SEATTLE-GlobeSt.com has learned that Trinity Real Estate and Norman Partners have launched Northstar Realty Fund, a new limited partnership investing in multifamily and commercial real estate. Northstar is targeting “well-located properties” in the Puget Sound region that “would benefit from creative repositioning, redevelopment work and strategic remarketing to enhance returns.”
The JV tells GlobeSt.com that the fund amount is expected to be $20 million—once it is fully subscribed—and says that they are focused on value-added investments in mid-sized—$6 million to $15 million—properties in the Seaettle region. Northstar is designed to provide individual investors with more control over their invested capital, allowing each investor to participate only in investments they choose, according to the JV.
Northstar principals each bring more than 25 years’ commercial real estate industry experience in the Seattle market, and include Richard Leider and Pete Stone of Trinity Real Estate, with Jim Norman and Rob Larsen of Norman Partners. “Over the years, we’ve observed that many real estate investors desire the ability to select individual properties in which to participate, not just broad parameters,” says Leider. “Thus, our investors choose whether or not to invest a portion of their total commitment in any particular asset.”
According to Norman, “Seattle’s strong market fundamentals have made it one of the top performing real estate investment markets in the country. It is important to us to connect individual real estate investors with our institutional-quality platform so each can reap the benefits of these investment opportunities.”
Northstar’s value-added strategy is one that “targets assets that are typically smaller than those pursued by large institutional investors,” according to Stone. “Given the attractiveness of the region, many large funds have been very active and competition to acquire larger, well-located assets is fierce. Northstar, on the other hand, will be targeting assets that are below the radar of many institutional funds and are oftentimes priced at more attractive levels. We will acquire well-located properties that demonstrate potential to outperform the market as a whole via capital improvements, repositioning and other value-added strategies.”
Norman Partners’ Larsen adds that “Our management team represents a confluence of deep experience, complementary expertise and knowledge of the Seattle commercial real estate
landscape inside and out. We not only bring investment experience from our principal roles at large institutional firms such as Equity Office, Spieker Properties and ING Clarion Partners, but we also have worked in the trenches developing, leasing, managing and acquiring
Seattle multifamily and commercial properties for many years.”
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
