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G•• R••••• C••••••

Multi-strategy real estate managerSEC-registered adviser$1B to $5B· Chicago, Illinois

Multi-strategy real estate manager, based in Chicago, Illinois, reporting $3.8B of real estate gross assets across 12 vehicles.

Composed from this manager's Form ADV filings and classification.

Real estate GAV
$3.8B
Form ADV, Schedule D, real estate vehicles summed
Current vehicles
12
Form ADV, Schedule D 7.B.(1)
Properties held
2
Deeds, filings and the manager's own site, bound to its vehicles
Institutional LPs
4
Pension and endowment disclosures
Vehicles (21)HoldingsLPs
As of · the latest Form ADV filing; property activity carries its own dates

What matters now

  1. Jun 2028
    next loan maturity

    Next loan maturity on its holdings: 6 Jun 2028 on G•• R••••• E•••••••• F•••• L••• (CO), 1 loan totalling $24.4M recorded.

    in 20 months · Debt coming due inside two years has to be refinanced, extended or repaid: lenders and buyers can get ahead of it.

    Factrecorded loan documentsFor Lenders, debt brokers, buyersLenders →
Identifiers, size band and strategyCRD 157210 · SEC 801-73628Show
CRD 157210SEC 801-73628$1B to $5BMulti-strategyForm ADV
What capital do they manage?
Real estate GAV
$3.8B GAV 2024sum of GAV over non-feeder, non-quarantined Real Estate Fund vehicles on the latest filing (a scale proxy, never fund size)
Vehicles
12 current, 21 ever, 7 dropped3 feeders, 1 funds of funds
How the GAV is measured, and the filing detailShow
First on the tape
2012the extract starts in 2011; an earlier history is not visible
Latest filing
Sep 24, 2024registered adviser
Adviser RAUM
$5.8Bthe whole adviser, all strategies; used for the quarantine test only
Fund types on the latest filing
Hedge Fund 4, Real Estate Fund 12, Venture Capital Fund 1
Latest vintage
2022from a fund name year or the first ADV report after the adviser's first filing
What do they say they do?
stated by the manager
Strategy
Multi-strategy
Operator model
Fund managerbasis: stated
Property types
Retail, Self storage, Senior housing, Student housing, Manufactured housing, Single-family rentalbasis: stated
Markets
United Statesbasis: stated
Business kind (site)
Real estate manager
In the manager's own words14 quotesShow
  • Opportunistic: “G•• R••••• C•••••• founded by Norman Geller, Michael Elrad, and Barry Malkin, marking the inception of GEM R••••• Properties (“GRP”), with a focus on opportunistic and value-add real estate investments”
  • Value add: “G•• R••••• C•••••• founded by Norman Geller, Michael Elrad, and Barry Malkin, marking the inception of GEM R••••• Properties (“GRP”), with a focus on opportunistic and value-add real estate investments”
  • Core plus: “Launch of GRP’s first core-plus investment strategy”
  • Debt: “GRP invests in private market real estate properties, debt, and operating companies across opportunistic closed-end and core-plus perpetual-life strategies.”
  • Special situations: “GRTO seeks to make non-controlling and illiquid investments in private real asset and infrastructure companies that are creating disruptive growth in new sectors or participating in the institutionalization and consolidation of fragmented sectors.”
  • Multi-strategy: “We actively invest across property types and geographies as well as throughout the four quadrants of real estate: public, private, debt, and equity.”
  • Retail: “Strip Retail”
  • Self storage: “Self-Storage”
  • Senior housing: “Senior Housing”
  • Student housing: “Student Housing”
  • Manufactured housing: “Manufactured Housing”
  • Single-family rental: “Single Family Rentals”
  • Land: “Residential Lot Development”
  • United States: “G•• R••••• C••••••® tactically invests across the U.S. real estate ecosystem through GEM R••••• Properties, GEM R••••• Securities, and GEM R••••• Tactical Opportunities.”
Vehicles
21 on Form ADV
VehicleKindGAVOwnersReportedVintageLifecycleName saysLPs
G•• R••••• F••• V•• L•••
805-7138282471
fund$1.4B GAV 2024992017 to 20242017Harvesting3
G•• R••••• F••• V••• L•••
805-3448818051
fund$851M GAV 2024242022 to 20242022Deploying1
G•• R••••• F••• V• L•••
805-6275221615
fund$766M GAV 2024712013 to 20242013Harvesting1
G•• R••••• S•• C••••••••• L•••
805-7540558504
co-investment$199M GAV 202422019 to 20242019Harvesting
G•• R••••• F••• V•••• L•••
805-3707631916
feeder$185M GAV 20241002017 to 20242017Harvesting
All 12 current vehicleslargest GAV first
VehicleKindGAVOwnersReportedVintageLifecycleName saysLPs
G•• R••••• F••• V••• L•••
805-1623621613
feeder$118M GAV 2024912013 to 20242013Harvesting
G•• R••••• F••• V••••• L•••
805-3537627564
feeder$103M GAV 2024682022 to 20242022Deploying
G•• 3••• C•••••• L•••
805-5874703603
fund$84M GAV 202432015 to 20242015Harvesting
G•• B•• C•••••• L•••
805-3357765907
fund$60M GAV 202422015 to 20242015Mature
G•• B•• C••••• • a• L•••
805-8364014570
fund$60M GAV 202422015 to 20242015Mature
G•• O•••••••• C••••••••• L•••
805-1169888882
co-investment$17M GAV 202422019 to 20242019Harvesting
G•• I•• S•••• F•••• L•••
805-2697410903
fund of funds$0 GAV 2024252012* to 2024unknownWinding down
9 dropped, re-typed or historical vehicles
VehicleKindGAVOwnersReportedVintageLifecycleName saysLPs
G•• R••••• E•••••••• F•••• L•••
805-2629913561, re-typed Hedge Fund
fund$498M GAV 20241082016 to 20242016Mature
G•• R••••• E•••••••• F••• P••••• L•••
805-3182575857, re-typed Hedge Fund
fund$277M GAV 202442018 to 20242018Mature
G•• R••••• F••• I•• L•••
805-8308908537, dropped 2024
fund$45M GAV 20231262012* to 2023unknownDropped from ADV
G•• T•• H••••• C••••••••• F•••• L•••
805-1483505069, dropped 2017
co-investment$1M GAV 201622012* to 2016unknownDropped from ADV
G•• C•••••••• C••••• F•••• L•••
805-2850787018, dropped 2017
fund$499,836 GAV 201632013 to 20162013Dropped from ADV
G•• N•• C•••••• L•••
805-8636483949, dropped 2020
fund$287,000 GAV 201922014 to 20192014Dropped from ADVDistressed
G•• R••••• F••• I••• L•••
805-8507819091, dropped 2023
fund$0 GAV 20221392012* to 2022unknownDropped from ADV
G•• H•• C••••• F•••• L•••
805-5208931501, dropped 2015
fund$0 GAV 201522012* to 2015unknownDropped from ADV
D•••••• R••• E••••• F•••• L•••
805-6114248141, dropped 2019
fund$0 GAV 2018962012* to 2018unknownDropped from ADV
What do they actually own?
3 trusted of 4 candidate bindings
Owner entityVehicleProperties heldLoansEvidence
G•• R••••• E•••••••• F•••• L•••
MA
G•• R••••• E•••••••• F•••• L•••11 ($38.6M)Corporate filing
CMBS annex sponsor named
G•• R••••• E•••••••• F••• P••••• L•••
MA
G•• R••••• E•••••••• F••• P••••• L•••11 ($38.6M)Corporate filing
CMBS annex sponsor named
G•• R••••• E•••••••• F•••• L•••
CO
G•• R••••• E•••••••• F•••• L•••11 ($24.4M)Corporate filing
CMBS annex sponsor named
What are they buying, selling and financing?
0 acquisitions, 0 sales, 0 financings in 12 months
  • loan securitizedDec 20, 2018$38.6Mcmbs_trust
    480 PLEASANT STREET & 5 BRIDGE STREET, MA through G•• R••••• E•••••••• F••• P••••• L••• with W•••• F•••• C••••••••• M••••••• T•••• 2•••••••
    Securitised debt reporting sec.gov
  • loan securitizedDec 20, 2018$38.6Mcmbs_trust
    480 PLEASANT STREET & 5 BRIDGE STREET, MA through G•• R••••• E•••••••• F•••• L••• with W•••• F•••• C••••••••• M••••••• T•••• 2•••••••
    Securitised debt reporting sec.gov
  • loan securitizedJul 30, 2018$24.4Mcmbs_trust
    3300 EAST 1ST AVENUE, CO through G•• R••••• E•••••••• F•••• L••• with G• M••••••• S••••••••• T•••• 2••••••••
    Securitised debt reporting sec.gov
Who finances them?
3 loans, 1 lender groups, next maturity Jun 6, 2028
  • cmbs_trust steady3 loans, $102M, Jul 30, 2018 to Dec 20, 2018
Who backs them?
4 allocators, 6 rows
  • J••• R• O••••• F••••••••• in G•• R••••• F••• V•• L•• exact_name$1.2M fair value, as of Dec 31, 2024 apps.irs.gov
  • C•••• F••••• P••••••• in G•• R••••• F••• V• exact_name$4.9M fair value, as of Dec 31, 2024 apps.irs.gov
  • R• B• T•••• C••••••••• F••••••••• I•• in G•• R••••• F••• V• L• exact_name$971,643 fair value, as of Dec 31, 2024 apps.irs.gov
  • C•••• F••••• P••••••• in G•• R••••• F••• V•• exact_name$4.9M fair value, as of Dec 31, 2024 apps.irs.gov
  • R• B• T•••• C••••••••• F••••••••• I•• in G•• R••••• F••• V• L• exact_name$323,515 fair value, as of Dec 31, 2024 apps.irs.gov
All 6 commitments
  • T•••••• F•• C••••••••• T• in G•• R••••• S••••••••• L• manager_name$1.0M fair value, as of Dec 31, 2024 apps.irs.gov
People
Form ADV Schedule A, latest filing
  • M•••••• A••••• E•••• Senior Managing Partner since 1998-02 also on vc
  • N••••• S•••• G••••• Senior Managing Partner since 1998-02 also on vc
  • A••••• M•••••• F••••••• Chief Financial Officer And Co-Chief Operating Officer since 2017-01 also on vc
  • D•••• P••• L•••• Chief Investment Officer since 2021-04 also on vc
  • S•••••• J•• M••••• Co-Trustee since 2021-10 also on pe, vc
  • M•••••• J•• S•••• Co-Trustee since 2021-10 also on pe, vc
  • B•••• A••• M••••• Trustee since 2021-10 also on vc
  • M•••••• J•••• G••••• Co-Chief Investment Officer since 2023-01 also on vc
  • E•••••••• a• K•••••• Co-Chief Operating Officer since 2023-01 also on vc
  • B•••••• D•••••• C••••••• Co-Chief Investment Officer since 2023-01 also on vc
Full team · 12 people
  • L•• D•••••• H••••••••• General Counsel And Chief Compliance Officer since 2024-03 also on vc
  • M•••••• J••••••• C••• Senior Managing Director since 2024-09 also on vc
What is changing?
  • Vehicle dropped from ADV Mar 29, 2024 (observed) ••• Locked
  • Vehicle dropped from ADV Mar 30, 2023 (observed) ••• Locked
  • Vehicle first reported Mar 24, 2022 (observed) ••• Locked
  • Vehicle first reported Mar 24, 2022 (observed) ••• Locked
  • Vehicle dropped from ADV Mar 20, 2020 (observed) ••• Locked
Full timeline · 30 events
  • Vehicle first reported Mar 28, 2019 (observed) ••• Locked
  • Vehicle first reported Mar 28, 2019 (observed) ••• Locked
  • Vehicle dropped from ADV Mar 28, 2019 (observed) ••• Locked
  • Vehicle first reported Mar 28, 2018 (observed) ••• Locked
  • Vehicle dropped from ADV Mar 23, 2017 (observed) ••• Locked
  • Vehicle first reported Mar 23, 2017 (observed) ••• Locked
  • Vehicle first reported Mar 23, 2017 (observed) ••• Locked
  • Vehicle dropped from ADV Mar 23, 2017 (observed) ••• Locked
  • Vehicle first reported Mar 30, 2016 (observed) ••• Locked
  • Vehicle first reported Apr 29, 2015 (observed) ••• Locked
  • Vehicle first reported Mar 26, 2015 (observed) ••• Locked
  • Vehicle dropped from ADV Mar 26, 2015 (observed) ••• Locked
  • Vehicle first reported Mar 26, 2015 (observed) ••• Locked
  • Vehicle first reported Mar 28, 2014 (observed) ••• Locked
  • GAV reading quarantined Oct 25, 2013 (observed) ••• Locked
  • Vehicle first reported Mar 27, 2013 (observed) ••• Locked
  • Vehicle first reported Mar 27, 2013 (observed) ••• Locked
  • Vehicle first reported Mar 27, 2013 (observed) ••• Locked
  • GAV reading quarantined Mar 5, 2012 (observed) ••• Locked
  • Vehicle first reported Feb 14, 2012 (observed) ••• Locked
  • Vehicle first reported Feb 14, 2012 (observed) ••• Locked
  • Vehicle first reported Feb 14, 2012 (observed) ••• Locked
  • Vehicle first reported Feb 14, 2012 (observed) ••• Locked
  • Vehicle first reported Feb 14, 2012 (observed) ••• Locked
  • Vehicle first reported Feb 14, 2012 (observed) ••• Locked
Across DFX