A Collaborative Approach to Real Estate Private Equity

Red Stone Equity Partners, LLC (“Red Stone”), founded in 2007, is an independent tax credit syndication and investment management firm. Red Stone raises equity primarily into three types of funds: single-investor LIHTC funds, multi-investor LIHTC funds, and renewable energy funds. Red Stone generates transaction fees from a growing base of over 200 developers and 50 investors doing repeat business with the firm. Each new LIHTC fund closing adds AUM for 15 years and a growing asset management fee base to their portfolio. Red Stone is the largest privately-owned syndicator holding approximately 5% market share and prior to TriPost’s investment had raised $7.8 billion from over 50 investors to acquire LIHTC equity that facilitated the development of 521 properties, comprised of over 50,000 units located in...

Urban Atlantic (“UA”) is an established real estate development and investment firm focused on urban growth markets throughout the Mid-Atlantic. With their focus in urban real estate finance, investment and Public / Private development, UA combines urban development expertise with a focus on financial structuring. Over its existence, UA has completed over $3.0 billion in real estate developments, creating nearly 10,000 units of housing, 1,500,000 square feet of commercial property, and 700 acres of developed land. The firm has additionally invested in over $2 billion of real estate and operating businesses through its New Markets Tax Credits and EB-5 investment platforms.

The NRP Group (“NRP”) is a national multifamily platform specializing in both affordable and market-rate housing development. NRP is a full-service developer, general contractor and property manager. Over its history, NRP has developed over 50,000 units in 15 states and currently manages over 24,000 residential units.

High Street Logistics Properties (“HSLP”) is a Boston-based, real estate fund management firm focused exclusively on institutional quality industrial properties located in the Eastern two-thirds of the U.S. The company primarily invests in low-finish warehouse and distribution properties strategically located in infill locations within its target markets.

Flagship Healthcare Properties (“FHP”) is a fully-integrated, commercial real estate firm (with full-service developer, operator, general contractor, and property manager functions) focused on healthcare and medical office properties in the Southeast and Mid-Atlantic region of the United States. FHP is the external manager of a private REIT and Ambulatory Surgery Center Programmatic joint venture. TriPost anchored the formation of the REIT in 2018, with an initial investment structured as preferred equity with an option to convert to common equity. Additionally, TriPost acquired a stake of the internal REIT manager, and has the option to acquire a stake of the operating company in the future.

Student Quarters (“SQ”) acquires and manages high-quality, purpose-built student housing assets at large public universities. Established in 2013, SQ is recognized as one of the nation’s top owners and operators of student housing1. The SQ team has expertise in student housing asset management, property operations, development, acquisition, and finances. Since TriPost’s investment, SQ had completed 21 student housing deals, totaling more than 8,000 beds and a transaction value in excess of $900 million. (1) Student Quarters was ranked the 24th in Student Housing Business’s 2018 “Top 25 Owners of Student Housing.”

The ConAM Group (“ConAM”), established in 1975, is a San Diego-based, vertically-integrated, national, multifamily investment management, property management, and development firm. Over its 44-year history, ConAM has sponsored more than 150 investment partnerships with high-net-worth individuals, family offices, and institutional investors, including private equity firms and financial institutions. Since 2015, ConAM has launched three discretionary investment funds representing in excess of $250 million of capital commitments. ConAM currently manages a national portfolio of approximately 52,000 apartment units in more than 26 metropolitan areas.

Mission Peak Housing Company, LLC (“Mission Peak”) is a Kansas City-based, vertically-integrated, manufactured housing investment and property management firm. Founded in 2008, Mission Peak has grown into a driver in affordable housing with 3,400 units under management. The company invests primarily through two investment strategies: 1) the acquisition of core-plus and value-add manufactured housing communities and 2) factory-built, single-family, build-to-rent developments. Its full-service property management company, Peak Management Company, provides institutional property management and construction management services across Mission Peak’s entire portfolio. To date, Mission Peak has made more 30 investments representing more than $245 million of total cost.

Pine Tree, founded in 1995, is a Northbrook, IL-based vertically integrated, open air, necessity-based retail investment management and property management firm. Pine Tree is an industry leader with over 20 million square feet and $3 billion of retail assets under management. Pine Tree and its affiliates have invested $1.4B in real estate transactions, consisting of 3.9 million square feet of core-plus, 2.8 million square feet of value-add and 2.1 million of square feet of development. Pine Tree has capitalized each transaction with a series of institutional joint venture partners. Pine Tree currently manages a national portfolio of 224 community, neighborhood, and power centers assets across 33 states. Their current investment strategy is to acquire open air, necessity-based retail with a focus towards essential last mile...