Texas REPE firms

Long time lurker curious to hear thoughts, lists, or ranks of the pure play REPE firms in Texas across Dallas, Austin, and Houston. Essentially, what names do you need to be aware of in Texas?Feel free to widen the lens on fund styles and strategies (allocator, operator, value add, opportunity, core+, pooled capital, separate accounts, PJVs, co-gp, etc)I'm aware there are individual lists based on some of these cities. But I am curious to see info and thoughts on an aggregate basis.

Feel free to include Fort Worth and San Antonio as well.

Comments (47)

Jun 22, 2021 - 7:14pm
escrowelphant, what's your opinion? Comment below:

I'll let you decipher the locations but there's quite a few groups worth checking out.  
 

Lone Star, Argosy Real Estate Partners, KKR (Houston), Virtus Capital, Crow Capital, Madison Reality Capital, Clarion Partners, CBRE global investors, Black Creek Group (now ares), merchant banks, Crescent Real Estate fund, Iron Point partners, RSF Partners, Dalfen, Triagate Capital, dozens of family offices, and many more.  Curious to hear other groups as well!

  • 5
Oct 23, 2021 - 9:39am
repeme, what's your opinion? Comment below:

Dalfen is a terrible company to work for awful hr drones and family style hierarchy would not recommend basically an analyst revolving door. 

Aug 25, 2022 - 6:57pm
SeanUTLonghorn09, what's your opinion? Comment below:

Done some financing with Dalfen had a positive experience but they have had some churn. 

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Aug 25, 2022 - 6:39pm
SeanUTLonghorn09, what's your opinion? Comment below:

I'll second Iron Point stay away. I have a friend who worked there for a few years. He said people in Dallas are treated like dog crap. He aired out all the dirty laundry after he left said it's a sweat shop where guys pretend to grind and pay sucks balls.
 

He said all guys did was watch sports and beat their meat in the stalls at night. He was being serious and walked in on a coworker beating his meat in a bathroom stall and said he accidentally walked in the stall right as the guy blew a load with the jizz still dripping off his wang then yelled at him to get the f$&$!!! out you little piece of 💩.
 

He said the relationship with this guy deteriorated where he made stuff up about his attitude and he wouldn't look him in the eye but he said it was not the first time he heard him spanking his monkey in a stall said it was pretty habitual if they worked after 6 pm. He was asked to resign not to long after that incident after a few years there. 

  • Director in RE - Comm
Jun 23, 2021 - 4:37pm

Also Hines does a lot of core, and a lot of one-offs, which aren't included in the PERE 100 numbers.

Jun 23, 2021 - 6:11pm
backyard_lp, what's your opinion? Comment below:

Not to hijack the post here.  The Pere list is great but some ranks are a little, um, let's just say mendacious. Personally, I wouldn't consider firms like Hines, lasalle, pgim as your typical "repe", especially Hines, they just so happen to be on these lists because a fraction of their business which comes out to big numbers, relatively sneaking, qualifies them for pere's fund rank criteria.  

But yes, redever is right.  

Most Helpful
Oct 22, 2021 - 11:52pm
cre Analyst 97, what's your opinion? Comment below:

DFW

Crow Holdings

Lone Star Funds

Dalfen (only industrial)

Goldman Merchant Banking

Invesco

Stone Lake Capital Partners (also have offices in Houston / Dallas)

Hillwood (might not be considered REPE definitely do a ton of development as well as acquisitions)

Clarion Partners

Thackeray Partners

Crescent (might be considered more of a developer but does acquisitions)

MORE Residential (only multifamily)

Houston

Hines

Lionstone Investments

KKR (think only asset management in this office)

Nitya Capital (small but growing, lots of people think they are overpaying and might go broke / overall not a good shop so wouldn't recommend)

Austin

Virtus Real Estate Capital

Amherst (exclusively SFR but huge player in that growing space)

A ton of smaller acquisitions firms in DFW - definitely others in Houston / Austin but not as many.

Oct 23, 2021 - 9:39am
repeme, what's your opinion? Comment below:

Dalfen is a terrible company to work for awful hr drones and family style hierarchy would not recommend basically an analyst revolving door. 

  • Associate 1 in RE - Comm
Oct 23, 2021 - 9:54am

Avoid Nitya at all costs. Just paid out a $60mm fine. Those boys are known for putting lipstick on a pig and squeezing nickels. Sweattttyyyyyyyy as hell

  • Associate 1 in RE - Comm
Oct 23, 2021 - 12:00pm

Add Marble Capital in houston to your list. Good guys. Mostly spun off after ARA > BCG > Newmark sale and are growing quickly.

Oct 23, 2021 - 1:20pm
cre Analyst 97, what's your opinion? Comment below:

Think Marble Capital exclusively invests in the Mezz Debt / Pref Equity slice of the capital stack but definitely agree super smart guys and growing firm in Houston

  • Investment Analyst in RE - Comm
Feb 14, 2022 - 10:09pm

Any more information on Marble? Have an informational interview with them soon and would like to come prepared.

creAnalyst97 mentioned they exclusively invest in mezzanine debt and preferred equity so I know that much. From what I can recall back in 2020, they were only around $400-500M AUM and have grown to $3B+ recently.

  • Associate 1 in RE - Comm
Oct 23, 2021 - 6:39pm

The group is very small but the background of their team was strong. They took a pass on a multi deal we presented them without any real dialogue, so didn't get to know them well. Sorry I don't have more info.

Oct 25, 2021 - 5:05pm
Incoming_CFA_Candidate, what's your opinion? Comment below:

Gotcha. seems like they don't have super great feedback from a culture perspective on the corporate side according to other threads on here. Not to mention their office is like 45 minutes from Austin CBD.

Feb 14, 2022 - 4:15pm
McFate, what's your opinion? Comment below:

Unorganized but here are my list of firms

Non-REPE

  • Houston Multifamily Acquisition/Development
    • The Morgan Group
    • Allied Orion Group - only focused on acquisitions atm.
    • Allen Harrison Company (think these guys have a Dallas office as well, not sure)
    • Greystar (Dallas, Austin, Houston offices)
    • Wood Partners (may have multiple TX offices)
    • Alliance Residential Company (may have  multiple TX offices)
    • Camden Property Trust - focused on acquiring class A in select markets w/ no leverage (or very little leverage)
    • The Finger Companies (well known in Houston)
    • Hanover - focuses on Class A luxury mid/high-rises with deep institutional pockets (or so I heard)
    • Mill Creek Residential - believe these guys spun off of Trammell Crow since they wanted to be aggressive in '08 ... not sure, someone correct me.
    • The Dinerstein Companies - don't know much
    • Patrinely Group - don't know much
    • Slate Real Estate Partners - don't know much
    • Madison Marquette - don't know much
    • Kaplan Multifamily - don't know much
    • Gables Residential - don't know much
    • Grayco Partners - don't know much
  • Dallas Multifamily Acquisition/Development - missing a lot so someone else can add
    • Westdale
    •  
  • Houston Diversified
    • Signorelli Co. - diversified development
    • Midway - most famous for their CityCentre development in Houston
    • Whitestone REIT - retail REIT
    • Howard Hughes - based in the Woodlands
    • Johnson Development Corp - MPC

REPE beyond the obvious big names (Crow, Clarion, Fortress, Hines)

  • Houston 
    • Broadvail Capital Partners - small shop with $400M AUM, beyond that I don't know much
    • Serac Capital Partners  - value-add/distressed shop with unknown AUM
    • Triten Real Estate - does redevelopment and has an industrial fund
    • Stonelake Capital Partners - have offices in Austin, Houston, Dallas and pretty big name
    • MLB Capital Partners - boutique, diversified PERE with maybe $20-50M AUM 
    • Junction CRE - relatively new PERE shop started by a bunch of A&M alumns

Unsure:

  1. Thackeray based in Dallas
  2. Pennybacker Capital based in Austin
  3. Banner Oak Capital
  4. Crescent Real Estate
  5. Hillwood
  6. Paceline Equity - generalist PE fund but they take a look at hotel deals I think
  7. Sealy & Company - focused on Industrial
  8. C-III - subsidiary of a larger firm
  9. Phoenix Capital - $1.5B AUM with broad mandate
  10. Trimont 
  11. Harwood International - hotel/hospitality focused
  12. Rockpoint Group - according to another user, their Dallas office is all back-office.
  13. Cortland
  14. RSF based in Dallas
  15. Velocis based in Dallas
  16. Dalfen - think there's already enough information
  17. Montegomery Street - based in Dallas
Feb 14, 2022 - 4:22pm
McFate, what's your opinion? Comment below:

Does anyone have any information on MM Properties based in Houston? Just out of curiosity.

  • Looks they updated their website recently to make it more aesthetically pleasing.
  • For a $3-6B fund, seems like they run super lean.
Feb 14, 2022 - 8:23pm
McFate, what's your opinion? Comment below:

Also found this spreadsheet I made a long time ago, information may be inaccurate in regards to $AUM.

Firms

Feb 14, 2022 - 10:10pm
Incoming_CFA_Candidate, what's your opinion? Comment below:

Rockpoint in Dallas is all back office. And Paceline does more real estate (yes, hotels mainly) than corporate strategies despite what they claim. Will be really interesting to see how their first fund does.

Aug 25, 2022 - 7:01pm
SeanUTLonghorn09, what's your opinion? Comment below:

Broadvail invests in platforms. They are ok was unimpressed when I met them while I was in Houston. Prior JLL. 
 

I have done a lot of deals with Lionstone solid guys if you get an offer take it new CEO. KKR Houston is solid mainly asset management. 
 

Hillwood pays slave wages nobody stays long. We have a guy in our firm who left Hillwood to go to investment sales at my firm. When I asked why he left said he made so little he was forced to live off tuna & ramen and upper management was aloof and self centered. Said they made money but everyone else got the shaft.  

Aug 27, 2022 - 10:43am
Incoming_CFA_Candidate, what's your opinion? Comment below:

Hillwood and Crow have gotten away with underpaying investment/development professionals for years. Maybe the lure is to work for Dallas heroes. Maybe the hours and culture are amazing. I think as Dallas continues to evolve and grow in the repe space, hometown firms like these will have massive comp correction or hit road blocks on new talent.

Aug 26, 2022 - 9:53am
Bigbodybugatti, what's your opinion? Comment below:

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Aug 26, 2022 - 10:41am
Incoming_CFA_Candidate, what's your opinion? Comment below:

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