WASHINGTON, DC-Over the past few years Ritz BancGroup, a locally-based private equity and alternativeasset manager, has slowly but steadily been acquiring value-addmultifamily and office properties in the Washington DC area andmore recently in Richmond, VA, on behalf of itsinvestor base -- high-net worth individuals and family offices inthe Middle East. Most recently it acquired two properties inback-to-back deals totaling about $80 million, one of which wasSeven Oaks Apartments in Odenton, MD, for$60 million. It acquired it in a JV structure onbehalf of a Saudi family office.

Fairfield Residential was the seller.

With this string of deals under its belt, the firm is preparingto looking even further south for acquisitions, managing directorNasr El Hage Jr. tells GlobeSt.com.

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Erika Morphy

Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.