Investment Portfolio

When we search for investment companies to add to our portfolio, we look first and foremost at the people – their track record, success and reputation – and then apply keen focus on the real estate opportunity. Organized by Fund, below please find a complete list of all investments made by Almanac Realty Securities funds.

 

Company (Ticker) Company Description Commitment Date Commitment
Mount Auburn Multi-family, National 03/15 $150.0 M
CA Student Living Investments Student Housing, National 04/15 $125.0 M
Claros REIT Mortgage REIT 08/15 $262.7 M
Westcore Properties II Industrial/Office, West 09/16 $270.0 M *
Fund VII Total $807.7 M
*Accordion Feature to increase commitment up to $337.5 M for Westcore Properties II
Almanac closes ARS VII with $1.4 Billion Raised

Mount Auburn

Origination Date May 2015
Asset Type Multi-family
Total Commitment $150 Million

Mount Auburn Logo

Mount Auburn, headquartered in Los Angeles, is a vertically integrated real estate company that focuses on the acquisition, financing, and management of multifamily assets in targeted secondary markets across the United States.

Mount Auburn is led by K. Conly Chi, Brad Galinson, Jeffrey Lubow, and Jarvan Shen.

CA Student Living Investments

Origination Date April 2015
Asset Type Student Housing
Total Commitment $125 Million

 

CA Logo

 

CA Student Living is a Chicago based vertically integrated student housing real estate company with investment, development, property management, leasing, and accounting / reporting capabilities. The company develops and acquires Class A student housing properties located in close proximity at Tier 1 public universities with high barriers-to-entry.

CA Student living is led by Thomas Scott (Chief Executive Officer) and JJ Smith (Chief Operating Officer).

Claros REIT

Origination Date August 2015
Asset Type Mortgage REIT
Total Commitment $262.7 Million

Mack Real Estate Group Logo

 

Claros REIT Holdings LP, headquartered in New York City, is an entity that holds shares in a newly formed REIT that focuses on first mortgage originations on transitional commercial properties.

The Company was formed in partnership with Mack Real Estate Credit Strategies L.P., an affiliate of the Mack Real Estate Group, and is led by Richard Mack, Peter Sotoloff, and Michael McGillis.

Westcore Properties II

Origination Date September 2016
Asset Type Industrial/Office, West
Total Commitment $270 Million

 

Westcore Properties II is a San Diego, California based private company that acquires, repositions and manages industrial and office properties primarily in California and secondarily in other western US markets.

The Company is led by Marc Brutten (Executive Chairman of the Board) and Don Ankeny (President and Chief Executive Officer).

Company (Ticker) Company Description Commitment Date Commitment
Drawbridge Realty Trust 1 Office, Industrial, West 01/12 & 12/12 $150.0 M
NRES Holdings 1 Multi-family, Midwest 07/12 $125.0 M
RAIT Financial Trust (RAS) Commercial Mortgage, National 10/12 $100.0 M
Shaner Hospitality Finance Hospitality, National 06/13 $50.0 M
Winter Properties Mixed Use, NYC Metropolitan 03/14 $200.0 M
HRI Properties Hospitality, Multifamily, Commercial, South 04/14 & 7/15 $150.0 M
Fund VI Total $775.0 M
1. Fully Realized
Almanac closes ARS VI with $819 Million Raised

Drawbridge Realty Trust

Origination Date January 2012
Asset Type Office / Industrial
Total Commitment $150 Million

 

Drawbridge, headquartered in San Francisco, is a vertically-integrated company focused on the acquisition and management of single-tenant office, R&D and industrial real estate leased to major corporations and located in the western United States, with a particular emphasis on Northern California.

Drawbridge was founded by Mark S. Whiting and Mark E. Pearson in 1999. Prior to co-founding Drawbridge, Mark Whiting served as co-founder, President, Director and CEO (from 1996 through 1998) of TriNet Corporate Realty Trust, Inc. (NYSE: TRI), a leading owner and acquirer of office and industrial properties leased to major corporations nationwide. Fully Realized.

NRES Holdings

Origination Date July 2012
Asset Type Multi-family
Total Commitment $125 Million

 

NRES Holdings, headquartered in Kansas City, MO, is a vertically-integrated company focused on the acquisition, re-positioning and management of multifamily properties. The Company currently owns and operates primarily in Kansas, Illinois, Texas and Arizona with regional offices in Houston and Phoenix.

NRES is led by Paul Fingersh (CEO) and Ronald Nolan (Chairman). Fully Realized.

RAIT Financial Trust (RAS)

Origination Date October 2012
Asset Type Commercial Mortgage, National
Total Commitment $100 Million

 

RAIT (NYSE: RAS) is a publicly traded, vertically-integrated company with a commercial real estate focused platform capable of originating commercial real estate loans, CMBS eligible loans, acquiring commercial real estate properties and investing in, managing, servicing, trading and advising on commercial real estate related assets. RAIT offers a comprehensive set of debt financing options to the commercial real estate industry along with asset and property management services.

RAIT is led by Scott Schaeffer (Chairman, Chief Executive Officer and President).

Shaner Hospitality Finance

Origination Date June 2013
Asset Type Hospitality, National
Total Commitment $50 Million

 

Shaner Hospitality Finance is a privately-held hospitality finance company primarily focused on providing secondary financing to owners of hotel assets requiring capital.

The Company is managed by Lance Shaner and other executives of Shaner Hotel Group, a State College, Pennsylvania based privately held real estate company that acquires, develops and operates full-service and select-service hotel properties.

Winter Properties

Origination Date March 2014
Asset Type Mixed Use, NYC Metropolitan
Total Commitment $200 Million

 



Winter Properties, a 40 North company, is a privately-held, vertically integrated real estate investment management business focused on value creation in the New York City Metropolitan Area.

The Company is led by Co-CEOs David S. Winter and David J. Millstone.

HRI Properties

Origination Date April 2014
Asset Type Hospitality, Multifamily, Commercial, South
Total Commitment $150 Million

 

HRI Logo

Founded in New Orleans in 1982, HRI Properties, LLC (HRI) is dedicated to the pursuit of rebuilding neighborhoods and recreating entire communities. HRI is a full-service real estate development company and a national leader in the adaptive reuse of historic structures.

HRI Properties is led by A. Thomas Leonhard (President and Chief Operating Officer), Pres Kabacoff (Chief Executive Officer and Co-Chairman), and Edward Boettner, Jr. (Chief Administrative Officer and Co-Chairman).

Company (Ticker) Company Description Commitment Date Commitment
Vanta Commercial Properties (Formerly T. Wall Properties) Office, Madison, WI 11/07 $104.9 M
Open Market Securities 1 Publicly traded securities, National 11/08 $17.8 M
Shaner Mortgage REIT 1 Hotel Debt, National 08/09 $29.6 M
BSR Trust (Formerly Summit Housing Partners) 1 Multi-family, Southeast 03/10 $100.0 M
RXR Realty 1 Office, NYC Metropolitan 04/10 & 12/11 $175.0 M
Welsh Property Trust Industrial, Midwest 11/10 & 1/13 $190.0 M
Westcore Properties Industrial/Office, West 07/11 & 12/12 $197.7 M
JH Real Estate Operating Partners 1 Multi-family, California 07/11 $100.0 M
Fund V Total $915.0 M
1. Fully Realized

Vanta Commercial Properties (Formerly T. Wall Properties)

Origination Date November 2007
Asset Type Office
Total Commitment $104.9 Million

 



Vanta Commercial Properties is a privately-owned fully-integrated real estate operating company that specializes in the acquisition, development, ownership and management of primarily office properties in Madison, Wisconsin.

The Company is led by Randall J. Guenther (President and Chief Financial Officer).

Open Market Securities

Origination Date November 2008
Asset Type Publicly Traded Securities
Total Commitment $17.8 Million

 

 

 

 

Purchased REIT preferred and unsecured debt securities in the open market during the fourth quarter of 2008 and sold all positions by the third quarter of 2009. Fully Realized.

Shaner Mortgage REIT

Origination Date August 2009
Asset Type Hospitality
Total Commitment $29.6 Million

 

The REIT executed an investment strategy to acquire discounted first mortgage debt secured by operating hospitality properties.

The REIT was managed by Lance Shaner and other executives of Shaner Hotel Group, a State College, Pennsylvania based privately held real estate company that acquires, develops and operates full-service and select-service hotel properties. Fully Realized.

BSR Trust (Formerly Known as Summit Housing Partners)

Origination Date March 2010
Asset Type Multi-family
Total Commitment $100 Million

 

 

BSR Trust is a Montgomery, Alabama based fully-integrated enterprise focused on owning, acquiring, developing, and operating affordable and workforce housing assets.

The Company is led by W. Daniel Hughes, Jr. (Chief Executive Officer). Fully Realized.

RXR Realty

Origination Date April 2010
Asset Type Office
Total Commitment $262 Million

 

RXR Realty is a New York based privately-held real estate company that primarily acquires and operates office properties in the New York metropolitan area.

The Company is led by Scott Rechler (Chairman of the Board and Chief Executive Officer). Prior to forming RXR Realty, Mr. Rechler led Reckson Associates (NYSE: RA) prior to its sale to SL Green Realty Corp (NYSE: SLG) in 2007. Fully Realized.

Welsh Property Trust

Origination Date November 2010
Asset Type Industrial
Total Commitment $190 Million

 

Welsh Property Trust is a Minneapolis, Minnesota based privately-held real estate company that primarily acquires and operates industrial assets in the Midwest corridor and Southeastern United States.

The Company is led by Scott T. Frederiksen (Chief Executive Officer).

Westcore Properties

Origination Date July 2011
Asset Type Industrial / Office
Total Commitment $197.7 Million

 

Westcore Properties is a San Diego, California based private company that acquires, repositions and manages industrial and office properties primarily in California and secondarily in other western US markets.

The Company is led by Marc Brutten (Executive Chairman of the Board) and Don Ankeny (President and Chief Executive Officer).

JH Real Estate Operating Partners

Origination Date July 2011
Asset Type Multi-family
Total Commitment $100 Million

 

JH Real Estate Operating Partners is a Newport Beach, California based privately owned vertically-integrated company that acquires, develops and operates multi-family properties in Southern California.

JH Real Estate Operating Partners is led by Hugo F. Aviles (President and Chief Executive Officer) and Gary C. Otto (Chief Financial Officer). Fully Realized.

Company (Ticker) Company Description Commitment Date Commitment
Victory Real Estate 1 Retail, Southeast 09/04 $100.0 M
Encore Hospitality LLC 1 Limited Service Hotels, South 04/05 $45.2 M
National RV Communities 1 RV Parks, National 11/05 $115.0 M
Denholtz Holdings 1 Office/Industrial/Flex, East 12/05 $103.8 M
Allegro Senior Living 1 Senior Living, Southeast 03/07 $75.0 M
Shaner Hotels Holdings 1 Hospitality, East 11/07 $59.6 M
Fund IV Total $498.6 M
1. Fully Realized

Victory Real Estate Investments

Origination Date September 2004
Asset Type Retail
Total Commitment $100 Million

 

Victory Real Estate Investments is a Georgia-based fully-integrated real estate operating company engaged in developing, acquiring, owning and operating retail real estate, primarily grocery anchored strip centers, in the Southeastern region of the United States. Victory’s focus is on opportunistically acquiring distressed properties in which it can create value through redevelopment or repositioning.

Victory was co-founded by Alton Darby (President and Chief Executive Officer) and Kent Cost (Executive Vice President) in 1992. Fully Realized.

Encore Hospitality LLC

Origination Date April 2005
Asset Type Hotel
Total Commitment $45.2 Million

 

 

 

 

Encore Hospitality LLC was a Dallas-based company that owned, managed, acquired and developed limited service hotels in the Southeastern United States. The majority of Encore’s assets were sold in August 2007. Fully Realized.

National RV Communities

Origination Date November 2005
Asset Type RV Park
Total Commitment $115 Million

 

NRVC is an Arizona-based fully-integrated real estate operating company specializing in the acquisition and management of destination recreational vehicle communities and senior manufactured home communities. NRVC is among the largest owner/operators of destination RV communities in the United States. NRVC operates its properties under the Carefree RV Resorts brand. Carefree provides active adult/senior lifestyles in its resort-oriented communities, offering extensive amenities such as clubhouses, swimming pools, spas, recreational facilities, group activities, wellness programs, computer centers, cable, high speed Internet, and WiFi.

NRVC was founded by David A. Napp (Chief Executive Officer) and Colleen Edwards (President). Mr. Napp and Ms. Edwards were previously co-founders of Encore Communities, Inc., the largest owner and operator of destination RV communities in the United States before being acquired by Equity Lifestyle Properties, Inc (NYSE: ELS) in 2004. Fully Realized.

Denholtz Holdings

Origination Date December 2005
Asset Type Office / Industrial
Total Commitment $103.8 Million

 

Denholtz Holdings is a privately-held fully-integrated real estate company that focuses on the acquisition, development, re-development and operation of office and flex industrial assets. The Company is headquartered in New Jersey and has regional offices in Florida, Atlanta and Chicago.

Denholtz Holdings is led by Steven J. Denholtz (Chief Executive Officer) and Stephen Cassidy (President). Fully Realized.

Allegro Senior Living (Formerly Hallmark Holdings)

Origination Date March 2007
Asset Type Senior Housing
Total Commitment $75 Million

 

Allegro Senior Living is a St. Louis based privately held real estate company that acquires, develops and operates senior housing facilities offering independent living, assisted living, memory care and skilled nursing unit mixes

The Company is led by Laurence A. Schiffer (Chairman and Chief Executive Officer), Douglas S. Schiffer (President and Chief Operating Officer) and Bob Karn (Chief Financial Officer). Fully Realized.

Shaner Hotels Holdings

Origination Date November 2007
Asset Type Hospitality
Total Commitment $59.6 Million

 

Shaner Hotel Holdings is a State College, PA based privately held real estate company that acquires, develops and operates full-service and select-service hotel properties. Shaner operates hotels primarily under the Marriott, Hilton, and Intercontinental franchise affiliations.

Shaner Hotel Holdings is led by Lance Shaner (Chairman and Chief Executive Officer), Plato Ghinos (President), Bill Mabrey (Senior VP / Chief Operating Officer), George Wolfe (Senior VP / Legal Counsel) and Patrick Landy (Chief Financial Officer). Fully Realized.

Company (Ticker) Company Description Commitment Date Commitment
Brandywine Realty Trust (BDN) 1 Office/Industrial, Mid-Atlantic 04/99 $105.0 M
Parkway Properties, Inc. (PKY) 1 Office, Southeast 10/00 $75.0 M
Advance Realty Group Office, Mid-Atlantic 08/01 $65.8 M
Fund III Total $245.8 M
1. Fully Realized

Brandywine Realty Trust

Origination Date April 1999
Asset Type Office
Total Commitment $105 Million

 

Brandywine Realty Trust (NYSE: BDN) is headquartered in Radnor, PA, and is one of the largest, full-service, integrated real estate companies in the nation. Brandywine owns, leases and manages an urban town center and suburban office portfolio. Fully Realized.

Parkway Properties, Inc.

Origination Date October 2000
Asset Type Office
Total Commitment $75 Million

 

Parkway Properties (NYSE: PKY), headquartered in Orlando, is a real estate investment trust that specializes in the ownership and operation of high quality office properties primarily in the Sunbelt region of the United States. Fully Realized.

Advance Realty Group

Origination Date August 2001
Asset Type Office
Total Commitment $65.8 Million

 

Advance Realty, headquartered in Bedminster, New Jersey, is a privately held real estate development, investment and management company.

Company (Ticker) Company Description Commitment Date Commitment
EastGroup Properties, Inc. (EGP) 1 Industrial, South, West and Sun Belt 09/99 $70.0 M
Morningstar Storage Centers 1 Self-storage, Carolinas 12/98 $60.0 M
HealthCare REIT (HCN) 1 Healthcare, National 01/99 $75.0 M
CNL Hospitality 1 Triple net lease hospitality REIT 01/99 $64.1 M
WNY 1 Multi-family, NJ, PA, MD, DE 04/99 $20.0 M
Open Market Securities 1 Publicly traded securites, National 04/99 $32.0 M
Fund II Total $321.1 M
1. Fully Realized

EastGroup Properties

Origination Date September 1999
Asset Type Industrial
Total Commitment $70 Million

 

EastGroup Properties, Inc. (NYSE: EGP) is a Jackson, MS based self-administered real estate investment trust focused on the acquisition, ownership and development of industrial properties in major Sunbelt markets throughout the United States with a special emphasis in the states of Florida, Texas, Arizona, California and North Carolina. Fully Realized.

Morningstar

Origination Date December 1998
Asset Type Self Storage
Total Commitment $60 Million

 

Morningstar Storage Centers was a Charlotte based private developer and owner of self storage facilities in North Carolina and South Carolina. In 2002, Morningstar was purchased by Shurgard Storage Centers Inc, a predecessor company of Public Storage (NYSE: PSA). Fully Realized.

HealthCare REIT

Origination Date January 1999
Asset Type Healthcare Facilities
Total Commitment $75 Million

 

Health Care REIT, Inc. (NYSE: HCN) is a real estate investment trust based in Toledo, Ohio. Health Care REIT’s portfolio spans the full spectrum of health care real estate, including senior living communities, medical office buildings, inpatient and outpatient medical centers and life science facilities. The company also provides property management and development services. Fully Realized.

CNL Hospitality

Origination Date January 1999
Asset Type Hospitality
Total Commitment $64.1 Million

 

CNL Hospitality was an Orlando based hospitality company that owned and managed approximately $6.0 billion of hospitality properties with a focus on luxury and upper-upscale properties. Fully Realized.

WNY

Origination Date April 1999
Asset Type Multi-Family
Total Commitment $20 Million

 

 

 

 

WNY was a Manalapan, New Jersey based residential private REIT specializing in garden apartment investment in southern New Jersey, suburban Philadelphia, Wilmington and Dover areas. Fully Realized.

Open Market Securities

Origination Date April 1999
Asset Type Publicly Traded Securities
Total Commitment $32 Million

 

 

 

 

Purchased REIT securities in the open market beginning in the second quarter of 1999 and sold all positions by the third quarter of 2002. Fully Realized.

Company (Ticker) Company Description Commitment Date Commitment
Ambassador Apartments 1 Multi-Family, Sun Belt 07/96 $25.0 M
Lexington Realty Trust 1 Diversified triple net lease REIT 12/96 $25.0 M
Pacific Gulf Properties (PAG) 1 Small tenant industrial, West Coast 12/96 $55.0 M
CNL Financial 1 Restaurant mortgage finance, National 09/97 $40.0 M
Merritt Industrial/Office, Mid-Atlantic 10/97 $150.0 M
Acadia Realty Trust (AKR) 1 Retail, East Coast 04/98 $22.6 M
Fund I Total $317.6 M
1. Fully Realized

Ambassador Apartments

Origination Date July 1996
Asset Type Multi-Family
Total Commitment $25 Million

 

 

 

 

Ambassador Apartments, Inc. was a public traded apartment REIT headquartered in Chicago and engaged in the ownership, management, acquisition and renovation of garden-style multifamily apartment properties located in Texas, Arizona, Illinois, Colorado, Georgia, Tennessee and Florida. In May 1998, Ambassador Apartments was acquired by Aimco (NYSE: AIV). Fully Realized.

Lexington Realty Trust

Origination Date December 1996
Asset Type Net Lease
Total Commitment $25 Million

 

Lexington Realty Trust (NYSE: LXP) is a real estate investment trust that invests in, owns and manages commercial properties net leased to major corporations throughout the United States. In addition, Lexington provides investment advisory and asset management services to investors in the net lease area. Fully Realized.

Pacific Gulf Properties

Origination Date December 1996
Asset Type Small Tenant Industrial
Total Commitment $55 Million

 

 

 

 

Pacific Gulf Properties (NYSE: PAG) was a diversified REIT headquartered in Orange County. Pacific Gulf focused on small tenant industrial assets. Substantially all of the assets of the Company were sold to CALPERS and the Company was taken private. Fully Realized.

CNL Financial

Origination Date September 1997
Asset Type Restaurant Mortgage Finance
Total Commitment $40 Million

 

CNL Financial Services Corporation was an Orlando based company that provided secured and / or recourse debt financing to restaurant companies (primarily larger fast food franchisees). Fully Realized.

Merritt

Origination Date October 1997
Asset Type Industrial / Office
Total Commitment $150 Million

 

Merritt Properties is a Baltimore based vertically-integrated operating platform that specializes in design, construction, space planning, property management, leasing and acquisition of light industrial, bulk warehouse, office, flex and retail assets. It is one of the largest privately-held owners of real estate in the Baltimore-Washington Corridor.

Merritt Properties is led by Scott E. Dorsey (Chairman and Chief Executive Officer) and Robb L. Merritt (President).

Acadia Realty Trust

Origination Date April 1998
Asset Type Retail
Total Commitment $22.6 Million

 

Acadia Realty Trust (NYSE: AKR), is a REIT specializing in the acquisition, redevelopment and operation of retail and urban mixed-use properties. Fully Realized.

Company (Ticker) Company Description Commitment Date Commitment
Slate Asset Management Office/Retail, Canada 11/14 & 2/15 C$140.0 M *
CARS Fund I Total C$140.0 M
*Accordion Feature to increase commitment up to C$200.0 M

Slate Asset Management

Origination Date November 2014
Asset Type Office / Retail
Total Commitment C$140 Million

Slate Logo 2

Slate Asset Management is a Toronto-based internally-managed private real estate investment and asset management firm focused on executing value-add strategies in commercial properties located primarily in Canada and the United States. Within specific property sectors or geographic regions Slate develops verticals with dedicated personnel and discrete capitalizations.

Slate is led by Blair Welch (Chief Executive Officer) and Brady Welch (Chief Financial Officer).

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