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PALO ALTO, Calif., October 04, 2021 (GLOBE NEWSWIRE) – Owner-operator and multi-family investment manager Pacific Urban Residential (“Pacific”) and multi-family private equity investor Hanover Real Estate Investors (“Hanover”) announced a merger between the two firms. The combined company will be named Pacific Urban Investors, LLC and will be headquartered in Palo Alto, California, with six regional offices located in Los Angeles, Irvine, Seattle, Denver, New York and Washington DC.
Pacific is one of the most active multi-family investors in the United States. The company has proven adept at identifying and deploying multi-family strategies, including pioneering institutional investments in the vintage multi-family space. Founded in 1998, PUR focuses exclusively on multi-family strategies, investing significant capital from PUR partners alongside strategic institutional partners. Today, PUR owns and manages 13,000 apartments valued at $ 5 billion. Since 1998, the company has acquired more than $ 7 billion in multi-family communities.
Hanover, founded in 2013, started with a strategy of providing LP and GP capital to top local and regional developers and operators. Since its inception, the company has participated in 40 investments, for a total cost of over $ 1 billion. Today, together with its joint venture partners, they own, manage or develop more than 2,000 apartments worth more than $ 800 million.
The combined company will continue its exclusive multi-family focus and disciplined investment strategies through the acquisition of apartment communities and providing joint venture shares, preferred shares and other structured finance solutions to certain developers and operators. Alex Yarmolinsky, former CEO of Hanover, continues to be chairman of the structured finance group of Pacific, Ash Baraghoush and David White, the directors of Hanover are now the managing directors of Pacific Finance.
Al Pace, Vice President and CEO of Pacific, said, “We are delighted to announce our merger and reaffirm our commitment to creating a premier multi-family investment manager for the benefit of our talented resident clients, investors and professionals. . Pacific Urban Investors will continue its geographic and strategic expansion to strengthen its stake in the multi-family sector.
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Source: Pacific Urban Investors