Edison Equity Residential has a proven track record of delivering superior results for their Investors through their extensive experience, expertise, and innovative approach.
The repositioning of the asset encompassed the following major improvements:
Location
Euless, TX
Units
151
Investment Type
JV Equity
Acquisition Date
March 2021
Sales Price
$35MM
Sale Date
10/26/2022
Gross IRR
49%
Equity Multiple
1.86x
Location
Hurst, TX
Units
120
Investment Type
JV Equity
Acquisition Date
March 2020
Sales Price
$25MM
Sale Date
12/2022
Gross IRR
24.9%
Equity Multiple
1.72x
In March 2020, Edison Equity purchased Heritage Village for a total cost of $23.3MM ($194K/unit). The Active Adult 55+ property is located in Hurst, Tx (near Northeast Mall) and consists of 120 units including 10 cottage units. The property also includes an indoor heated swimming pool, an onsite salon, and membership access to the Hurst Senior Center sharing the adjacent parking lot. Edison Equity acquired the property via an off market transaction from a Multifamily Developer out of Dallas. The strategy was a light value add renovation to the common area spaces and the interior units. The $500K renovation included upgrading the clubhouse/amenity spaces, adding double access sliding doors to the entrance, and renovating approximately 100% of the interior units.
The repositioning of the asset encompassed the following major improvements:
In June 2019, Edison Equity purchased a 316-unit multifamily community located in Fort Worth, TX for $32.3MM ($102K/door). This acquisition provided an opportunity to implement a $2,150,000 ($7K/unit) renovation plan which positioned the asset for strong rental growth. This asset was successfully repositioned from a “C+” quality asset to “B-” quality.
The repositioning of the asset encompassed the following major improvements:
Location
Fort Worth, TX
Units
316
Investment Type
JV Equity
Acquisition Date
June 2019
Sales Price
$41.2MM
Sale Date
12/2021
Gross IRR
54.5%
Equity Multiple
2.80x
Location
Fort Worth, TX
Units
256
Investment Type
Equity
Acquisition Date
03/30/2018
Sales Price
$27.3MM
Sale Date
06/16/2021
Gross IRR
24%
Equity Multiple
1.86x
In March 2018, Edison Equity purchased a $32.5MM 2-property multifamily portfolio totaling 462 units. The portfolio included 1505 Exchange, a 256-unit workforce housing property located in Fort Worth, Tx for $18.3 million. Edison Equity acquired the property from long term ownership at an attractive basis of $71K/unit. The property was performing below the submarket comps based on occupancy (90% vs 95%) and rents (~10% lower than renovated properties). Strategy included a $2.1MM Value-Add Plan to Rebrand, Improve Amenities, and Upgrade the Unit Interiors. Edison Equity’s renovation transitioned the property from a Class C to a solid B status achieving average rent premiums of $120 on upgraded units generating a ROC of 22%.
The repositioning of the asset encompassed the following major improvements:
In March 2018, Edison Equity purchased a $32.5MM 2-property multifamily portfolio totaling 462 units. The portfolio included Metro 7000, a 206-unit workforce housing property located in Fort Worth, Tx for $14.2 million (total cost of $17.4MM). Edison Equity acquired the property from long term ownership at an attractive basis of $68K/unit. The property was performing below the submarket comps based on occupancy (90% vs 95%) and rents (~10% lower than renovated properties). Strategy included a $2MM Value-Add Plan to Rebrand, Improve Amenities, and Upgrade the Unit Interiors. Edison Equity’s renovation transitioned the property from a Class C to a solid B status achieving average rent premiums of $95 on upgraded units generating a ROC of 16%.
The repositioning of the asset encompassed the following major improvements:
Location
Fort Worth, TX
Units
206
Investment Type
Equity
Acquisition Date
03/30/2018
Sales Price
$19.5MM
Sale Date
05/06/2021
Gross IRR
23.1%
Equity Multiple
1.80x
Location
Dallas, TX
Units
232
Investment Type
Equity
Acquisition Date
11/14/2018
Refinance Date
11/05/2020
Appraisal Value
$26.2MM
Gross IRR
27.3%
Equity Multiple
1.76x
In November 2018, Edison Equity purchased a $232-unit multi family complex located in Dallas, TX for $19,750,000 which equated to $85,129/door. Edison targeted this location for an acquisition as a nearby area was being master planned into new retail and higher end apartments. This has and will continue to improve the surrounding area and assist in increasing rental rates. This acquisition provided an opportunity to implement a $2,100,000 ($9,052/unit) renovation plan which positioned the asset for strong rental growth. Edison has attained a rental increase of $140/unit/month and the asset is currently 96% occupied with a 97% 60-day trend. This asset has successfully been repositioned from a “C” quality asset to “B” quality.
The repositioning of the asset encompassed the following major improvements:
EVP Development Operations
Jason Engelhorn boasts an impressive 28-year career in the Senior Living Industry. Initially an Activity Director, Jason quickly moved into the role of Executive Director where his community regularly achieved 100% occupancy and won numerous company-wide awards. After 11 successful years as an Executive Director, Jason stepped into Regional Operations roles. Starting as a Regional Director of Operations, he was promoted to a Vice President of Operations position before advancing to the position of Senior Vice President of Operations. Jason’s passion and specialty is New Development Operations having worked predominantly in this field for the past 8 years while successfully supporting and navigating numerous Senior Living Community new openings. Jason resides in Sonoma County, California, with his wife of over 25 years, and their two sons, both in their 20s. Jason holds a Bachelor of Science in Recreation Administration, which he obtained from California State University, Chico.
EVP of Sales and Marketing
Over 25 years of experience in the senior living industry responsible for developing and executing sales and marketing strategies for Oakmont Senior Living and Integral Senior Living.
Allison has worked for industry leaders in senior living and has experience in owner operated companies and third-party management in both new development and stabilized portfolios. Prior to Edison, Allison worked with Oakmont Management Group out of California and primarily focused on their new development communities, with successful openings exceeding 65% pre-lease and driving her stabilized communities to exceed 95% occupancy.
Allison’s expertise is in sales activities including the leadership, team building and direction of field’s sales teams, development and implementation of sales strategies and tactics, training and development of team members, marketing strategy and planning and consistent tracking and performance of all sales results. A steadfast focus on daily sales and marketing management to drive occupancy and revenue growth.
Chief Investment Officer
22 years of experience in the real estate industry. Brett joined Edison Equity Partners, LLC at its inception in 2016 and established its institutional quality investment platform. This disciplined approach has been applied to perform full due diligence on over $1B of potential acquisitions and closed on 6 communities with a portfolio value of ~$150MM.
Brett’s commercial real estate experience includes specializing in acquisitions, underwriting and closing deals, risk management, financial reporting, CMBS, and asset management. Brett was the GE Real Estate Global Valuations Process Leader for a $35B+ portfolio of assets where he managed the North American Quarterly Valuations and reporting process. He led the respective teams across Europe and Asia to drive consistency. Prior to his role as Global Valuations Process Leader, Brett was a Senior Underwriter for GE Real Estate’s North American Equity Platform and underwrote $600MM+ of new business acquisitions with a concentration on multi-family across the US. He also worked on the CMBS Team that successfully Securitized 10 North American Debt transactions totaling $6.4B (690 loans).
Chief Financial Officer
22 years of finance of experience that includes numerous leadership positions in high-profile companies Hunt Real Estate Capital (Lument), GE Capital Real Estate and IBM. He has an extensive background in corporate accounting, financial planning and analysis, real estate valuation, M&A analysis and system integrations. Before joining the Edison team, Naveen was Controller for Hunt Real Estate Capital (Lument), a specialty finance and investment management business.
Prior to Hunt, Naveen was with GE Capital Real Estate for over 11 years, beginning his GE career as an Accounting Manager on the JV accounting team, managing 140+ multifamily, office and retail JVs valued at over $2.5 billion. He eventually was promoted to Assistant Controller and Controller managing various equity portfolios across multiple property types valued at over $2+ billion. Prior to the sale of GE Real Estate in 2015, Naveen served as Finance Manager of GE’s $11+ billion U.S Lending portfolio, responsible for oversight and management of all core financial planning components. He began his accounting career at IBM in a variety of accounting roles.
EVP of Asset Management
Having 30 years of multifamily asset management experience including 25 years at GE Real Estate, Bruce brings a hands-on approach to asset management to protect our investments and maximize value, managing our debt portfolio and advising on acquisitions & dispositions.
As a commercial real estate industry veteran, Bruce’s background includes joint venture equity acquisitions/development, asset management, investment sales, RE underwriting, and RE loan workout/restructuring. Bruce led GE Real Estate’s Greystar and JPI multifamily JV relationships. Prior to his role at Edison Equity, Bruce was Head of Asset Management for Gables. Prior to his role at Gables, Bruce was with GE Capital Real Estate, where he held multiple positions including Director of Equity Investments, Senior Asset Manager, and Underwriting Specialist. As Director of Equity Investments, he acquired/developed over 190 properties with numerous joint venture partners generating approximately $2B of new equity volume. As an Asset Manager, he was responsible for a $1B portfolio of multifamily, retail and office assets.
Chief Operating Officer
30 years in multifamily and real estate with a heavy focus on operations. Dawn worked for some of the largest management companies, servicing Institutional clients and family office investors with market knowledge through-out the country. Growing in the industry afforded her a multi-faceted view of real estate, serving in different capacities such as Asset Manager, V P of Operations, President/Owner of a construction service company that included negotiating, bidding, and being awarded government contracts.
As a Founder, President, and Principal Broker of City Gate Property Group from 2014-2021 she managed 2.2 billion in assets (18,000+ units) for investors. As a partner she helped grow a successful company that sold to Asset Living. She holds broker licenses in multiple states as well as a CPM Designation. She provides peers, clients, vendors, and residents a voice at the local, state and national level through industry legislative advocacy as a volunteer to the various Apartment Associations. Dawn is relationship driven, entrepreneur minded, results oriented. She has the Owners perspective and able to solve systemic issues, addressing concerns and communicate transparently.
SVP of Property Management
New Over 20 years of experience in the multifamily housing industry managing high impact property management and sales operations for Portico, Mill Creek Residential, Bell Partners and Greystar. Focused on active adult since 2018.
James’ background has included oversight of new construction, conventional, senior, garden, mid-rise and high-rise assets of all classes including value-add renovations and repositioning projects. James began his career in 2004 in Irving, TX with Camden Property Trust as a part time leasing associate and quickly realized his passion for the industry. During his tenure with Camden, James was fast tracked to management and served as a mentor and field trainer for key operational positions.
Throughout his multifamily career, James has worked with both owner and fee managed firms. James is well versed in new construction, lease-ups (garden, mid-rise and high-rise), development and marketing. During his career, James has been successful in identifying obstacles and creating solutions to maximize asset value all while delivering exceptional levels of service to both his internal and external customers.
Principal/Chief Development Officer
34 years of experience in the real estate industry (including multifamily, office, retail and mixed use) with the last 25 spent in development. Mark brings experience in all phases of development including site selection, feasibility analysis, land acquisition, entitlements, financial pro forma, budgeting, design oversight, construction management, property management, leasing and debt and equity financing.
Over Mark’s 25-year career, he has developed $1.9B of real estate in Texas and Arizona. Mark’s primary focus over the last 5 years has been ground-up multifamily development. He created a start-up multi-family division for a regional developer in Houston, launching a unique brand and initiating development of over 1,500 units valued at over $500MM.
Mark’s broad-based experience across multiple asset classes brings a unique insight to the development team.
Principal/Chief Executive Officer
Risk management focused leader with over 34 years of commercial real estate experience. Carolyn founded Edison Equity Partners, LLC in 2016, where she has assembled a cross-disciplinary team with extensive multi-family experience, developed a rigorous investment policy, and established strong relationships with debt and equity partners. Carolyn and her team have performed due diligence on over $1B of value-add multi-family assets, acquired 6 communities with a portfolio value of ~$150MM and are on track to realize a 20%+ increase in each property’s value 2-3 years from acquisition.
Previously, Carolyn spent 20 years at GE Real Estate in various roles including originations and risk management as an underwriter, deal leader, risk manager and risk leader managing the financial risk in GE’s $35B core real estate portfolio. For 5 of those years, she provided risk oversight on the valuation, underwriting and due diligence process for ~$6.1B in acquisitions including wholly owned real estate transactions, development deals, LP interests in joint ventures and fund investments. On GERE’s Large Transaction, Team Carolyn underwrote and/or led portfolio debt and equity deals across the US, Canada and Europe totaling ~$10B including distressed loan purchases, large loan portfolio originations and corporate acquisitions.
Carolyn leads by example with collaboration and engagement to ensure we are meeting and exceeding our goals as a company and delivering on our promises to residents and investors.
