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New York family offices co-invest in big real estate deal

Two New York City family offices are co-investing in a real estate deal worth more than $300 million. 

Beitel Group and The Scharf Group have acquired 1,918 units of multi-family accommodation in Virginia, Kentucky, Wisconsin, and Missouri for a purchase price of $325 Million. The family offices plan to upgrade the existing accommodation. Multifamily accommodation is among the most lucrative sectors in real estate in the US and attracting considerable family office interest. 

Both family offices manage billions of dollars worth of real estate across a number of US states and abroad. 

Set up in 1947, The Sharf Group manages assets worth $3 billion in mostly multifamily, office space, industrial parks and retail properties. It also invests in healthcare and financial services. 

Beitel Group manages a portfolio of mostly multi-family units in the US and abroad worth more than $1.5 billion.

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