Milhaus merges with SRG, buys Broadshore to build $2.5B multifamily platform
What's the deal? Indianapolis-based Milhaus has completed a merger with SRG Residential to form a national, vertically integrated multifamily platform, and has agreed to acquire investment and lending firm Broadshore Capital PartnersDealroom has a profile for this one. Try Dealroom →. The combined business spans more than 20 top US apartment markets, with over $2.5 billion in total development activity and roughly 1,400 employees.
What each side brings: Newport Beach-based SRG Residential, a subsidiary of Sares Regis Group, adds more than 190 properties and 46,000 units to the third-party management portfolio. Broadshore, an investment and lending platform with a 30-year track record across multifamily debt and equity, brings clients including pension funds, insurance companies, and international institutional investors.
What's the endgame? The company aims to combine development, construction, property management, and now investment and lending under one roof. Milhaus plans to start eight development projects in 2026, totaling more than 2,000 new units, and to expand in southern California, Denver, and Phoenix.
Who's moving? Chris Payne, former chief executive officer of SRG Residential, joins Milhaus as chief development officer and a shareholder. Jeff Bailey, SRG's president of property management, will continue leading the combined management group.
Why now? Chief Executive Officer Tadd Miller framed the tie-up as complementary: SRG brings "a best-in-class, high-touch approach to property management," while Milhaus contributes "disciplined development and capital markets infrastructure." Payne said the two firms "embrace a similar culture with shared values."
The signal: The deal reflects continued consolidation in US multifamily, where operators are bundling development, management, and capital under vertically integrated platforms to gain scale and a more durable balance sheet through market cycles.
Read more: Associated Press
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