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F•••••••• R••••• A••••••• L••

Multi-strategy real estate managerSEC-registered adviser$1B to $5B· San Diego, California

Multi-strategy real estate manager, based in San Diego, California, reporting $2.2B of real estate gross assets across 5 vehicles.

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

Real estate GAV
$2.2B
Form ADV, Schedule D, real estate vehicles summed
Current vehicles
5
Form ADV, Schedule D 7.B.(1)
Properties held
2
Deeds, filings and the manager's own site, bound to its vehicles
Institutional LPs
2
Pension and endowment disclosures
Vehicles (5)HoldingsLPs
As of · the latest Form ADV filing; property activity carries its own dates

Nothing material in the last 365 days. No dated change on record yet.

Identifiers, size band and strategyCRD 300633 · SEC 801-115002Show
CRD 300633SEC 801-115002$1B to $5BMulti-strategyForm ADV
What capital do they manage?
Real estate GAV
$2.2B GAV 2024sum of GAV over non-feeder, non-quarantined Real Estate Fund vehicles on the latest filing (a scale proxy, never fund size)
Vehicles
5 current, 5 ever, 0 dropped0 feeders, 0 funds of funds
How the GAV is measured, and the filing detailShow
First on the tape
2019the extract starts in 2011; an earlier history is not visible
Latest filing
Mar 29, 2024registered adviser
Adviser RAUM
$4.5Bthe whole adviser, all strategies; used for the quarantine test only
Fund types on the latest filing
Real Estate Fund 5, 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
Multi-strategy
Operator model
Hybridbasis: stated
Property types
Multifamily, Single-family rentalbasis: stated
Markets
San Francisco, Orange County, Fort Lauderdale, Washington, D.C. - Maryland, Washington, D.C. - Virginia, Inland Empirebasis: stated
Business kind (site)
Real estate manager
AUM in its own words
$15.3B AUM across 219 assetsthe manager's statement, not a DFX figure
Parent
California State Teachers' Retirement System (CalSTRS)
In the manager's own words12 quotesShow
  • Value add: “We purchase, renovate and reposition existing properties where under-investment and sub-par management has impeded asset quality and performance.”
  • Core plus: “With a focus on asset quality and stability of cash flow, we acquire newer assets, often at a discount to replacement cost, with the intent to provide operational improvement over a 10-year hold period.”
  • Development: “We specialize in sourcing and entitling land for the development and construction of low-to-high density multifamily projects.”
  • Debt: “We buy newly originated subordinated tranches of Freddie Mac securitized debt pools with 7- and 10-year maturity terms to the underlying fixed rate mortgage.”
  • Multifamily: “We specialize in sourcing and entitling land for the development and construction of low-to-high density multifamily projects.”
  • Single-family rental: “We develop attached and detached rental homes appealing to residents who desire more space and privacy.”
  • San Francisco: “San Francisco”
  • Orange County: “Orange County”
  • Fort Lauderdale: “Fort Lauderdale”
  • Washington, D.C. - Maryland: “Washington, D.C. - Maryland”
  • Washington, D.C. - Virginia: “Washington, D.C. - Virginia”
  • Inland Empire: “Inland Empire”
Vehicles
5 on Form ADV
VehicleKindGAVOwnersReportedVintageLifecycleName saysLPs
F•••••••• U••• M••••••••• C••• P••• F••• I• L•
805-3222042170
fund$790M GAV 202492022 to 20242022HarvestingCore plus
F•••••••• A••••••••• H•••••• P••••••••• F••• L•
805-9336029411
fund$599M GAV 202472023 to 20242023Investing
F•••••••• U••• M••••••••• C••• P••• J•••• V•••••• L•
805-2623538171
fund$404M GAV 202432020 to 20242020InvestingCore plus
F•••••••• U••• M••••••••• V•••• A•• F••• I• L•••
805-5932209657
fund$380M GAV 202492024 to 20242024UnknownValue add1
F•••••••• U••• M••••••••• V•••• A•• F••• I• P• L•••
805-4528669405
fund$7M GAV 202422024 to 20242024UnknownValue add
What do they actually own?
2 trusted of 12 candidate bindings
Owner entityVehicleProperties heldLoansEvidence
F•••••••• 4•• N•••• L••
FL, multifamily 10+ units
manager only1 assessed $141MCorporate filing
sunbiz officer is manager
F•••••••• 4•• N•••• L••
FL, multifamily 10+ units
manager only1 assessed $141MAddress and agent
owner's tax-bill address is the manager's headquarters to the suite or floor
F•••••••• O•• L••
FL, multifamily 10+ units
manager only1 assessed $74.7MCorporate filing
sunbiz principal address hq suite
Properties the manager names on its site
  • P•••••••• P••••, West Palm Beach, FL (multifamily) “••• Locked”
  • M•••••• o• M••••• A•••••••••, Farmers Branch, TX (multifamily) “••• Locked”
What are they buying, selling and financing?
0 acquisitions, 0 sales, 0 financings in 12 months
No attributed events yet. An event reaches this page only through a validated holding binding.
Who finances them?
0 loans, 0 lender groups
  • Citibank, N,a new2 loans, $8.5M, Jan 27, 2025 to Jan 27, 2025
  • Bank of America single1 loans, $8.0M, Sep 30, 2025 to Sep 30, 2025
Who backs them?
2 allocators, 7 rows
  • N•• Y••• S•••• C••••• R••••••••• F••• in F•••••••• U• M••••••••• V•••• A•• F••• I• manager_brand$42.5M fair value, as of Mar 31, 2025 osc.ny.gov
  • N•• Y••• S•••• C••••• R••••••••• F••• in F•••••••• C••••• C••• M••••••••• F•••• V•••••• L••••••••• U••• manager_brand$530M fair value, as of Mar 31, 2025 osc.ny.gov
  • N•• Y••• S•••• C••••• R••••••••• F••• in F•••••••• U• M••••••••• C••• P••• F••• I• manager_brand$164M fair value, as of Mar 31, 2025 osc.ny.gov
  • T••••• a•• D•••••• L••••• F••••••••• in F•••••••• U••• M••••••••• V•••• A•• F••• I• L• exact_name$492,134 fair value, as of Dec 31, 2024 apps.irs.gov
  • N•• Y••• S•••• C••••• R••••••••• F••• in F•••••••• U••• M••••••••• V•••••••• F••• I•• L••• exact_name$250M committed, as of Sep 23, 2024 osc.ny.gov
All 7 commitments
  • N•• Y••• S•••• C••••• R••••••••• F••• in F•••••••• U••• M••••••••• V•••••••• F••• I• C••••••••• manager_brand$150M committed, as of Sep 23, 2024 osc.ny.gov
  • N•• Y••• S•••• C••••• R••••••••• F••• in F•••••••• U••• M••••••••• C••• P••• F••• I• •••• P••• F••• I•• manager_name$200M committed, as of Jun 29, 2022 osc.ny.gov
People
Form ADV Schedule A, latest filing
  • S•••• N• K••••••••• Chief Operating Officer And Chief Financial Officer since 2016-09
  • B••• A•• C•••••• Chief Compliance Officer since 2016-11
  • R•••••• L••••••• B•••••• Chairman Of The Board, Chief Executive Officer, And President since 2022-01
What is changing?
  • Vehicle first reported Mar 29, 2024 (observed) ••• Locked
  • Vehicle first reported Mar 29, 2024 (observed) ••• Locked
  • Vehicle first reported Mar 30, 2023 (observed) ••• Locked
  • Vehicle first reported Mar 30, 2022 (observed) ••• Locked
  • Vehicle first reported Mar 30, 2020 (observed) ••• Locked
Full timeline · 6 events
  • First ADV filing on the tape Mar 13, 2019 (observed) ••• Locked
Across DFX