Commercial, Multifamily Briefs from CBRE, Enterprise Community Partners
CBRE Group Inc. Acquires Union Gaming
CBRE Group, Dallas, acquired Union Gaming, an investment bank and advisory firm focused on the global gaming sector.
Union Gaming, based in Las Vegas, offers investment banking services, including public debt and equity underwriting, M&A and strategic advisory as well as gaming sector thought-leadership through its sector-leading research.
Union Gaming’s employees and CBRE’s existing Las Vegas-based gaming investment sales team led by Michael Parks will form a combined global gaming team. Bill Lerner, Union Gaming’s Co-Founder, will serve as CBRE’s Global Head of Gaming Investment Banking.
Founded in 2008, Union Gaming has offices in Las Vegas and Hong Kong.
Enterprise to Preserve $800 Million of Affordable and Workforce Homes After Closing Its Largest-Ever Impact Investing Fund
Enterprise Community Partners, Columbia, Md., closed an equity fund that will acquire and preserve $800 million in affordable and workforce homes.
With $229 million in equity commitments, the fund exceeded its original $200 million target to become one of the largest preservation funds of its kind. Enterprise said it expects the fund to acquire and preserve more than 7,500 affordable homes over the next two years.
Fund investors include major banks, financial services organizations, family offices and foundations. The fund will help preserve the affordability of critical homes in underserved markets, advance racial equity by partnering with housing providers of color and build resilience and upward mobility by implementing green improvements and resident services.
Enterprise’s preservation equity funds address a dual concern: one quarter of renters in America–nearly 11 million families–pay more than half their income in rent, contributing to a growing housing affordability crisis. At the same time, existing affordable rental communities are at risk of being sold to owners who will turn them into unaffordable, market-rate properties. Enterprise’s funds allow affordable housing providers to acquire properties and preserve their affordability for the long term.