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The private equity firm that formerly owned Anywhere is buying Utah-based real estate investment firm Bridge Investment Group, officials said Monday.
Apollo Global Management is acquiring Bridge for $1.5 billion in an all-stock deal, according to officials. Bridge “will provide Apollo with immediate scale to its real estate equity platform and enhance Apollo’s origination capabilities in both real estate equity and credit, which is expected to benefit Apollo’s growing suite of hybrid and real estate product offerings,” according to a statement.
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Bridge Investment Group was founded in 2009. The company operates 61,000 units of multifamily rental housing, as well as 3,400 single-family rentals, according to its website. The company also works on new construction. On its home turf in Salt Lake City, Bridge was among the companies involved in a buzzy, mixed used new mega development just southwest of downtown.
The statement further describes Bridge as “an established leader in residential and industrial real estate as well as other specialized real estate asset classes.” The company oversees about $50 billion in assets, and it went public in 2021.
Residential real estate professionals, however, may be more familiar with Apollo. Back in 2007, the private equity firm bought Anywhere, then known as Realogy. Apollo took the franchisor public in 2012, then sold its remaining shares in 2013. According to the Wall Street Journal, Apollo’s strategy with Realogy involved “saddling it with debt near the peak of the housing market.”
Bob Morse
Monday’s deal between Apollo and Bridge illustrates the advantages large real estate investment players apparently see in growing their scale, and in the trend toward consolidation — a trend a number of experts previously told Inman would dominate 2025.
In Monday’s statement, executives from the two companies focused on future opportunities. Bridge Executive Chairman Bob Morse, for example, noted that getting access to Apollo’s “global integrated platform” and other resources will position the company for “the next phase of growth.”
“This transaction will allow the Bridge and Apollo teams to grow on the strong foundation that Bridge has built since 2009 as we work to pursue meaningful value and impact for our investors and communities,” he added.
David Sambur
Meanwhile, Apollo partner and Co-Head of Equity David Sambur said Bridge “will complement and further augment our existing real estate capabilities.”
“We are pleased to announce this transaction with Bridge,” Sambur added, “which is highly aligned with Apollo’s strategic focus on expanding our origination base in areas of our business that are growing but not yet at scale.”
