenOak. “Today’s announcement is a clear signal of our intent to continue growing our portfolio of high-quality assets in demographically favorable markets with natural demand drivers in place to deliver outstanding performance for the future.”
"We are pleased to join this partnership, which is a direct continuation of our existing partnership with White Oak, and is in line with Migdal's global real estate investment strategy to partner with the best-in-class managers and large local institutions that have expertise in real estate investing,” said Erez Migdali, Acting Director of the Investment Division at Migdal Insurance. “Multifamily residential is one of the most stable investment sectors within U.S. real estate, and there are many opportunities in the field. We will continue to invest in U.S. real estate alongside leading professional firms.”
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 16,000 multifamily units, with a market value in excess of $3.0 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
About BentallGreenOak
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 $70 billion USD of assets under management (as of September 30, 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.
The assets under management shown above include real estate equity and mortgage investments managed by the BentallGreenOak group of companies and their affiliates. As of 1Q21, BentallGreenOak changed its definition of Total AUM to include certain uncalled capital commitments for discretionary capital until they are legally expired and continue to exclude certain uncalled capital commitments where the investor has complete discretion over investment.
For more information, please visit www.bentallgreenoak.com
About Migdal Group
Migdal Insurance, established in Jerusalem in 1934, is Israel's leading insurance, finance, and pension group. With approximately $97 billion in assets under management (12/2021), Migdal is a key player in providing financial security to over 2.5 million clients who have entrusted us with their insurance in the fields of Life, Health, and General Insurance, as well as in management of their savings, investments, and pension funds.
For more information, please visit www.migdal.co.il
Media Contact:
Rahim Ladha Global Head of Communications, BentallGreenOak media@bentallgreenoak.com