As COO, Michael Preston, a three-year employee, will manage Creekstone Partner's day-to-day operations and help with real estate acquisitions. Robert Smith is the CFO replacement, coming on board from the Greystone Group, a locally based boutique developer of class A residential properties.
Creekstone Partners was formed a year ago to acquire and manage multifamily assets, but added commercial investments in October 2004. To date, Creekstone Partners has bought more than $350 million of multifamily assets in the US and has another $400 million in the pipeline. The commercial portfolio started with the $60-million acquisition of the 229,880-sf Preston Center Pavilion and Square in Dallas. Several other properties are under contract. According to Marc Goldstein, Creekstone Partners' principal, the firm plans to acquire $350 million to $500 million of commercial assets this year.
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