Patronis will use the expertise of its operating partners located across the US to develop and reposition multifamily, office and industrial properties as well as shopping centers and senior living facilities. The firm will seek real estate opportunities with capitalizations between $20 and $50 million that can benefit from a value enhancement program. For the present, Patronis will concentrate on domestic deals, but later plans to expand its operations to the international arena.
Niosi, the former founding executive of the Citibank Private Bank Global Real Estate Investment Group and McDaniel, the former head of investments for the group, will lead the management team. While at Citibank they carried out in excess of 100 transactions with a total aggregate acquisition capitalization of more than $2.5 billion. Patronis' investment originations will be overseen by Greenstreet's Advisory Committee, chaired by managing director Jeffrey A. Safchik.
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