🛒 TPG Drops $2B on Grocery-Anchored Retail
📱 Samsung Ditches NJ HQ for Texas After Just 8 Months
🏙️ 10 Hudson Yards Lands $1.4B Refi
Upcoming Workshops:  💸 Raising Capital from Family Offices & RIAs

Data Viz of the Week: Wage Growth Surpasses Rent Growth

After rents exploded in 2021-2022—apartment and build-to-rent (BTR) growth spiking above 15% year-over-year—the market has sharply reversed.

Apartment and BTR rent growth have fallen to roughly 0% or slightly negative, while single-family rental (SFR) growth has cooled to under 2%. Meanwhile, wage growth has held steady in the 3-4% range. That gap has now produced 40 straight months of wages outpacing rents. The recent rent downturn is the key driver: by stalling and even reversing, rents have given household incomes the breathing room to catch up after the affordability shock of the pandemic-era surge, gradually restoring renter purchasing power.

Upcoming Thesis Driven Workshops

• Thursday, June 18: Raising Capital from Family Offices & RIAs (💻 Online): ​​​​​A two-hour interactive workshop designed for real estate sponsors, entrepreneurs, and capital raisers looking to raise capital from family offices and registered investment advisers. - $299

• Friday, June 19: AI in Capital Raising (💻 Online): ​​​​​A two-hour interactive workshop designed for sponsors, bankers, capital advisors, and investor relations professionals who want to understand how artificial intelligence is reshaping the mechanics of capital raising. - $299

• Thursday, June 25: AI in Real Estate (💻 Online): ​​​​​A three-hour interactive workshop for owners, operators, and developers exploring how to use AI in the real estate sector. - $499

• Friday, June 26: Building a Capital Markets Agent (💻 Online): ​A two-hour interactive workshop designed for real estate GPs, capital raisers, investor relations professionals, and fund managers who want to build and deploy an AI agent that runs your capital raising operation—from investor research and outreach to content creation and LP communications. - $299

Three Articles We Loved from Last Week

It’s not easy keeping up with everything. Here are three articles we loved from the past week that you may have missed:

1. (CNBC) Institutional Investors Are Returning to Retail 'In a Very Big Way' TPG Real Estate led the acquisition of ECHO Realty, a full-service owner-operator of roughly 230 grocery-anchored retail centers across the Midwest and Southeast, in a deal valued at approximately $2 billion. The buyer consortium includes PSP Investments, La Caisse, and Norway's sovereign wealth fund — signaling that institutional capital is chasing necessity-based retail at scale. High-ticket deals above $100 million now account for 26% of retail investment volume, up from just 13% in 2023, as the sector shifts from a recovery narrative to one of genuine scarcity.

2. (NJ Biz) Samsung Moving U.S. Headquarters from New Jersey to Texas Samsung Electronics confirmed it will relocate its U.S. headquarters from Englewood Cliffs, NJ, to its existing campus in Plano, TX, by year-end — less than eight months after the grand opening of its Garden State facility. Roughly 1,000 employees will be reassigned, with the company citing the need to consolidate operations near its semiconductor plant in Austin and a new foundry in Taylor. The departure drops New Jersey's Fortune 500 headquarters count to just 15, down from 22 in 2018, adding fuel to the ongoing debate over the state's corporate tax and regulatory environment.

3. (GlobeSt) Related and Oxford Land $1.4B Refi for Hudson Yards Skyscraper Related Companies and Oxford Properties secured a $1.4 billion CMBS refinancing for 10 Hudson Yards, the first office tower completed at the Far West Side mega-development and home to L'Oréal USA. Wells Fargo, Goldman Sachs, Morgan Stanley, and Deutsche Bank originated the loan at a 5.5% fixed rate with a 5.5-year interest-only term. The proceeds retire $1.2 billion in CMBS debt dating back to 2016 — and the deal is a strong signal that lenders are reopening the spigot for best-in-class Manhattan office assets.

Developer of the Week: Urban Sites

Urban Sites broke ground in April on the Lockard, a $35 million mixed-use development in Cincinnati's Over-the-Rhine neighborhood, anchoring a pipeline that now totals more than $160 million across the city.

Urban Sites has built a reputation as one of Cincinnati's most active urban infill developers, focusing on walkable, amenity-rich neighborhoods where mixed-use programming can activate street-level retail alongside residential. The Lockard project exemplifies the firm's approach: dense urban development in a historic neighborhood that has undergone significant revitalization over the past decade. Urban Sites is making a concentrated bet on Cincinnati's continued urban resurgence at a moment when many developers are retreating from complex infill sites.

You can read more about Urban Sites on the Thesis Driven GP database here.

Investor of the Week: THG

The Holdsworth Group (THG) is a Pasadena, CA-based family investment office founded and managed by Mark K. Holdsworth, who co-founded Tennenbaum Capital Partners in 1999 and built it into a leading middle-market credit and special situations platform with roughly $9 billion in AUM before selling to BlackRock in 2018. That distressed-credit DNA carries into THG's broader investment approach — a multi-strategy platform spanning public equities, private equity, credit, early-stage ventures, and real estate — while a separate advisory arm, Inflection Point Advisory Group, provides strategic and investment oversight to other family offices and companies.

On the real estate side, THG deploys capital through direct acquisitions, fund allocations, and a dedicated joint venture with Capital Funding Partners, led by Wayne Brandt — a former Managing Director and National Originations Director for Wells Fargo's CMBS business who has led or invested in more than $35 billion in real estate transactions across Wells Fargo, JP Morgan, Greenwich Capital, and Menlo Equities. The JV targets Class B, light value-add and core-plus multifamily properties across the Western United States, with Capital Funding Partners currently owning or investing in 17 multifamily properties concentrated in Southern California and Texas. THG also provides preferred equity capital to seasoned multifamily operators, targeting middle-income renters in infill markets near employment hubs, transit, and major highways — with GP co-investment in every deal and a medium-to-long-term hold orientation built around cash-on-cash returns and long-term appreciation.

Get more details on THG, including team contacts, deal activity, and investment preferences, inside the CapitalStack database.

—Brad and Paul