| |
Principal and Founding Partner of Ceres Realty Fund and
Blakely Stern Investment Advisors, New York
Co-developed a value added fund targeting middle market size assets ranging from $ 5 M to $ 25 Million in the Boston to Washington corridor. Property types included office, retail and warehouse distribution focusing on long-term capital appreciation while maximizing current income for the investors.
Management and Principal Role at Blakely Stern
Included fund raising to high net worth and small family offices and identifying new investment opportunities for the fund.
|
|
 |
Acquisitions and Dispositions |
|
Marketing and fund raising |
|
Strategic Planning and Development |
|
Investor Management |
|
|
Ceres Realty Fund’s core strategic focus was to add value with underperforming assets. We purchased 10 properties in just over 2 years, using $ 20 Million of equity and additional debt to build the $ 55 Million portfolio of assets. Over the next three years we created value by repositioning the asset via property additions and bringing better tenants to increase cash flow and yields for these assets. We built an aggregate value of $ 80 Million in the portfolio and began selling individual assets in 2006-07. Credit markets were robust, capital was available and buyers could acquire solid assets with good debt structure. We achieved a 2 X return on equity for investors, a 22 % IRR with annual cash returns of 9% per year during the years of the fund 2001 to 2008.
|
|
