Real Estate Private Equity In San Diego
Any of you know of any large REPEs in San Diego? A google search will show some smaller scale ones, but I was curious to hear what the community knows about any solid REPE players down in SD.
Thanks!
Hi _chrishansen_, don't worry, the WSO Monkey Bot is here.... I'm hoping one of these links will help find your answer:
Hope that helps.
bump
Depends how you define "large". Merlone Geier showed up on the PERE50 a year or two ago (co-HQ with SD and bay area I believe). There are a number of big shops, but probably not household names. Specific product type you're interested in?
I would be interested in a list of medium to small shops as well if you have a preliminary one already put together. San Diego is difficult in that there are not many large companies (outside of medical, military and tech) in general and the best real estate shops are typically located up in OC or LA.
Slim pickings.
Fairfield is there (just recapped their ownership with CalSTRS taking out Brookfield) as is OliverMcMillan which was recently enough purchased by... Brookfield, ironically enough. OliverMcMillan is definitely more national, high-profile developer than PE, and Brookfield is planning to combine them with Forest City to build a best-in-class mega-project/mixed-use development company (TBD on what that really looks like in practice).
REPE is few and far between. There are plenty of Operators located in the metro. If you're amenable to joining a strong sponsor, I'd start there.
PM if that is the case.
Agree. The REPE shop im at has 4 total people on the deal team including myself. Most of the true REPE firms here have a very small body count. Plenty of sponsors that raise their own funds in SD though. If you are looking for MF groups I can also point you in the direct of some well respected ones in greater San Diego that I've worked with.
PacNumber would be a good resource here, any notable firms you have worked with on the private equity side?
I just closed a $7.3m beach deal last week. $10mil total cost with reno, etc. The sponsor raised $4mil in about two weeks with old college buddies. So, what is mentioned above is true. I don't know of any major PE shops in SD. Most are out of OC and LA.
Down here are sponsor/operators that have their equity sources elsewhere, whether private or institutional. I know a ton of sponsors that can raise a couple million bucks literally over night for mid market deals.
thank you for sharing. what is a route you would point to for recent graduate looking to break into the real estate industry and want to work on the principle side of investing.
Haha! There you go young guys. This is"REPE" over and over again. 5mn dollar equity raise is just not worth a fund's time.
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