1. real estate

C
row Holdings Capital – Real Estate is a
CHC–Real Estate’s success is derived from a
prominent, North American-focused asset
fundamental approach to, and deep understanding of,
manager of private equity real estate funds.
real estate value creation across various asset classes.
Since 1998, CHC–Real Estate and CHC-affiliated
The firm’s many years of experience investing through
entities have managed six funds with equity capital
real estate cycles and strong alignment with its partners
totaling approximately $4.1 billion, with which nearly
guide a cautious – but agile – approach to acquisition
$13 billion in assets have been acquired or developed.
and management strategies for its portfolios.
Our funds are designed to generate current income and
benefit from the capital appreciation of portfolio
investments.
A Legacy of Success in Real Estate Management Team
....
....
For more than 65 years, a foundation of true
partnerships has yielded industry relationships that
provide superior investment opportunities. What began
in the 1940s as Trammell Crow’s vision for modern
real estate development has evolved into a multibillion dollar investment business across asset classes
including real estate acquisition and development and
a diversified investment advisory firm. Since 1998, in
good markets and bad, Crow Holdings Capital – Real
Estate has developed strategies that lead to disciplined,
high-quality investment decisions utilized in the real
estate funds. Demonstrating conviction and alignment,
Crow Family Holdings is among the largest investors in
Funds I-VI, and in all funds is subject to the same fees
and carried interest as other partners.
One of the greatest strengths of Crow Holdings
Capital – Real Estate is the quality and experience
of our people. CHC–Real Estate is managed and
directed by a six member investment committee that
has worked with CHC and CHC–affiliated entities for
an average of 22 years. Bob McClain heads the Real
Estate Investment Committee, which is comprised of
himself, Anne Raymond, Kevin Bryant, Dodge Carter,
Dan Feeney, and Carlos Rainwater. These individuals
have spent the majority of their careers in the real
estate industry in a broad range of real estate related
disciplines, including acquisitions, development,
dispositions, financing, leasing and management. They
are supported by an experienced team of over 40 real
estate professionals.
Cultural Advantage
....
Our roots as real estate developers and investment
professionals create a competitive advantage because
experience has shown us that real estate entrepreneurs
seeking capital often prefer companies that fit
culturally in the industry. Our large team brings a
broad base of talent and experience in acquiring,
developing and managing real estate assets and utilizes
our expertise and extensive network to enhance the
value of these investments by providing asset and
portfolio management.
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Investment Approach & Strategy
....
Our investment approach places a premium on capital
preservation through conservative deal structures, and
portfolio diversification by property type, geography,
investment size, and risk profile.
Our experience has taught us that diversification of
real estate investments generally allows us to reduce
portfolio risk and volatility. The firm’s many years of
experience investing through real estate cycles and
strong alignment with its partners inform a cautious –
but agile – strategy for our portfolios from acquisition
to exit.
» Value Creation – Our strategy is focused on
properties located in growth markets possessing
strong income streams and an opportunity to produce
appreciation over an investment’s hold period by
employing strategies including:
1.Increasing net operating income
2.Redevelopment
3.Repositioning
4.Investing in recovering markets
5.Buying below replacement cost
»A
cquisition – CHC–Real Estate’s strategy
includes both the acquisition of existing assets and
investment in new development, redevelopment
and assets under development. We anticipate that
our broad deal sourcing network and experienced
real estate staff provide opportunities to create and
manage a balanced and diversified portfolio.
»D
evelopment – Our managing principals have a
long history of development, and CHC–Real Estate
intends to capitalize on its experience and capability
as opportunities become available. Attractive
development opportunities may exist in markets
with strong job growth or in supply-constrained
submarkets. CHC–Real Estate targets development
opportunities with strategic local operating partners.
»L
everage Best-In-Class, Best-In-Market Service
Providers – Investment sales brokers and
entrepreneurs are often reluctant to bring ideas
to companies that vertically integrate, as they
are “competitors” and will not consider them for
property services. Because we have deliberately
chosen to avoid vertical integration, we have
the flexibility to leverage relationships with the
best service providers in each market to create
investment opportunities.
Portfolio Diversification by Geography: Major Markets Focus*
Fund IV
Fund V
Fund VI to date
*Includes major markets and surrounding areas.
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Investment Criteria
....
CHC–Real Estate professionals are constantly
evaluating the real estate markets in order to deploy
capital where we believe the best opportunities can be
found on a risk-adjusted basis. We seek quality
investments across the U.S. and target investments in
markets that have consistently attracted institutional
capital - which is intended to provide the opportunity
for greater liquidity upon exit. We seek investments in
various asset classes, including warehouses, retail
centers, retail convenience store and gas station assets,
multi-family housing, office buildings, medical office
buildings and hospitals, hotels and land. Although
investment size varies, we generally focus on
transactions requiring $50 million or less in equity.
» Industrial – The industrial investment strategy
primarily focuses on multi-tenant, warehouse buildings
at in-fill locations in major U.S. markets. We focus
on warehouses that we believe offer the opportunity
for long-term capital appreciation. In addition to
acquiring existing warehouse space, we seek to develop
warehouse and industrial parks on a select basis.
» Retail – We primarily seek retail investments in
affluent and dense neighborhoods with high barriers
to entry in major markets across the U.S. We
typically invest in grocery-anchored retail centers,
strip retail centers and community centers ranging in
size from 50,000 to 600,000 square feet.
» O ffice – The office investment strategy primarily
targets well located, multi-tenant office buildings,
including medical offices, in major markets
with historically strong job growth. Investment
opportunities include well-leased assets with limited
near-term rollover as well as assets with existing
vacancy or near-term lease expirations where job
growth has resumed and demand is strengthening.
»M
ulti-family – The multi-family strategy primarily
seeks Class A/B apartment complexes located in
primary and larger secondary markets with strong
population and job growth. We generally focus on
the investment and/or development of garden style
and urban in-fill multi-family housing containing a
minimum of 200 units.
»C
onvenience & Gas Stores – The Convenience &
Gas Stores Group seeks to provide mezzanine debt
or co-invest equity for the acquisition of well-located
assets primarily in major U.S. markets where there
is alignment with a proven operator. The form of
these investments can be through a joint venture
(common or preferred equity), mezzanine loans and/
or sale-leasebacks.
»H
otel – We seek hospitality investments primarily
in major markets throughout the U.S. that offer
the opportunity to create value utilizing several
strategies, including (i) the replacement of an
existing manager with a more efficient operator,
(ii) conversion to a better brand, or (iii) asset
repositioning through capital improvements.
»L
and – Historically, land has not been a significant
part of our acquisition strategy. When land
investments have been made, they are specifically
targeted to take advantage of key demographic and/
or economic growth trends and focused on housingrelated development.
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Real Estate Funds
....
Since 1998, CHC–Real Estate and CHC-affiliated
entities have managed six private equity real estate
funds. Equity capital from these funds totals approximately
$4.1 billion, approximately $675 million of which has
been committed by Crow Holdings. With this equity
capital, nearly $13 billion in assets have been acquired
or developed.
» 2 013 – Fund VI: Crow Holdings Realty
Partners VI, L.P. – In August 2013, Fund VI closed
with $1.067 billion in commitments. The official
commencement date for Fund VI was November 1,
2012. Fund VI has a four-year investment period.
» 2 008 – Fund V: Crow Holdings Realty
Partners V, L.P. – In December 2008, Fund V closed
with $952 million in commitments. Total partnership
capital less reserves was fully committed by November
2012. Fund V invested in 53 transactions.
» 2 006 – Fund IV: Crow Holdings Realty
Partners IV, L.P. – In April 2006, Fund IV closed
with $847 million in commitments. Total partnership
capital less reserves was fully committed by December
2008. Fund IV invested in 54 transactions.
» 2 003 – Fund III: Crow Holdings Realty
Partners III, L.P. – In October 2003, Fund III closed
with $596 million in commitments. Total partnership
capital less reserves was fully committed by February
2006. Fund III invested in 42 transactions. Fund III
has been dissolved.
» 2 000 – Fund II: Crow Holdings Realty
Partners II, L.P. – In March 2000, Fund II closed
with $365 million in commitments. Total partnership
capital less reserves was fully committed by September
2003. Fund II invested in 41 transactions. Fund II
has been dissolved.
» 1 998 – Fund I: Crow Family Holdings Realty
Partners, L.P. – In February 1998, Fund I closed with
$281 million in commitments. Total partnership
capital less reserves was fully committed by March
2000. Fund I invested in 42 transactions.
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About Crow Holdings
C
row Holdings is a multi-billion dollar
investment enterprise encompassing
multiple operating businesses and
signature properties, which include
Crow Holdings Capital – a registered investment
advisor (RIA) comprised of private equity real
estate funds and a diversified investment advisory
firm – as well as Trammell Crow Residential (TCR)
and Crow Holdings Industrial. The company
also maintains a significant stake in a number of
signature properties including the Old Parkland
Campus, the Anatole Hotel and Dallas Market
Center – all located in Dallas – as well as the
Windsor Court Hotel in New Orleans, LA, and
the International Trade Mart in Brussels, Belgium.
Crow Holdings
CROW
HOLDINGS
CAPITAL
Crow Holdings Capital is a $6.7B
registered investment advisory firm.
INVESTMENT
PARTNERS
REAL ESTATE
Provides
customized
investment
advice and bestin-class service to
partner families.
A prominent,
North Americanfocused asset
manager of
private equity
real estate funds.
TRAMMELL
CROW
RESIDENTIAL
CROW
HOLDINGS
INDUSTRIAL
The premier
multi-family real
estate company
and only national
group with more
than 35 years
of experience
in residential
development
and asset
management.
Focused on the
development
of speculative
and build-tosuit industrial
projects in Texas
and surrounding
states.
SIGNATURE
PROPERTIES
Crow Family
Holdings
maintains a
substantial
stake in the
ownership of
various signature
properties,
with a level of
involvement in
the management
of these
businesses that
ranges from
active to passive.
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For more information about
Crow Holdings Capital – Real
Estate, please contact us at:
3819 Maple Avenue | Dallas, Texas 75219
www.crowholdingscapital-re.com
General Inquiries:
214.661.8000
[email protected]
Investment Opportunities:
Bob McClain
214.661.8136
[email protected]
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