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N•••••••• I•••••••• L••

Opportunistic real estate managerSEC-registered adviser$5B to $25B· Denver, Colorado

Opportunistic real estate manager, based in Denver, Colorado, reporting $8.8B of real estate gross assets across 36 vehicles.

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

Real estate GAV
$8.8B
Form ADV, Schedule D, real estate vehicles summed
Current vehicles
36
Form ADV, Schedule D 7.B.(1)
Properties held
3
Deeds, filings and the manager's own site, bound to its vehicles
Institutional LPs
2
Pension and endowment disclosures
Vehicles (41)HoldingsLPs
As of · the latest Form ADV filing; property activity carries its own dates

What matters now

  1. $64M
    largest loan, 12 months

    1 loan filing in 12 months on 1 property; the largest $64M from a CMBS trust on 13024 BALLANTYNE CORPORATE PLACE, NC; latest 12 May 2026.

    Who lends to it now, and on which assets, is who a competing lender or a broker is up against.

    Factrecorded mortgages and CMBS filingsFor Lenders, debt brokersLenders →
  2. Aug 2029
    next loan maturity

    Next loan maturity on its holdings: 6 Aug 2029 on N•••••••• R••• E••••• P••••••• L• (GA), 1 loan totalling $10.5M recorded.

    in 3 years · The nearest maturity on the loans on record is years out: no refinancing pressure shows on these holdings yet.

    Factrecorded loan documentsLenders →
Identifiers, size band and strategyCRD 161406 · SEC 801-74379Show
CRD 161406SEC 801-74379$5B to $25BOpportunisticForm ADV
What capital do they manage?
Real estate GAV
$8.8B GAV 2024sum of GAV over non-feeder, non-quarantined Real Estate Fund vehicles on the latest filing (a scale proxy, never fund size)
Vehicles
36 current, 41 ever, 4 dropped5 feeders, 0 funds of funds
How the GAV is measured, and the filing detailShow
GAV as filed
$8.9Bfeeders and quarantined readings included
First on the tape
2012the extract starts in 2011; an earlier history is not visible
Latest filing
Mar 29, 2024registered adviser
Adviser RAUM
$8.8Bthe whole adviser, all strategies; used for the quarantine test only
Fund types on the latest filing
Real Estate Fund 36
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
Retail, Industrialbasis: stated
Markets
United States, Europebasis: stated
Business kind (site)
Real estate manager
AUM in its own words
••• Lockedthe manager's statement, not a DFX figure
In the manager's own words7 quotesShow
  • Opportunistic: “N•••••••• targets high-quality assets in premium locations, rotating opportunistically between sectors and geographies to pursue attractive risk-adjusted value and returns.”
  • Value add: “N•••••••• seeks to acquire assets at an attractive basis and unlock value over time through hands-on asset management.”
  • Development: “N•••••••• I•••••••• has committed to delivering Covent Garden’s largest office development with 240,000 SF of workspace and 20,000 SF of amenity and retail space.”
  • Retail: “Retail / Mixed-Use”
  • Industrial: “Urban Logistics”
  • United States: “N•••••••• invests alongside institutional and private clients in a broad range of real estate and real estate-related investment opportunities across the US and Europe”
  • Europe: “N•••••••• invests alongside institutional and private clients in a broad range of real estate and real estate-related investment opportunities across the US and Europe”
Vehicles
41 on Form ADV
VehicleKindGAVOwnersReportedVintageLifecycleName saysLPs
N•••••••• R••• E••••• P••••••• L•
805-9793226746
fund$2.3B GAV 20241152012* to 2024unknownMature
N•••••••• R••• E••••• P••••••• T• L•
805-9098454438
fund$1.8B GAV 2024692012* to 2024unknownHarvesting
N• R••••••••• R••• L••
805-2831056214
REIT$924M GAV 20241262023 to 20242023InvestingREIT sponsor
B•• U• V• M••••• R••• L••
805-7666724730
REIT$452M GAV 20241262019 to 20242019MatureREIT sponsor
D••••• N•••••••• H••••••• L•
805-1901040470
feeder$395M GAV 202422020 to 20242020Investing
All 36 current vehicleslargest GAV first
VehicleKindGAVOwnersReportedVintageLifecycleName saysLPs
N• B•• R••• L••
805-7984125900
REIT$373M GAV 20241272019 to 20242019HarvestingREIT sponsor
N• 5•• O••••• a•• R••••• R••• L••
805-9787988768
REIT$323M GAV 20241322024 to 20242024UnknownREIT sponsor
N•••••••• R••• E••••• C••••••••• L•
805-2869525991
co-investment$288M GAV 2024282012* to 2024unknownHarvesting
N•••••••• R••• E••••• C••••••••• T• L•
805-7810778553
co-investment$238M GAV 2024272012* to 2024unknownHarvesting
N• S••••• R••• L••
805-3973455308
REIT$227M GAV 20241292023 to 20242023InvestingREIT sponsor
N•••••••• 5•• C••••••• P••••••• L•
805-7841220612
co-investment$213M GAV 202452023 to 20242023Investing
N•••••••• R••• E••••• P••••••• 2••• L•
805-2852394454
fund$155M GAV 202432013 to 20242012Harvesting
N• 5•• M••••••••• R••• L••
805-7425590847
REIT$110M GAV 20241322024 to 20242024UnknownREIT sponsor
N•••••••• R••• E••••• D••• S••••••••• I• L•
805-2609797643
fund$103M GAV 202432024 to 20242024UnknownDebt
N•••••••• R••• E••••• P••••••• 2••• L•
805-2613500131
fund$100M GAV 202442019 to 20242018Investing
N• F•••• R••• L••
805-4723937134
REIT$98M GAV 20241282022 to 20242022HarvestingREIT sponsor
B•• U• V• C• R••• L••
805-4997218732
REIT$81M GAV 20241262018 to 20242018MatureREIT sponsor
N•••••••• R••• E••••• R••• I•••
805-1186662723
REIT$80M GAV 20241262015 to 20242015HarvestingREIT sponsor
N• O••••• R••• H••••••• L••
805-9908137360
feeder$79M GAV 20241292015 to 20242015HarvestingREIT sponsor
N•••••••• R••• E••••• P••••••• E••••• L•
805-8463225712
master$66M GAV 202482016 to 20242016Investing
N• U••• R••••••• I• ••• 2• L•••••• P•••••••••
805-3264306317
master$64M GAV 2024132015 to 20242015Harvesting
N• R•• R••• L••
805-4673910881
REIT$58M GAV 20241292024 to 20242024UnknownREIT sponsor
N• 9•• C• R••• L••
805-5780979788
REIT$55M GAV 20241302022 to 20242022InvestingREIT sponsor
N• D•••• R••• L••
805-6915534869
REIT$55M GAV 20241272020 to 20242020InvestingREIT sponsor
N• P••••••• H••• R••• L••
805-8015987921
REIT$54M GAV 20241262016 to 20242016HarvestingREIT sponsor
N• H•• R••• L••
805-2539258564
REIT$48M GAV 20241282019 to 20242019MatureREIT sponsor
N• 1•• B••••••• L••
805-2469424816
fund$28M GAV 20241232015 to 20242015Harvesting
B•• U• V• M• R••• L••
805-1123987279
REIT$22M GAV 20241262018 to 20242018HarvestingREIT sponsor
N• E••••• T• F••••• L•
805-5376191062
feeder$10M GAV 202412016 to 20242016Investing
N• U••• R••••••• I• ••• 1• L•••••• P•••••••••
805-3273387352
feeder$7M GAV 202412015 to 20242015Harvesting
N• 2•• C••••••• S••••• R••• L••
805-2534261253
REIT$6M GAV 20241262016 to 20242016Winding downREIT sponsor
N• 1••• A•• R••• L••
805-8790335931
REIT$2M GAV 20241292020 to 20242020Winding downREIT sponsor
N• U••• R••••••• ••• 2• L•••••• P•••••••••
805-1030441949
fund$725,931 GAV 202442015 to 20242015Winding down
N•••••••• P••••• C••••••• P••••••• L•
805-2181494670
co-investment$15,225 GAV 202432012* to 2024unknownWinding down
N• F••••••••• R••• L••
805-1477047639
REIT$0 GAV 20241202015 to 20242015Winding downREIT sponsor
N••• R••• L••
805-7682739632
REIT$0 GAV 20241252016 to 20242016Winding downREIT sponsor
5 dropped, re-typed or historical vehicles
VehicleKindGAVOwnersReportedVintageLifecycleName saysLPs
N• 2•• S•••• S••••• R••• L••
805-9183050201
REIT$105M GAV 20201242016 to 20202016DeployingREIT sponsor
N• S•••••••• R••••• H••••••• L••
805-1975072686, dropped 2022
feeder$63M GAV 20211312015 to 20212015Dropped from ADV
N••• I••••••••• L••
805-8714522417, dropped 2020
fund$2M GAV 20192182015 to 20192015Dropped from ADV
N•••••••• N• P••••• R••• I•••
805-1432350273, dropped 2018
REIT$358,551 GAV 20172772015 to 20172015Dropped from ADVREIT sponsor
N• C••••••• R••• L••
805-5964212460, dropped 2020
REIT$0 GAV 20191832016 to 20192016Dropped from ADVREIT sponsor
What do they actually own?
3 trusted of 11 candidate bindings
Owner entityVehicleProperties heldLoansEvidence
N• S•••••••• H••••••• L••
FL, vacant commercial
manager only1 assessed $648,901Corporate filing
sunbiz officer is manager
N•••••••• R••• E••••• P••••••• L•
GA
N•••••••• R••• E••••• P••••••• L•11 ($10.5M)Corporate filing
CMBS annex sponsor named
N•••••••• R••• E••••• P••••••• L•
NC
N•••••••• R••• E••••• P••••••• L•11 ($64.0M)Corporate filing
CMBS annex sponsor named
Properties the manager names on its site
  • T•• A•••, 90 Long A•••, WC2E 9RA, London (office) “••• Locked”
  • B•••••••••, Charlotte, NC (mixed_use) “••• Locked”
  • 1•• B•••••••, 1•• B•••••••, New Y•••, NY (office) “••• Locked”
  • F•••• • B•••••••, 500 B•••••••, Nashville, TN (mixed_use) “••• Locked”
  • T•• N•• Y••• P••••• H••••, New Y•••, NY (hotel) “••• Locked”
  • F••• S•••••• P•••••, P••••• (hotel) “••• Locked”
What are they buying, selling and financing?
0 acquisitions, 0 sales, 0 financings in 12 months
  • loan eventMay 12, 2026$64.0Mcmbs_trust
    13024 BALLANTYNE CORPORATE PLACE, NC through N•••••••• R••• E••••• P••••••• L• with B•••••••• 2••••••• M••••••• T••••
    Securitised debt reporting sec.gov
  • loan eventSep 12, 2024$10.5Mcmbs_trust
    251 Armour Drive NE, GA through N•••••••• R••• E••••• P••••••• L• with B•• 2••••••• M••••••• T••••
    Securitised debt reporting sec.gov
Who finances them?
2 loans, 1 lender groups, next maturity Aug 6, 2029
  • cmbs_trust new2 loans, $74.5M, Sep 12, 2024 to May 12, 2026
Who backs them?
2 allocators, 2 rows
  • P••••••• T••••••• F••••••••• in N•••••••• R••• E••••• manager_brand$1.2M fair value, as of Dec 31, 2024 apps.irs.gov
  • J••• a•• D••••• O•• F••••• F••••••••• in N•••••••• R••• E••••• P••• manager_brand$8.9M fair value, as of Dec 31, 2024 apps.irs.gov
People
Form ADV Schedule A, latest filing
  • J••• Z•••••••• K••••• President/Chief Investment Officer since 2006-10
  • B•••• A••••• T•••••• Senior Managing Director since 2007-07
  • J••••• C•••••••• A•••••• Senior Managing Director since 2012-06
  • S•••• S•••••••• V••••••••• Senior Managing Director since 2015-01
  • M•••••• F•••••• P•••••••• Chief Operating Officer since 2017-09
  • J•••• M••••••• R•••••••• Chief Financial Officer since 2019-01
  • J•••• W•••••• G••••• Managing Director since 2019-01
  • O•••••• N•• M•••••• Managing Director since 2019-01
  • J••••••• M•••• D•••• Managing Director since 2020-01
  • E••• R••• C•••••• Managing Director since 2020-01
Full team · 13 people
  • N••••• B•••• H••••••• General Counsel And Chief Compliance Officer since 2020-04
  • S•••• N•• C•••••• Managing Director since 2020-09
  • D•••• S•••• C••••••• Managing Director since 2021-06
What is changing?
  • Vehicle first reported Mar 29, 2024 (observed) ••• Locked
  • Vehicle first reported Mar 29, 2024 (observed) ••• Locked
  • Vehicle first reported Mar 29, 2024 (observed) ••• Locked
  • Vehicle first reported Mar 29, 2024 (observed) ••• Locked
  • Vehicle first reported Mar 31, 2023 (observed) ••• Locked
Full timeline · 30 events
  • Vehicle first reported Mar 31, 2023 (observed) ••• Locked
  • Vehicle first reported Mar 31, 2023 (observed) ••• Locked
  • Vehicle first reported Mar 31, 2022 (observed) ••• Locked
  • Vehicle first reported Mar 31, 2022 (observed) ••• Locked
  • Vehicle dropped from ADV Mar 31, 2022 (observed) ••• Locked
  • GAV reading quarantined Apr 29, 2020 (observed) ••• Locked
  • Vehicle dropped from ADV Mar 30, 2020 (observed) ••• Locked
  • Vehicle first reported Mar 30, 2020 (observed) ••• Locked
  • Vehicle first reported Mar 30, 2020 (observed) ••• Locked
  • Vehicle first reported Mar 30, 2020 (observed) ••• Locked
  • Vehicle dropped from ADV Mar 30, 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 Apr 2, 2018 (observed) ••• Locked
  • Vehicle first reported Apr 2, 2018 (observed) ••• Locked
  • Vehicle dropped from ADV Apr 2, 2018 (observed) ••• Locked
  • GAV reading quarantined Apr 18, 2016 (observed) ••• Locked
  • Vehicle first reported Mar 30, 2016 (observed) ••• Locked
  • Vehicle first reported Mar 30, 2016 (observed) ••• Locked
  • Vehicle first reported Mar 30, 2016 (observed) ••• Locked
  • Vehicle first reported Mar 30, 2016 (observed) ••• Locked
  • Vehicle first reported Mar 30, 2016 (observed) ••• Locked
  • Vehicle first reported Mar 30, 2016 (observed) ••• Locked
Across DFX