The manager graph behind U.S. private real estate capital. Which vehicles a manager swears to, what each reports year by year, what the manager says it does, and, where the evidence holds, which owner entities, properties, loans, lenders and pensions stand behind it. GAV is gross asset value on a filing date, never fund size, and every manager-to-property link carries its evidence class.

Manager

Arel Capital, LP

CRD 170574SEC 802-120567New York, NYarelcapital.comunder $1BOpportunistic
Form ADV on IAPD
What capital do they manage?
Real estate GAV
$87M GAV 2024sum of GAV over non-feeder, non-quarantined Real Estate Fund vehicles on the latest filing (a scale proxy, never fund size)
Vehicles
20 current, 62 ever, 19 dropped6 feeders, 4 funds of funds
First on the tape
2014the extract starts in 2011; an earlier history is not visible
Latest filing
Mar 22, 2024exempt reporting adviser
Fund types on the latest filing
Real Estate Fund 20
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
Hybridbasis: stated
Property types
Multifamily, Mixed use, Office, Retailbasis: stated
Markets
Washington, DC Metro, South Carolina, North Carolina, Tennesseebasis: stated
Business kind (site)
REAL_ESTATE_MANAGER
AUM in its own words
$2B assets acquired, developed or financedthe manager's statement, not a DFX figure
In the manager’s own words
  • Opportunistic: “Opportunistic Multifamily”
  • Debt: “We provide debt/preferred equity to high-quality, experienced real estate developers.”
  • Value add: “Investment Strategy: Opportunistic / Value-Add”
  • Multifamily: “Type: Multifamily”
  • Mixed use: “Type: Mixed-Use Office & Retail”
  • Office: “Office-to-Residential Conversion”
  • Retail: “9 Office & 2 Retail”
  • Washington, DC Metro: “Washington, DC Metro”
  • South Carolina: “Charleston, SC”
  • North Carolina: “Charlotte, NC”
  • Tennessee: “Nashville, TN”
Vehicles
62 on Form ADV
VehicleKindGAVOwnersReportedVintageLifecycleLifecycleName saysLPs
Mepa Senior Preferred LP
805-9228084960
fund$20M GAV 2024232024 to 20242024UnknownDebt
Hawthornel LLC
805-5024401035
fund$13M GAV 2024162022 to 20242022Investing
Arel Mepa Preferred LLC
805-2335434914
fund$12M GAV 2024142022 to 20242022Investing
Carolinarel LLC
805-3591634807
fund$8M GAV 2024332024 to 20242024Unknown
Arel NY Development II LP
805-4802242064
fund$8M GAV 2024252017 to 20242017HarvestingDevelopment
Mepa Crowd Preferred LP
805-3130284834
fund$6M GAV 2024952022 to 20242022Investing
Arel New York I, L.P.
805-5126557327
fund$6M GAV 2024352014* to 2024unknownHarvesting
Mepa Crowd Preferred II LP
805-6453406142
fund$5M GAV 2024942022 to 20242022Investing
118 2nd Ave Pref Equity LLC
805-4301556286
fund$4M GAV 202492018 to 20242018Mature
Arel Starrstruck LP
805-6928050740
fund$3M GAV 2024182016 to 20242016Harvesting
Arel Jv Mepa LP
805-6281965857
fund$1M GAV 202442019 to 20242019Winding down
Arel Capital Partners II LLC
805-8900320926
fund$649,593 GAV 2024232014* to 2024unknownWinding down
Arel NY Development II Bis LP
805-9265788969
fund$599,170 GAV 2024172019 to 20242019Winding downDevelopment
Arel NY Meatpacking LP
805-9669903216
fund$267,389 GAV 2024122015 to 20242015Winding down
Arel Partners Meatpacking LP
805-3039570459
fund$70,750 GAV 202452015 to 20242015Winding down
Arel New York IV LP
805-5002929781
fund$0 GAV 2024212017 to 20242017Winding down
Arel Starrstruck II LP
805-5123820614
fund$0 GAV 2024262017 to 20242017Winding down
Arel New York III, LP
805-3794549007
fund$0 GAV 2024392015 to 20242015Winding down
Arel Saxon Hall LP
805-7513724267
fund$0 GAV 2024532017 to 20242017Winding down
Arel Funding I LP
805-3442582148
fund$0 GAV 202452015 to 20242015Winding down
42 dropped, re-typed or historical vehicles
VehicleKindGAVOwnersReportedVintageLifecycleLifecycleName saysLPs
Yuhaviatam All Thrill LP
805-4633519563
fund of funds$100M GAV 202022017 to 20202017Investing
Wild Basin Road LP
805-4337420144
fund of funds$65M GAV 202022015 to 20202015Mature
Arel Partners Fund I LP
805-8244440181
fund of funds$39M GAV 2020102017 to 20202017Investing
Arel River Oaks Holdings LP
805-9169467333
feeder$39M GAV 2020372015 to 20202015Mature
Arel Denver II LP
805-6464210734
fund$33M GAV 2020432016 to 20202016Investing
ACP IV Debt LP
805-4940681452, dropped 2018
fund$31M GAV 2017152017 to 20172017Dropped from ADVDebt
Arel Austin III LP
805-9959673290
fund$28M GAV 2020482017 to 20202017Investing
Arel Denver III LP
805-4045692151
fund$27M GAV 2020542017 to 20202017Investing
Arel Austin II LP
805-5186370952
fund$23M GAV 2020482017 to 20202017Investing
Arel Florida I LP
805-2806828432
fund$23M GAV 2020502019 to 20202019Investing
Arel Houston IV LP
805-2222157276
fund$22M GAV 2020422019 to 20202019Investing
Arel Houston III LP
805-6460333438
fund$22M GAV 2020382018 to 20202018Harvesting
Arel New York II, L.P.
805-8210014122, dropped 2018
fund$21M GAV 2017452014* to 2017unknownDropped from ADV
Arel Charlotte I LP
805-3395181782
fund$20M GAV 2020412017 to 20202017Investing
Arel Austin IV LP
805-7199519652
fund$15M GAV 2020262018 to 20202018Investing
Arel Houston II LLC
805-2904226229
fund$14M GAV 2020222014* to 2020unknownHarvesting
Solarel Preferred LLC
805-5591575777, dropped 2022
fund$13M GAV 2021162019 to 20212019Dropped from ADV
Arel Charleston I LP
805-4299273371
fund$13M GAV 2020382018 to 20202018Investing
Arel Denver V LP
805-3445715865
fund$12M GAV 2020312018 to 20202018Investing
Arel Capital Partners III LLC
805-4531782476, dropped 2019
fund$12M GAV 2018212016 to 20182016Dropped from ADV
Arel Charleston II LP
805-8540389078
fund$12M GAV 2020282019 to 20202019Investing
Arel Nashville I LP
805-5830202411
fund$11M GAV 2020342018 to 20202018Investing
Arel 64 University Place LLC
805-3445381336, dropped 2022
fund$10M GAV 202172020 to 20212020Dropped from ADV
Arel Denver IV LP
805-9924156900, dropped 2020
fund$10M GAV 2019172018 to 20192018Dropped from ADV
Arel New York Development I LP
805-7262880850, dropped 2018
fund$10M GAV 2017252014* to 2017unknownDropped from ADVDevelopment
Podarel 180 North 4th LLC
805-2628301489, dropped 2022
fund$5M GAV 202192020 to 20212020Dropped from ADV
Arel Capital Partners I LLC
805-7359710880, dropped 2019
fund$5M GAV 2018112014* to 2018unknownDropped from ADV
Green Lulav LP
805-9131874598, dropped 2019
fund$3M GAV 2018112016 to 20182016Dropped from ADV
Arel Denver I LLC
805-3509853226
fund$3M GAV 2020152015 to 20202015Mature
Addickstone LLC
805-4343002161
fund$2M GAV 202072014* to 2020unknownHarvesting
Arel Funding II Feeder LP
805-5651671833, dropped 2019
feeder$2M GAV 201832018 to 20182018Dropped from ADV
Arel Funding II LP
805-7968524125, dropped 2023
fund$2M GAV 2022112017 to 20222017Dropped from ADV
Arel Austin I LP
805-4760984603, dropped 2023
fund$1M GAV 2022212015 to 20222015Dropped from ADV
ACP IV Equity LP
805-1663416932, dropped 2019
fund$547,500 GAV 201852017 to 20182017Dropped from ADV
Arel Funding II Overseas Investor Company
805-1179132264, dropped 2019
fund of funds$522,000 GAV 201812018 to 20182018Dropped from ADV
Wythe Avenue Intermediate Corp LLC
805-7441029111, dropped 2019
feeder$522,000 GAV 201812018 to 20182018Dropped from ADV
Saxon Intermediate LLC
805-5534533934, dropped 2019
feeder$167,228 GAV 201812018 to 20182018Dropped from ADV
Reec 128 Intermediate Corp LLC
805-9986039272, dropped 2019
feeder$149,767 GAV 201812018 to 20182018Dropped from ADV
ST Marks Intermediate LLC
805-1966199895, dropped 2019
feeder$113,864 GAV 201812018 to 20182018Dropped from ADV
Arel River Oaks LLC
805-9072725897
fund$0 GAV 201512015 to 20152015Unknown
Arel Starrstruck LP
805-4471657552
fund$0 GAV 201502015 to 20152015Unknown
Arel River Oaks Mezz LLC
805-1769890623
fund$0 GAV 201512015 to 20152015UnknownDebt
What do they actually own?
2 trusted of 33 candidate bindings
Owner entityVehicleProperties heldLoansEvidence
STARRSTRUCK HOLDING
NY, retail
manager only1 of 2 bound1 ($14.1M)Corporate filing
dos_process_name_manager
202 SOUTH 2ND STREET LLC
NY, multifamily
manager only1Manager disclosure
the manager's own website names the property, and the recorder shows this entity at that address today
Properties the manager names on its site
  • 50 Ninth, New York, NY (mixed-use office & retail) “50 Ninth Type: Mixed-Use Office & Retail Location: Meatpacking District, New York”
  • 1228 Madison Avenue, 1228 Madison Avenue, New York, NY (ground-up condominium development) “1228 Madison Avenue Type: Ground-up Condominium Development Location: Upper East Side, New York”
  • 256 West 38th Street, 256 West 38th Street, New York, NY (office-to-residential conversion) “256 West 38th Street Type: Office-to-Residential Conversion Location: Midtown East, New York”
  • Morningside Heights – Columbia University Portfolio, New York, NY (mixed-use multifamily & retail) “Morningside Heights – Columbia University Portfolio Type: Mixed-Use Multifamily & Retail Location: Upper West Side, New York”
  • 202 South Second Street, 202 South Second Street, New York, NY (multifamily) “202 South Second Street Type: Multifamily Location: Williamsburg, New York”
  • The Astor, New York, NY (condominium conversion) “The Astor Type: Condominium Conversion Location: Upper West Side, New York”
What are they buying, selling and financing?
0 acquisitions, 1 sales, 2 financings in 12 months
  • DispositionSep 22, 2025$17.5M
    through STARRSTRUCK HOLDING to 321 STARR PROPERTY OWNER
    re core owners apps.dos.ny.gov
  • Mortgage assignedJul 31, 2024$14.1MLadder Capital Realty III
    321 Starr Street, NY (retail) through STARRSTRUCK HOLDING with LADDER CAPITAL REALTY III LLC
    df cre recording apps.dos.ny.gov
Who finances them?
1 loans, 1 lender groups
  • Metropolitan Commercial Bank new12 loans, $22.2M, Sep 4, 2024 to Sep 4, 2024
  • JPMorgan Chase new11 loans, $50.3M, Jun 26, 2024 to Jun 2, 2026
  • Cf Dcope Fin new5 loans, $48.0M, Jun 3, 2025 to Jun 3, 2025
  • Cf Fin Dcope new2 loans, $28.0M, Aug 28, 2025 to Aug 28, 2025
  • TD Bank new2 loans, $7.0M, Jul 1, 2025 to Jul 1, 2025
  • Ladder Capital Realty III single1 loans, $14.1M, Jul 31, 2024 to Jul 31, 2024
  • Citibank single1 loans, $13.2M, Oct 18, 2024 to Oct 18, 2024
Who backs them?
0 allocators, 0 rows
No institutional LP disclosure resolved to this manager.
People
Form ADV Schedule A, latest filing
  • Makhlouf Gabriel Bousbib Member since 2013-07
  • Richard Graham Leibovitch Managing Member since 2013-07 also on pe
  • Eric Anai Paolo Lagdameo Limited Partner since 2013-07
  • Bryce Andrew Arnett Chief Financial Officer since 2021-12
  • TIM Reilley Limited Partner since 2021-12
What is changing?
  • Vehicle first reported Mar 22, 2024 (observed) Carolinarel LLC first reported on Form ADV by Arel Capital, LP, GAV $7,900,321
  • Vehicle first reported Mar 22, 2024 (observed) Mepa Senior Preferred LP first reported on Form ADV by Arel Capital, LP, GAV $20,431,492
  • Vehicle dropped from ADV Mar 17, 2023 (observed) Arel Austin I LP no longer reported on Form ADV by Arel Capital, LP
  • Vehicle dropped from ADV Mar 17, 2023 (observed) Arel Funding II LP no longer reported on Form ADV by Arel Capital, LP
  • Vehicle first reported Mar 4, 2022 (observed) Arel Mepa Preferred LLC first reported on Form ADV by Arel Capital, LP, GAV $9,477,562
  • Vehicle first reported Mar 4, 2022 (observed) Mepa Crowd Preferred II LP first reported on Form ADV by Arel Capital, LP, GAV $4,030,595
  • Vehicle dropped from ADV Mar 4, 2022 (observed) Solarel Preferred LLC no longer reported on Form ADV by Arel Capital, LP
  • Vehicle first reported Mar 4, 2022 (observed) Hawthornel LLC first reported on Form ADV by Arel Capital, LP, GAV $8,753,180
  • Vehicle dropped from ADV Mar 4, 2022 (observed) Podarel 180 North 4th LLC no longer reported on Form ADV by Arel Capital, LP
  • Vehicle dropped from ADV Mar 4, 2022 (observed) Arel 64 University Place LLC no longer reported on Form ADV by Arel Capital, LP
  • Vehicle first reported Mar 4, 2022 (observed) Mepa Crowd Preferred LP first reported on Form ADV by Arel Capital, LP, GAV $5,014,055
  • Vehicle first reported Mar 24, 2020 (observed) Podarel 180 North 4th LLC first reported on Form ADV by Arel Capital, LP, GAV $5,000,000
  • Vehicle first reported Mar 24, 2020 (observed) Arel 64 University Place LLC first reported on Form ADV by Arel Capital, LP, GAV $9,000,000
  • Vehicle dropped from ADV Mar 24, 2020 (observed) Arel Denver IV LP no longer reported on Form ADV by Arel Capital, LP
  • Vehicle dropped from ADV Mar 29, 2019 (observed) Reec 128 Intermediate Corp LLC no longer reported on Form ADV by Arel Capital, LP
  • Vehicle dropped from ADV Mar 29, 2019 (observed) Arel Funding II Feeder LP no longer reported on Form ADV by Arel Capital, LP
  • Vehicle dropped from ADV Mar 29, 2019 (observed) Saxon Intermediate LLC no longer reported on Form ADV by Arel Capital, LP
  • Vehicle first reported Mar 29, 2019 (observed) Arel Jv Mepa LP first reported on Form ADV by Arel Capital, LP, GAV $21,150,000
  • Vehicle first reported Mar 29, 2019 (observed) Arel NY Development II Bis LP first reported on Form ADV by Arel Capital, LP, GAV $4,508,517
  • Vehicle first reported Mar 29, 2019 (observed) Arel Florida I LP first reported on Form ADV by Arel Capital, LP, GAV $23,225,000
  • Vehicle first reported Mar 29, 2019 (observed) Arel Charleston II LP first reported on Form ADV by Arel Capital, LP, GAV $11,825,000
  • Vehicle first reported Mar 29, 2019 (observed) Solarel Preferred LLC first reported on Form ADV by Arel Capital, LP, GAV $11,600,000
  • Vehicle first reported Mar 29, 2019 (observed) Arel Houston IV LP first reported on Form ADV by Arel Capital, LP, GAV $22,000,000
  • Vehicle dropped from ADV Mar 29, 2019 (observed) Arel Capital Partners III LLC no longer reported on Form ADV by Arel Capital, LP
  • Vehicle dropped from ADV Mar 29, 2019 (observed) Wythe Avenue Intermediate Corp LLC no longer reported on Form ADV by Arel Capital, LP
  • Vehicle dropped from ADV Mar 29, 2019 (observed) ST Marks Intermediate LLC no longer reported on Form ADV by Arel Capital, LP
  • Vehicle dropped from ADV Mar 29, 2019 (observed) Green Lulav LP no longer reported on Form ADV by Arel Capital, LP
  • Vehicle dropped from ADV Mar 29, 2019 (observed) ACP IV Equity LP no longer reported on Form ADV by Arel Capital, LP
  • Vehicle dropped from ADV Mar 29, 2019 (observed) Arel Capital Partners I LLC no longer reported on Form ADV by Arel Capital, LP
  • Vehicle dropped from ADV Mar 29, 2019 (observed) Arel Funding II Overseas Investor Company no longer reported on Form ADV by Arel Capital, LP
Across DFX

Bridged by shared CRD, CIK or SEC fund id only; the same institution’s PE portfolio companies and its real estate holdings stay on their own graphs.