Apollo REIT Seeks $5B to Expand Nontraded Real Estate Portfolio

Apollo REIT plans to raise $5B to grow its multifamily and industrial assets through a nontraded real estate fund.

July 9, 2025

Apollo Global Management will raise $5B in equity for its nontraded REIT, Apollo Realty Income Solutions (ARIS), after gaining SEC approval.
The offering includes a share restructuring that retires three share classes and reclassifies 300M authorized but unissued shares.
ARIS owns a nationwide portfolio, with a focus on multifamily and industrial assets.
Apollo’s $1.5B acquisition of Bridge Investment Group will further expand its holdings in those sectors.

Key Takeaways

Capital Raise and Restructuring

According to Bisnow, Apollo Global Management plans to raise $5B by selling common stock in Apollo Realty Income Solutions, also known as the Apollo REIT. The SEC approved the offering on June 26 after Apollo submitted several amendments. These included the reclassification of shares and retirement of three share types.

Apollo also restructured 300M shares that had been authorized but not issued. While the company hasn’t shared a specific timeline for the raise, it now has the green light to move forward.

Leadership Changes at ARIS

Jess Lipsey became CEO and president of ARIS on December 31, 2024. She replaced Randy Anderson, who retired from the role but remains a partner in Apollo’s real assets group. Lipsey steps in as Apollo sharpens its focus on real estate growth.

Expanding Through M&A

In February, Apollo REIT announced it would acquire Bridge Investment Group for $1.5B. That deal, expected to close this quarter, will significantly increase Apollo’s exposure to multifamily and industrial real estate—two key areas for ARIS.

Apollo has been growing fast. It aims to reach $1.5 trillion in assets under management by 2029. That would double the $751B it controlled at the end of 2024. Most of that growth has come through major deals, including an $11B merger with Athene, a life insurance company, in 2022.

Why It Matters

Apollo’s fundraising push comes at a time of growing demand for income-producing real estate. Nontraded REITs like ARIS offer steady returns and portfolio diversification.

As private equity firms build ties to insurers and long-term capital sources, they continue to shape the future of commercial real estate. Apollo’s latest moves show how nontraded REITs are becoming central to that strategy.