DFX Intelligence
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Manager
S••••••• I••••••••• M•••••••••
What capital do they manage?
- Real estate GAV
- $2.0B 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, 12 ever, 0 dropped0 feeders, 0 funds of funds
- First on the tape
- 2015the extract starts in 2011; an earlier history is not visible
- Latest filing
- Jun 3, 2024registered adviser
- Adviser RAUM
- $2.0Bthe whole adviser, all strategies; used for the quarantine test only
- Fund types on the latest filing
- Real Estate Fund 12
- Latest vintage
- 2023from a fund name year or the first ADV report after the adviser's first filing
What do they say they do?
confirmed
- Strategy
- Value add
- Operator model
- Fund managerbasis: default for fund filer
- Property types
- Retail, Industrialbasis: stated
- Markets
- United Statesbasis: stated
- Business kind (site)
- REAL_ESTATE_MANAGER
- AUM in its own words
- $2B+ assets under managementthe manager's statement, not a DFX figure
In the manager’s own words
- Value add: “Value-Add retail real estate business plans can range from leasing up vacancies to fulsome redevelopments where no less than fifty percent of any given asset value is retail.”
- Core: “Core, Grocery-anchored shopping center portfolio investments focus on stable properties anchored by market-leading grocers that produce stable and predictable cash flow and long-term capital appreciation.”
- Core: “Core Power C••••• portfolio investments focus on stable properties occupied by multiple big box and or junior anchor box tenants that produce stable and predictable cash flow and long-term capital appreciation.”
- Development: “Our LAST HOUR® logistics investments plan seeks to opportunistically acquire, re-develop, develop, manage, and amalgamate networks of Neighborhood Fulfillment C•••••s (“NFC”) and other LAST HOUR® fulfillment and logistics properties that will be leased to tenants for the purpose of distributing consumer goods to solve the “last mile” delivery dilemma in the retail ecosystem.”
- Retail: “national platform is focused on investing in retail and distribution real estate assets across the risk spectrum in major markets within the United States”
- Industrial: “national platform is focused on investing in retail and distribution real estate assets across the risk spectrum in major markets within the United States”
- United States: “national platform is focused on investing in retail and distribution real estate assets across the risk spectrum in major markets within the United States”
Vehicles
12 on Form ADV
| Vehicle | Kind | GAV | Owners | Reported | Vintage | Lifecycle | Lifecycle | Name says | LPs |
|---|---|---|---|---|---|---|---|---|---|
| S••••••• V•••• A•• P••••••• I••• L••• 805-3544975066 | fund | $458M GAV 2024 | 31 | 2018 to 2024 | 2018 | Investing | Value add | ||
| S••••••• C••••••• L•••••••• P••••••••• I• L••• 805-6688993063 | fund | $281M GAV 2024 | 18 | 2022 to 2024 | 2022 | Investing | |||
| S••••••• V•••• A•• P••••••• I•• L••• 805-7953049585 | fund | $280M GAV 2024 | 18 | 2015* to 2024 | unknown | Harvesting | Value add | ||
| S••••••• U••••• P••••••••• I•• L• 805-4227479965 | fund | $275M GAV 2024 | 13 | 2020 to 2024 | 2020 | Harvesting | |||
| S••••••• U••••• P••••••••• I• L• 805-1573812375 | fund | $196M GAV 2024 | 12 | 2016 to 2024 | 2016 | Mature | |||
| S••••••• V•••• A•• P••••••• I•• L••• 805-1365897775 | fund | $138M GAV 2024 | 5 | 2023 to 2024 | 2023 | Deploying | Value add | ||
| S••••••• V•••• A•• P••••••• ••• I••• L••• 805-3398280923 | fund | $102M GAV 2024 | 6 | 2018 to 2024 | 2018 | Investing | Value add | ||
| S••••••• V•••• A•• P••••••• ••• I•• L••• 805-4662477481 | fund | $92M GAV 2024 | 2 | 2023 to 2024 | 2023 | Deploying | Value add | ||
| S••••••• V•••• A•• P•••••••• L••• 805-5229515541 | fund | $78M GAV 2024 | 17 | 2015* to 2024 | unknown | Harvesting | Value add | ||
| S••••••• G••• M••• C••••••••• L• 805-8899782602 | co-investment | $25M GAV 2024 | 2 | 2016 to 2024 | 2016 | Mature | |||
| S••••••• V•••• A•• P••••••• ••• I•• L••• 805-3255889277 | fund | $19M GAV 2024 | 10 | 2015* to 2024 | unknown | Harvesting | Value add | ||
| S••••••• V•••• A•• P••••••• •••• L••• 805-5241132573 | fund | $9M GAV 2024 | 22 | 2015* to 2024 | unknown | Harvesting | Value add |
What do they actually own?
13 trusted of 16 candidate bindings
| Owner entity | Vehicle | Properties held | Loans | Evidence |
|---|---|---|---|---|
| S••••••• V•••• A•• P••••••• ••• I••• L••• IL | S••••••• V•••• A•• P••••••• ••• I••• L••• | 1 | 1 ($6.8M) | Corporate filing cmbs_annex_sponsor_named |
| S••••••• U••••• P••••••••• I•• L••• WA | S••••••• U••••• P••••••••• I•• L• | 1 | 1 ($10.8M) | Corporate filing cmbs_annex_sponsor_named |
| S••••••• U••••• P••••••••• I• L••• IL | S••••••• U••••• P••••••••• I• L• | 1 | 1 ($8.3M) | Corporate filing cmbs_annex_sponsor_named |
| S••••••• V•••• A•• P••••••• I••• L••• IL | S••••••• V•••• A•• P••••••• I••• L••• | 1 | 1 ($6.8M) | Corporate filing cmbs_annex_sponsor_named |
| S• L••• P••• A••••••••• L••• FL, community shopping center | manager only | 2 assessed $22.3M | Corporate filing sunbiz_principal_address_hq_suite | |
| S•• I• T•• G•••• L•• FL, community shopping center, restaurant | manager only | 5 assessed $48.6M | Address and agent owner's tax-bill address is the manager's headquarters to the suite or floor | |
| S••• I• P•••••• S••••• IL, commercial (class 597), residential (class 299) | manager only | 3 | Address and agent owner's tax-bill address is the manager's headquarters to the suite or floor | |
| L•• C•• G••••• P•••• L•• FL, community shopping center | manager only | 2 assessed $33.0M | Address and agent owner's tax-bill address is the manager's headquarters to the suite or floor | |
| S••• I•• G••••• P•••• L•• FL, community shopping center | manager only | 1 assessed $28.7M | Address and agent owner's tax-bill address is the manager's headquarters to the suite or floor | |
| S••• I•• G••••• O••••• L•• FL, office multi-story | manager only | 1 assessed $28.2M | Address and agent owner's tax-bill address is the manager's headquarters to the suite or floor | |
| 3•• D••••• O••••• L•• FL, office one story | manager only | 1 assessed $13.7M | Address and agent owner's tax-bill address is the manager's headquarters to the suite or floor | |
| H•••••••• W•••• IL, commercial (class 517), commercial (class 527) | manager only | 11 | Name only mailing_hq_suite_address_only | |
| O•• L••• J•••• V•• I• IL, commercial (class 517) | manager only | 1 | Name only mailing_hq_suite_address_only |
Properties the manager names on its site
- M•••••••• W•••, Atlanta (East Cobb Submarket), GA (retail) “••• Locked”
- T•• V•••••• a• A•••• S••••••• C•••••, A••••, TX (retail) “••• Locked”
What are they buying, selling and financing?
0 acquisitions, 0 sales, 0 financings in 12 months
- loan eventJun 30, 2020$6.8Mcmbs_trust2300-2322 Route 59, IL through S••••••• V•••• A•• P••••••• I••• L••• with J•••• C••••••••• M••••••• S••••••••• T•••• 2••••••••Securitised debt reporting search.sunbiz.org
- loan eventJun 30, 2020$6.8Mcmbs_trust2300-2322 Route 59, IL through S••••••• V•••• A•• P••••••• ••• I••• L••• with J•••• C••••••••• M••••••• S••••••••• T•••• 2••••••••Securitised debt reporting search.sunbiz.org
- loan eventMar 30, 2020$10.8Mcmbs_trust210-406 Washington Avenue South, WA through S••••••• U••••• P••••••••• I•• L••• with C•••• 2••••••• C••••••••• M••••••• T••••Securitised debt reporting search.sunbiz.org
- loan eventMar 6, 2019$8.3Mcmbs_trust8707A & B 8767 S. Ridgeland Ave, IL through S••••••• U••••• P••••••••• I• L••• with C•••• 2••••••• C••••••••• M••••••• T••••Securitised debt reporting search.sunbiz.org
Who finances them?
4 loans, 1 lender groups, next maturity Oct 5, 2028
- cmbs_trust steady4 loans, $32.6M, Mar 6, 2019 to Jun 30, 2020
Who backs them?
0 allocators, 0 rows
No institutional LP disclosure resolved to this manager.
People
Form ADV Schedule A, latest filing
- B•••• D••••• K•••• Member; Trustee Of A••••• B. K•••• Irrevocable Trust Dated November 21, 2012 since 2012-11
- A••• L•• M••••• Chief Marketing Officer since 2014-01
- E•••••••• L••••• M••••• Trustee since 2020-06
- J•••• J•• D•••••• President L•••••••• since 2021-02
- R••••• D••• D••• Chief Operating Officer; Member since 2021-07
- A••••• B••• K•••• Member; Trustee Of 2021 B•••• D. K•••• Investment Trust Dated October 4, 2021 since 2021-10
- J••••• M•••••• F•••• Principal, Investments; Member since 2022-01
- D••••• R•••••• D•••••• Chief Compliance Officer And Chief Accounting Officer since 2022-02 also on pe, vc
What is changing?
- Vehicle first reported Mar 29, 2023 (observed) ••• Locked
- Vehicle first reported Mar 29, 2023 (observed) ••• Locked
- Vehicle first reported Mar 28, 2022 (observed) ••• Locked
- Vehicle first reported Mar 23, 2020 (observed) ••• Locked
- Vehicle first reported Mar 27, 2018 (observed) ••• Locked
- Vehicle first reported Mar 27, 2018 (observed) ••• Locked
- Vehicle first reported Feb 23, 2016 (observed) ••• Locked
- Vehicle first reported Feb 23, 2016 (observed) ••• Locked
- First ADV filing on the tape Jan 20, 2015 (observed) ••• Locked
- Vehicle first reported Jan 20, 2015 (observed) ••• Locked
- Vehicle first reported Jan 20, 2015 (observed) ••• Locked
- Vehicle first reported Jan 20, 2015 (observed) ••• Locked
- Vehicle first reported Jan 20, 2015 (observed) ••• Locked
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.