Dream Residential REIT
US multi-residential garden-style property investment trust.
| Date | Investors | Amount | Round |
|---|---|---|---|
| N/A | €0.0 | round | |
* | $354m Valuation: $354m | Acquisition | |
| Total Funding | 000k | ||
Dream Residential REIT is a Canadian-based, open-ended real estate investment trust established on February 24, 2022. The trust focuses on acquiring and managing a portfolio of garden-style multi-residential properties located in high-growth markets within the Sunbelt and Midwest regions of the United States. Its operations commenced on May 6, 2022, following its initial public offering (IPO) on the Toronto Stock Exchange, which raised approximately US$125.1 million.
The REIT's initial portfolio consisted of 16 properties with 3,432 units. As of early 2025, it owns 15 multi-residential properties with approximately 3,300 units. These properties are primarily located in the Greater Dallas-Fort Worth, Greater Oklahoma City, and Greater Cincinnati regions, targeting middle-income renters. The company's business model involves generating rental income and enhancing property value through strategic renovations and operational improvements. The trust's units are traded on the Toronto Stock Exchange under the symbols DRR.U and DRR.UN.
The management team includes Brian Pauls as Chief Executive Officer, Derrick Lau as Chief Financial Officer, and Scott Schoeman as Chief Operating Officer, with Vicky Schiff serving as the Chairman of the Board. In February 2025, the REIT's Board of Trustees initiated a strategic review to maximize unitholder value, citing a persistent gap between the trading price and the net asset value per unit. This review culminated in an announcement on August 21, 2025, that Dream Residential REIT had entered into an agreement to be acquired by Morgan Properties, a major US apartment owner, in an all-cash transaction valued at approximately US$354 million. The deal is expected to close by the end of 2025, pending unitholder and court approvals.
Keywords: real estate investment trust, multi-family residential, US property market, garden-style apartments, Sunbelt real estate, Midwest real estate, property management, real estate portfolio, residential rental properties, REIT acquisition, asset management, Toronto Stock Exchange, real estate investment, property investment, rental housing, apartment communities, real estate finance, net operating income, Dallas real estate, Cincinnati real estate, Oklahoma City real estate