Dune Real Estate Partners ("Dune") and TDI Real Estate Holdings LLC ("TDI") announce the recent closing of TDI/Dune Real Estate Investments LLC ("TDI/Dune"), a $1 billion joint venture platform to acquire and develop multifamily assets throughout the U.S. The platform will seek to capitalize on the compelling market dynamics in the multifamily sector created by the shift away from homeownership and rental rate growth driven by economic recovery, expected job growth and limited new supply. The TDI/Dune management team is comprised of former executives of JPI which acquired and developed over $11 billion of multifamily investments over the past two decades. The venture will focus exclusively on the multifamily investment sector targeting Class A investments in core markets.
Earlier this year the venture closed on a $62 million, 244-unit luxury apartment development in Los Angeles, California and a $25 million, 288-unit acquisition in the Dallas/Fort Worth metro area.
"Dune is eager to expand its multifamily investment capabilities and believes TDI's experience, along with multifamily market fundamentals, will create a competitive investment platform to deploy capital beginning in 2011," said Cia Buckley, a partner with Dune Real Estate Partners.
"We are eager to combine Dune's capital market expertise with our multifamily experience which will provide us with the certainty of execution that is required in today's markets," said TDI's CFO Kirk Motsenbocker. "We are pleased to have the opportunity to leverage our collective experience with JPI and start a new venture which will build upon the core values established by the JPI founders," said TDI's President and CEO, Mark Bryant.
About Dune Real Estate Funds
The Dune Real Estate Funds were launched in 2005 to make opportunistic investments in a broad range of real estate-related assets, portfolios, joint ventures and operating companies worldwide. The funds, which are managed by Dune Real Estate Partners LP, have over $1.5 billion under management and generally target distressed opportunities, underperforming and undervalued assets and portfolios, and value creation opportunities.
About TDI Real Estate Holdings LLC
TDI Real Estate Holdings LLC was launched in 2010 in order to take advantage of strong multifamily fundamentals projected over the next several years. The Executive Leadership team has an average of 20 years of fully integrated multifamily experience in all major U.S. metros, including construction, development, asset and property management.
Contacts:
Media Contact for Dune Real Estate Partners:
Renee Soto
Sard
Verbinnen & Co.
212-687-8080
or
Media Contact for TDI
Real Estate Holdings, LLC:
Cory Ingram
972-373-3645
