Search
 

Grupo Ferré Rangel Launches Expansion at ULI

The Puerto Rico-based investor launches new subsidiary Kingbird Properties to expand its US holdings, it announced at ULI's Fall meeting.

By Kelsi Maree Borland | Updated on October 27, 2017

Puerto Rico-based investor Grupo Ferré Rangel has launched real estate investment platform Kingbird Properties to invest in value-add real estate opportunities in secondary US markets and in Latin America. The wholly owned subsidiary of Grupo Ferré Rangel consolidates the firm’s real estate investments under one entity. Kenneth A. Munkacy will serve as Senior Managing Director of the new company, while Grupo Ferrè CEO Antonio Luis Ferré Rangel will serve as the CEO and chairman of Kingbird. The firm announced its launch at the Urban Land Institutes Fall Meeting this week in Los Angeles.

“In the US, we will be focusing on secondary and tertiary markets, or what I call markets that don’t appeal to institutional investors as much,” Munkacy tells GlobeSt.com. “We are looking at low- to mid-rise structures that are 150 to 400 units, and we would like opportunities to enhance rents through capital improvement programs. We are targeting local partners to do project management, leasing and capital improvement capabilities that have a track record in turning around under performing or troubled projects and that are hands on. We are not going to be a vertically integrated company.”

Grupo Ferré Rangel is primarily a media company, but has invested in real estate periodically as part of diversifying its holdings. “They came to appreciate real estate’s growth opportunities, the yields and the risk-reward profile,” says Munkacy. “They analyzed real estate as a way to diversify their portfolio holdings, and they concluded that it is worth consolidating everything under a new entity, which is Kingbird.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.