Milhaus and SRG Residential, a subsidiary of Sares Regis Group, have merged, creating a multifamily platform with a $2.5 billion development pipeline, more than 50,000 homes managed and investing and lending capabilities across more than 20 markets nationwide, according to a press release shared with Multifamily Dive.

Indianapolis-based Milhaus will also acquire Broadshore Capital Partners to expand its investment and lending capabilities, per the release, with the transaction expected to close later this summer. The Los Angeles-based investment management firm has a 30-year track record in equity and debt investment strategies across multifamily and related sectors.

By merging with Newport Beach, California-based SRG Residential, Midwest-centric Milhaus adds more than 190 properties and 46,000 units to the third-party property management portfolio as it expands development and construction in Southern California, Denver and Phoenix. The combined company plans to start eight development projects, totaling more than 2,000 new units, in 2026.

“This is about going to 3,500 development starts a year instead of what was going to be 1,800 to 2,000,” Milhaus CEO Tadd Miller told Multifamily Dive. “This is about being at 100,000 units under management in the next 24 months. That's what this transaction is about.”

Growth spurt

Milhaus has been in growth mode recently, acquiring Orlando, Florida-based third-party property management provider Contravest in late 2025. Legally, Milhaus is acquiring SRG, but Miller said he considers the union more of a merger in practice.

SRG Residential CEO Chris Payne will join Milhaus as both the chief development officer and a shareholder. SRG Residential President of Property Management Jeff Bailey will lead the combined property management group.

Now, with the SRG Residential merger, the Milhaus platform will operate corporate offices in Indianapolis; Newport Beach and Los Angeles in California; New York; Orlando, Florida; and Phoenix. The companies will keep their current names, as of now.

While the combination of Milhaus’ presence in the eastern U.S. and SRG’s presence in the western U.S. was a huge driver of the merger, it wasn’t the only factor, according to Miller. There was a strong cultural fit, with Miller calling Geoffrey Stack, who co-founded Sares Regis Group, a mentor.

“Sares has basically been very focused on their third-party management and building their management platform,” Miller said. “Whereas Milhaus owns all of our own portfolio and does no third-party management and has substantial development in capital markets.”

Milhaus, which moved away from third-party management over the years, gets an instant foothold in the business with the acquisition of SRG Residential’s fee platform. SRG Residential has a development pipeline, but no capital markets division, according to Miller.

“Our development is kind of driving nationally, and their property management is opening up our ability to provide for all of our existing investors who've wanted us to do third-party for a long time,” Miller said. “We now have the infrastructure to do that in all the eastern markets.”

Third-party management expansion

In the latest National Multifamily Housing Council Top 50, SRG Residential ranked No. 43 with 43,527 units. With 50,000 homes under management, the new combined company would have ranked No. 36 with Pegasus Residential.

“Some of our large joint venture partners found out [about the merger] through the consent process, and we now have picked up several large development joint ventures in California, Colorado and Texas that we never would have gotten without the Sares infrastructure,” Miller said. “But Sares didn't even have access to them because these are Midwestern groups that we do a lot of business with who are excited that we now have infrastructure in California.”

With the addition of Broadshore, Milhaus can offer partners direct access to invest in acquisitions and lending strategies with an institutional investment manager and vertically integrated operator, per the release. Broadshore’s clients include large pension funds, insurance companies and international institutional investors investing directly in the U.S.

Broadshore CEO Brad Howe will become the chief investment officer of Milhaus and a shareholder, along with Broadshore principals Russell Munn and James Pomeranz. 

“Broadshore merges with our existing capital markets platform and immediately gives us access to the capital without having to go through a few-year process to get SEC registered and without having to go through an emerging manager program or start from scratch,” Miller said. “So it just kind of moves us forward five to seven years in our next evolution of capital.”

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