Watermark Capital Partners will concentrate on value-added investing in a broad range of real estate opportunities. The firm will invest equity capital on behalf of its institutional investors, as well as significant personal capital from its founding partners. And while the firm is open to opportunities on a national level, Medzigian says it will seek out potential value-add deals across sectors and regions.

"It will be national in scope," Medzigian tells GlobeSt.com. " When I look back at what I've done, it's been very opportunistic across property types and across regions. Our strategy will be very much a value-added one that identifies assets where we can add value. We will both acquire properties directly and provide joint venture capital to operating and development partners."

After leaving Lazard Freres at the end of 2001, Medzigian says striking out on his own has proven far more appealing than taking on somebody else's corporate vision. "I've had a senior partner role in two real estate funds over the last decade and I've formed some fairly strong opinions as to the things that work well," he notes. "I want to create a business where we really focus on the best practices that I can pull from my experiences.