– Vera Guerin, whose late father Nathan Shapell survived two Nazi concentration camps and became one of California’s largest property developers, emerged as a billionaire last week after Toll Brothers Inc. agreed to buy her family’s Shapell Industries Inc.’s homebuilding business for $1.6 billion.
Toll Brothers Inc. agreed to buy Shapell Industries Inc.’s homebuilding business for about $1.6 billion, gaining 5,200 lots in the Los Angeles and San Francisco Bay areas as buyer demand for housing rises.
Toll Brothers Inc., the largest U.S. luxury-home builder, agreed to buy Shapell Industries Inc.’s homebuilding business for about $1.6 billion, gaining 5,200 lots in the Los Angeles and San Francisco Bay areas as demand for housing rises.
Magnetar Capital LLC, the hedge fund that bought about 1,900 rental homes mostly in a suburb of Dayton, Ohio, is withdrawing some property tax assessment requests after seeking the largest cut in the county’s history.
Starwood Property Trust Inc., a real estate investment trust with access to capital, lacked in-house management for its single-family rental homes. Waypoint Real Estate Group, one of the first large rental-house investors, was stymied this year when it tried raise money by going public. Now the two companies are getting together.
Starwood Property Trust Inc. said it will spin off its single-family rental-home unit into a real estate investment trust headed by Waypoint Real Estate Group’s management division, which is being acquired in the deal.
Blackstone Group LP’s debut sale of bonds backed by rental homes is paving the way for Cerberus Capital Management LP and Colony Capital LLC as Wall Street creates a new market to expand funding for the industry.