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P•••• F•••••• A••••••• L•••

Opportunistic real estate managerSEC-registered adviser$5B to $25B· San Francisco, California

Opportunistic real estate manager, based in San Francisco, California, reporting $6.4B of real estate gross assets across 34 vehicles.

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

Real estate GAV
$6.4B
Form ADV, Schedule D, real estate vehicles summed
Current vehicles
34
Form ADV, Schedule D 7.B.(1)
Properties held
1
Deeds, filings and the manager's own site, bound to its vehicles
Institutional LPs
5
Pension and endowment disclosures
Vehicles (88)HoldingsLPs
As of · the latest Form ADV filing; property activity carries its own dates

What matters now

  1. Apr 2028
    next loan maturity

    Next loan maturity on its holdings: 6 Apr 2028 on P•••• P••••••• F••• I•• L••• (CA), 1 loan totalling $50M recorded.

    in 18 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 L•••••s, debt brokers, buyersL•••••s →
Identifiers, size band and strategyCRD 159971 · SEC 801-73438Show
CRD 159971SEC 801-73438$5B to $25BOpportunisticForm ADV
What capital do they manage?
Real estate GAV
$6.4B GAV 2024sum of GAV over non-feeder, non-quarantined Real Estate Fund vehicles on the latest filing (a scale proxy, never fund size)
Vehicles
34 current, 88 ever, 54 dropped10 feeders, 0 funds of funds
How the GAV is measured, and the filing detailShow
GAV as filed
$6.5Bfeeders and quarantined readings included
First on the tape
2012the extract starts in 2011; an earlier history is not visible
Latest filing
Mar 30, 2024registered adviser
Adviser RAUM
$19Bthe whole adviser, all strategies; used for the quarantine test only
Fund types on the latest filing
Hedge Fund 5, Real Estate Fund 39, Other Private Fund 1
Latest vintage
2024from 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
Opportunistic
Operator model
Operator with outside capitalbasis: stated
Property types
Multifamilybasis: stated
Markets
California, Oregon, Washington, West Coastbasis: stated
Business kind (site)
Real estate manager
AUM in its own words
$6.9 Billion in assets under managementthe manager's statement, not a DFX figure
In the manager's own words6 quotesShow
  • Opportunistic: “P•••• Residential utilizes a flexible, opportunistic approach to identify and evaluate potential investments”
  • Multifamily: “PRIME RESIDENTIAL West Coast Multifamily Owner and Operator”
  • California: “P•••• Residential actively seeks multifamily properties located in major markets within California, Oregon and Washington.”
  • Oregon: “P•••• Residential actively seeks multifamily properties located in major markets within California, Oregon and Washington.”
  • Washington: “P•••• Residential actively seeks multifamily properties located in major markets within California, Oregon and Washington.”
  • West Coast: “West Coast Multifamily Owner and Operator”
Vehicles
88 on Form ADV
VehicleKindGAVOwnersReportedVintageLifecycleName saysLPs
P••••••••• L••••• I••••••••• L•
805-3859396600
fund$1.5B GAV 2024202012* to 2024unknownMature
P•••• F•••••• S•••••• S••••••••• F••• 2• L•••
805-2938923267
fund$777M GAV 20242682024 to 20242024UnknownDistressed
P•••• F•••••• L••• D••••••• •••••••• I••• L•••
805-6376967818
fund$618M GAV 20241482022 to 20242022InvestingDebt
P•••• F•••••• L••• D••••••• •••••••• I•• L•••
805-1563380677
master$468M GAV 20241312019 to 20242019HarvestingDebt
P•••• F•••••• C••• B•••••• F••• I• L•••
805-4615786434
master$290M GAV 2024992017 to 20242017HarvestingDebt
All 34 current vehicleslargest GAV first
VehicleKindGAVOwnersReportedVintageLifecycleName saysLPs
P•••• S••••••• I••••••••• L••
805-1113645243
fund$221M GAV 2024212018 to 20242018Investing
P•••• E•••••••• L••
805-7951797269
master$179M GAV 2024142017 to 20242017Mature
P•••• V•••• M•••••• C•••••••• L•••
805-9458371113
co-investment$151M GAV 2024442020 to 20242020Investing
P•••• C•••••• I••••••• L•••
805-1599629726
fund$136M GAV 2024262013 to 20242013Mature
P•••• P•••••••• H•••••••• L••
805-3718954145
fund$136M GAV 2024242012* to 2024unknownMature
P•••• F•••••• S•••••• S••••••••• 2••• I•• C••••••••• L•••
805-7619566673
co-investment$121M GAV 202442022 to 20242020InvestingDistressed
P••••••••• R••••• L•••
805-5703352865
fund$114M GAV 2024182018 to 20242018Mature
P•••• F•••••• S•••••• S••••••••• F••• 2• •••••••• E••••••• L•••
805-8595442111
feeder$114M GAV 202472024 to 20242024UnknownDistressed
P••••••••• B••• L•••
805-4933549169
fund$95M GAV 2024172018 to 20242018Mature
P••••••••• L•••
805-5311909454
fund$86M GAV 2024272017 to 20242017Mature
P•••• H•••••• C•••••••• L•••
805-5677440782
co-investment$83M GAV 2024362022 to 20242022Harvesting
P•••• F•••••• S•••••• S••••••••• 2••• A•••••• C••••••••• L•••
805-3840371287
co-investment$83M GAV 2024152022 to 20242020InvestingDistressed
P•••• W•••••••• I••••••••• L••
805-7042806202
fund$81M GAV 2024202019 to 20242019Mature
P•••• T••• I••••••••• L••
805-9803357344
fund$80M GAV 2024132019 to 20242019Mature
P•••• S•••••• C•••••••• L•••
805-1189103348
co-investment$76M GAV 2024132023 to 20242023Investing
P••••••••• L••
805-4207331219
fund$75M GAV 2024142019 to 20242019Mature
P••••••••• C••••• L•••
805-2659158423
fund$71M GAV 2024272017 to 20242017Mature
P•••• W••••••••• L••
805-6950858000
fund$64M GAV 2024152017 to 20242017Mature
P•••• W••••••• L•••
805-7611658647
fund$62M GAV 2024162017 to 20242017Mature
P•••• C••••••• L•••
805-2452449504
fund$59M GAV 2024112018 to 20242018Mature
P•••• S•••• I••••••••• L•••
805-7232883095
fund$48M GAV 2024142018 to 20242018Mature
P•••• F•••••• L••• D••••••• •••••••• I•• •••••••• E••••••• L•••
805-6505797504
feeder$46M GAV 202432022 to 20242022InvestingDebt
P••••••••• I••••••••• L••
805-4004342767
fund$42M GAV 2024142012* to 2024unknownInvesting
P•••• T••••••• L•••
805-1499990654
fund$35M GAV 2024132018 to 20242018Mature
P•••• P••••••• F••• I•• L•••
805-1533613695
fund$28M GAV 2024112012* to 2024unknownWinding down
P•••• W•••••••• N•••••••• L•••••• P•••••••••
805-7628660379
fund$23M GAV 2024202020 to 20242020Investing
P•••• F•••••• L••• D••••••• •••••••• I• •••••••• E••••••• L•••
805-4883663901
feeder$21M GAV 202432019 to 20242019HarvestingDebt
P•••• F•••••• C••• B•••••• F••• I• •••••••• L•••
805-4188489115
feeder$18M GAV 202442017 to 20242017HarvestingDebt
T••••••• S••• L••
805-8636115867
fund$5M GAV 202412016 to 20242016Mature
54 dropped, re-typed or historical vehicles
VehicleKindGAVOwnersReportedVintageLifecycleName saysLPs
P•••• F•••••• P••••••• I• •••••••• E••••••• L•••
805-7930566591, dropped 2013
feeder$309M GAV 2012652012* to 2012unknownDropped from ADV
P•••• N••••• I••••••••• L••
805-8866421234, dropped 2016
fund$275M GAV 2024232012* to 2024unknownDropped from ADV
P•••• O•••••••• I••••••••• L•••
805-5198942655, dropped 2024
fund$245M GAV 2023322023 to 20232023Dropped from ADV
P•••• F•••••• P••••••• I•• L•••
805-5106061844, dropped 2013
fund$161M GAV 2012662012* to 2012unknownDropped from ADV
P•••• O•••••••• I••••••••• L•••
805-4940979114, dropped 2013
fund$141M GAV 2012292012* to 2012unknownDropped from ADV
P•••• C••••••• I••••••••• L•••
805-9096771252, dropped 2013
fund$125M GAV 2024132012* to 2024unknownDropped from ADV
O••••• L•••••• L••
805-7731172715, dropped 2013
fund$114M GAV 2012202012* to 2012unknownDropped from ADV
P•••• W••••••••• I••••••••• L•••
805-2657799046, dropped 2018
fund$74M GAV 2024192012* to 2024unknownDropped from ADV
P•••• A••••• L•••
805-9403659241, dropped 2013
fund$74M GAV 2012232012* to 2012unknownDropped from ADV
P•••• S•••• M•••• L•••
805-9099884265, dropped 2013
fund$64M GAV 2012212012* to 2012unknownDropped from ADV
P••••••••• R••••• L•••
805-4483807470, dropped 2013
fund$63M GAV 2014132012* to 2014unknownDropped from ADV
P•••• T•••••• L•••
805-2957052919, dropped 2013
fund$62M GAV 2024192012* to 2024unknownDropped from ADV
P•••• W•••••••• I••••••••• L••
805-6572854537, dropped 2014
fund$57M GAV 2013152012* to 2013unknownDropped from ADV
P•••• T••••• L•••
805-9595411911, dropped 2019
fund$55M GAV 2021222013 to 20212013Dropped from ADV
P•••• C••••••••• L•••
805-4799269717, dropped 2013
fund$55M GAV 2012242012* to 2012unknownDropped from ADV
P•••• O•• C•••••• L•••
805-4095060264, dropped 2013
fund$53M GAV 2012212012* to 2012unknownDropped from ADV
P••••••••• B••• L•••
805-8915185378, dropped 2013
fund$50M GAV 2012162012* to 2012unknownDropped from ADV
P•••• S••••••••• L•••
805-1076857669, dropped 2013
fund$50M GAV 2024172012* to 2024unknownDropped from ADV
P•••• G•••• V•••••• L••
805-6146641499, dropped 2013
fund$48M GAV 2012142012* to 2012unknownDropped from ADV
P••••••••• L•••
805-2362576832, dropped 2013
fund$45M GAV 2012232012* to 2012unknownDropped from ADV
P•••• S•••• I••••••••• L•••
805-1219989062, dropped 2013
fund$40M GAV 2012212012* to 2012unknownDropped from ADV
P•••• W••••••••• L••
805-1001007787, dropped 2013
fund$39M GAV 2012172012* to 2012unknownDropped from ADV
P••••••••• C••••• L•••
805-7014723103, dropped 2013
fund$38M GAV 2012282012* to 2012unknownDropped from ADV
P•••• R••• C••••• L••
805-7482365909, dropped 2013
fund$35M GAV 2012212012* to 2012unknownDropped from ADV
P••••••••• L••
805-5233071357, dropped 2013
fund$27M GAV 2012102012* to 2012unknownDropped from ADV
P•••• C••••••• L•••
805-2787243085, dropped 2013
fund$26M GAV 2012112012* to 2012unknownDropped from ADV
P•••• F•••••• P••••••• I• L•••
805-3910775129, dropped 2014
fund$26M GAV 2013672012* to 2013unknownDropped from ADV
P•••• S••••••• L••
805-1485669864, dropped 2013
fund$23M GAV 2012192012* to 2012unknownDropped from ADV
P•••• F•••••• P••••••• I••• L•••
805-3516902101, dropped 2019
fund$23M GAV 2022762018 to 20222018Dropped from ADV
P•••• T••••••• L•••
805-8098476222, dropped 2013
fund$20M GAV 2012172012* to 2012unknownDropped from ADV
P•••• F•••••• P••••••• I• •••••••• E••••••• I•••
805-3857825974, dropped 2014
feeder$18M GAV 2013102012* to 2013unknownDropped from ADV
P•••• W••••••• L•••
805-4770175409, dropped 2013
fund$18M GAV 2012232012* to 2012unknownDropped from ADV
P•••• W•••••••• N•••••••• L•••
805-3770914002, dropped 2013
fund$13M GAV 2012152012* to 2012unknownDropped from ADV
P•••• F•••••• P••••••• I•• •••••••• E••••••• L•••
805-6509607054, dropped 2019
feeder$4M GAV 20221162018 to 20222018Dropped from ADV
P•••• D••••••••• A••••• L•••
805-1972244668, dropped 2013
fund$4M GAV 2012112012* to 2012unknownDropped from ADV
P•••• F•••••• P••••••• I• •••••••• E••••••• L•••
805-6779907695, dropped 2019
feeder$3M GAV 2018392017 to 20182017Dropped from ADV
P•••• F•••••••• L•••
805-1684718154, dropped 2014
fund$2M GAV 2013172012* to 2013unknownDropped from ADV
P•••• F•••••• P••••••• I•• L•••
805-2210878350, dropped 2019
fund$2M GAV 2018662017 to 20182017Dropped from ADV
P•••• S•••••• I••••••••• L•••
805-4917549371, dropped 2014
fund$1M GAV 2013142013 to 20132013Dropped from ADV
P•••• S•••• M•••• L•••
805-7111290639, dropped 2019
fund$1M GAV 2018222017 to 20182017Dropped from ADV
S••••••• P••••• I••••••••• L••
805-7169954490, dropped 2018
feeder$1M GAV 201712016 to 20172016Dropped from ADV
P•••• A•••••• I••••••••• L•••
805-7714937058, dropped 2013
fund$1M GAV 2019172012* to 2019unknownDropped from ADV
A•••• P•••••••• L•••
805-5551483741, dropped 2021
fund$1M GAV 202062012* to 2020unknownDropped from ADV
P•••• A••••••• L•••
805-7119917838, dropped 2013
fund$1M GAV 2018292012* to 2018unknownDropped from ADV
P•••• T••••••• L••
805-2797429752, dropped 2014
fund$1M GAV 2013102012* to 2013unknownDropped from ADV
P•••• S•••••• L••
805-7212676684, dropped 2018
fund$852,821 GAV 2020132012* to 2020unknownDropped from ADV
P•••• R•••••••• L•••
805-7312886846, dropped 2017
fund$771,789 GAV 201692012* to 2016unknownDropped from ADV
M••••••••• I••• L••
805-2243794089, dropped 2021
fund$733,994 GAV 202072012* to 2020unknownDropped from ADV
P•••• F•••••• P••••••• I• •••••••• E••••• B•• L•••
805-7970534196, dropped 2019
feeder$260,237 GAV 2018252017 to 20182017Dropped from ADV
P•••• D••••••••• A••••• L•••
805-1046995014, dropped 2023
fund$173,203 GAV 2022112018 to 20222018Dropped from ADV
P•••• S••••• S•••• I••••••••• L•••
805-4823220608, dropped 2019
fund$172,809 GAV 2018282012* to 2018unknownDropped from ADV
P•••• S••••••• L••
805-8444266168, dropped 2017
fund$168,777 GAV 2016172015 to 20162015Dropped from ADV
P•••• G•••••• L•••
805-2953707432, dropped 2013
fund$164,280 GAV 2015202012* to 2015unknownDropped from ADV
A•••• C•••••••••
805-7286957886, dropped 2013
fund$31,821 GAV 201232012* to 2012unknownDropped from ADV
What do they actually own?
1 trusted of 2 candidate bindings
Owner entityVehicleProperties heldLoansEvidence
P•••• P••••••• F••• I•• L•••
CA
P•••• P••••••• F••• I•• L•••11 ($50.0M)Corporate filing
CMBS annex sponsor named
Properties the manager names on its site
  • T•• G•••••• a• P•••• P•••••••, Hermosa Beach, CA (multifamily) “••• Locked”
  • D••••• A•••••••••, San Jose, CA (multifamily) “••• Locked”
  • A••••• a• B••••••••, Seattle, WA (multifamily) “••• Locked”
What are they buying, selling and financing?
0 acquisitions, 0 sales, 0 financings in 12 months
  • loan securitizedJul 13, 2018$50.0MCMBS trust
    550 & 560 BATTERY STREET, 440 DAVIS COURT, 100 WASHINGTON STREET, 155 JACKSON STREET, 405 DAVIS COURT, 200 WASHINGTON STREET, 99 JACKSON STREET, 1-9 BOSTON SHIP PLAZA, 10-13 & 25-38 HINCKLEY WALK, 14-, CA through P•••• P••••••• F••• I•• L••• with B•••••••• 2•••••• M••••••• T••••
    Securitised debt reporting sec.gov
Who finances them?
1 loans, 1 lender groups, next maturity Apr 6, 2028
  • CMBS trust single1 loans, $50.0M, Jul 13, 2018 to Jul 13, 2018
Who backs them?
5 allocators, 7 rows
  • T•••••• F••• in P•••• P••••••• F••• L•• manager brand$3.4M fair value, as of Dec 31, 2024 apps.irs.gov
  • T•••••••• U•••• L•••• 2•• P•••••• P••• in P•••• P••••••• F••• manager brand$6.2M fair value, as of Dec 31, 2024 askebsa.dol.gov
  • A••••• A••• F••••••••• in P•••• P••••••• F••• manager brand$5.8M fair value, as of Dec 31, 2024 apps.irs.gov
  • L••••••• F••••••••• in P•••• P••••••• F••• manager brand$8.9M fair value, as of Dec 31, 2024 apps.irs.gov
  • A•••• I••••••• N•• in P•••• P••••••• F••• manager brand$15.8M fair value, as of Dec 31, 2024 apps.irs.gov
All 7 commitments
  • T•••••••• U•••• L•••• 2•• P•••••• P••• in P•••• P••••••• F••• manager brand$6.9M fair value, as of Dec 31, 2023 askebsa.dol.gov
  • T•••••••• U•••• L•••• 2•• P•••••• P••• in P•••• P••••••• F••• manager brand$8.2M fair value, as of Dec 31, 2022 askebsa.dol.gov
People
Form ADV Schedule A, latest filing
  • D••••• H•••• J•••• Member since 2011-11 also on pe
  • S••••• D••••• S••••• Chief Compliance Officer since 2022-03 also on pe
  • S••••• A••••• G••••••• Member since 2022-12 also on pe
  • J••• C•••• A•••••• Member since 2022-12 also on pe
  • J•• W••••• B••••••• Member since 2022-12 also on pe
  • S•••• G•••• D••••••• Member since 2022-12 also on pe
  • L••• N• T• D••• L•••••• Partner since 2023-10 also on pe
  • J••••• R••• F•••••• Principal & Chief Administrative Officer also on pe
What is changing?
  • Vehicle first reported Mar 29, 2024 (observed) ••• Locked
  • Vehicle first reported Mar 29, 2024 (observed) ••• Locked
  • Vehicle dropped from ADV Mar 29, 2024 (observed) ••• Locked
  • Vehicle first reported Mar 29, 2023 (observed) ••• Locked
  • Vehicle first reported Mar 29, 2023 (observed) ••• Locked
Full timeline · 30 events
  • Vehicle dropped from ADV Mar 29, 2023 (observed) ••• Locked
  • Vehicle first reported Mar 31, 2022 (observed) ••• Locked
  • Vehicle first reported Mar 31, 2022 (observed) ••• Locked
  • Vehicle first reported Mar 31, 2022 (observed) ••• Locked
  • Vehicle first reported Mar 31, 2022 (observed) ••• Locked
  • Vehicle first reported Mar 31, 2022 (observed) ••• Locked
  • Vehicle dropped from ADV Mar 30, 2021 (observed) ••• Locked
  • Vehicle dropped from ADV Mar 30, 2021 (observed) ••• Locked
  • Vehicle first reported Mar 27, 2020 (observed) ••• Locked
  • Vehicle first reported Mar 27, 2020 (observed) ••• Locked
  • Vehicle first reported Mar 29, 2019 (observed) ••• Locked
  • Vehicle first reported Mar 29, 2019 (observed) ••• Locked
  • Vehicle first reported Mar 29, 2019 (observed) ••• Locked
  • Vehicle first reported Mar 29, 2019 (observed) ••• Locked
  • Vehicle first reported Mar 29, 2019 (observed) ••• Locked
  • Vehicle dropped from ADV Mar 29, 2019 (observed) ••• Locked
  • Vehicle dropped from ADV Mar 29, 2019 (observed) ••• Locked
  • Vehicle dropped from ADV Mar 29, 2019 (observed) ••• Locked
  • Vehicle dropped from ADV Mar 29, 2019 (observed) ••• Locked
  • Vehicle dropped from ADV Mar 29, 2019 (observed) ••• Locked
  • Vehicle dropped from ADV Mar 29, 2019 (observed) ••• Locked
  • Vehicle dropped from ADV Mar 29, 2019 (observed) ••• Locked
  • Vehicle dropped from ADV Mar 29, 2019 (observed) ••• Locked
  • Vehicle first reported Mar 29, 2018 (observed) ••• Locked
  • Vehicle first reported Mar 29, 2018 (observed) ••• Locked
Across DFX