Posted by admin on Sep 10, 2014
U.S. Residential Group LLC (USRG), a multifamily management company for affordable apartments, has been handpicked by a Cleveland-based private real estate investment group to manage a portfolio of 10 conventional apartment communities throughout Illinois, Ohio and Kentucky.
U.S. Residential Group LLC is a subsidiary company of C-III Capital Partners LLC, led by Chairman Andrew Farkas. The group is comprised of real estate industry specialists that provide professional services, such as marketing, leasing and maintenance to owners of multi-family properties across the United States.
The Ohio real estate investor plans to outsource their management to USRG in order to focus on expanding their portfolio of multifamily properties, while utilizing USRG’s growing national platform. USRG President Al Fenstermacher is confident about the new alliance and the benefits this client will receive from outsourcing to USRG.
“This assignment complements our goal of broadening our operating area, and forming new relationships with quality developers and investors,” said Fenstermacher. “Our clients benefit by outsourcing the day-to-day property management with the quality training and support provided by USRG while they focus on growing their apartment portfolios.”
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Posted by admin on Apr 1, 2014
According to the Commercial Observer, Andrew Farkas ranks 13th on the list of the 50 Most Important People in Commercial Real Estate Finance. Farkas, who had an outstanding year, is the CEO of the versatile financial real estate firm C-III Capital Partners. C-III is based in Irving, Texas and is an affiliate of Island Capital Group, also run by Farkas. C-III nearly doubled its invested capital in 2012, upping the total to $3.6 billion through recent expansion efforts.
C-III Capital Partners has a full-service, multifamily management company called U.S. Residential Group LLC. Its management services area expanded into four new states this year, while its portfolio increased by more than 25 percent in the same period. C-III also boasts a fully invested Recovery Fund I, an oversubscribed $310M investment fund specializing in distressed assets. Lastly, according to surveys run by the Mortgage Bankers Association, C-III ranks near the top of several commercial and multifamily servicing lists.
Andrew Farkas founded Island Capital in May 2003 and continues to serve as both CEO and Chairman. He also currently serves as CEO at Anubis Advisors and Chairman at Island Global Yachting. Before founding Island Capital, Farkas served as Chairman and CEO of Insignia Financial Group, Inc., a global real estate services company that was merged with CB Richard Ellis in 2003. The merger resulted in the world’s largest commercial real estate services company at the time.
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Posted by admin on Nov 15, 2011
C-III Capital Partners LLC (C-III) announced today that it has acquired two affiliated multifamily property management businesses – U.S. Residential Group (USRG), based in Carrollton, Texas, and Pacific West Management (PWM), based in Irvine, CA. Together, USRG and PWM currently manage approximately 24,000 multifamily units located in 12 states. In connection with the acquisitions, the operations of USRG and PWM have been combined and will operate as a subsidiary of C-III under the U.S. Residential Group name, and the company will continue to operate under the leadership of its current management team headed by Alan R. Fenstermacher.
C-III commenced operations with the purchase of Centerline Capital Group’s institutional real estate debt fund management and commercial mortgage loan servicing businesses in March 2010. Since that time, C-III has successfully launched mortgage origination, investment sales and title insurance businesses and it has expanded its principal investment, loan origination, fund management, and primary and special loan servicing businesses. In August 2011, C-III announced that it had acquired the special servicing and CDO management businesses of JER Partners. In June 2011, C-III announced that it had entered into an agreement to acquire NAI Global, which is the largest world-wide network of independent commercial property services companies that provide property management, leasing, investment sales brokerage and ancillary commercial real estate services. That transaction has not yet closed.
“The USRG and PWM acquisitions represent C-III’s next step in creating a fully diversified commercial real estate services company,” said Andrew Farkas, Chief Executive Officer of C-III and the former founder and Chief Executive Officer of Insignia Financial Group, Inc. “With the same leadership team that built Insignia, C-III is focused on building a diversified real estate services company designed to meet the demands of all constituents in the commercial real estate industry in today’s environment. We are confident that USRG, its management team and its strong client relationships will make valuable contributions toward achieving C-III’s goals, and we look forward to serving USRG’s clients and enhancing and expanding the services C-III and USRG can provide to them.”
“Joining forces with C-III and Andrew Farkas is a very exciting opportunity for USRG to accelerate the national expansion strategy we began a year ago,” said Fenstermacher, who will continue as President of USRG. “This transaction will position USRG to continue providing first class property management services to our loyal clients within our current markets and enable us to provide great service wherever our clients choose to invest. This transaction also presents a tremendous opportunity for our employees to grow within our organization,” Fenstermacher added.
Read the original press release on Business Wire.
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