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Dive Brief:
New York City-based global banking and investment management firm Goldman Sachs and San Francisco-based multifamily owner and operator Ballast Investments handed over 82 apartment buildings with approximately 1,211 units in three portfolios to affiliates of the Royal Bank of Canada on July 17, according to the San Francisco Business Times.

RBC plans to have San Francisco-based apartment owner and manager Hamilton Zanze operate the three portfolios while they are under the bank’s control. The firm’s management arm, Denver-based Mission Rock Residential, has begun receiving tax statements for the portfolios, according to the San Francisco Business Times.

Los Angeles-based Wald Realty Advisors was appointed receiver for two of the portfolios on July 11. The San Francisco Business Times said it was not clear whether Wald would work alongside Mission Rock Residential or hand off management of the assets to the firm.