Dallas REPE - Value-Add/Opportunistic Shops

I would like to make my way back to Texas in the next few years and currently wondering what large REPE firms have strong offices in Dallas? From my precursory research it looks like there is a lot of Asset Management presence, but having trouble determining who has acquisition roles in the area that also have a focus on investments across the U.S./internationally. So far my lists looks like this:

-Lone Star - Asset Management and debt originations
-Invesco - Asset management, maybe some acquisitions
-Hines - not sure Dallas office focus
-KKR - recently expanded in Dallas, asset management maybe?
-Fortress- Asset management
-Crow Holdings - HQ, full spectrum of RE services
-TPG - Asset management

Any additions/insights to above would be greatly appreciated.

Comments (7)

Aug 11, 2015

Goldman is there as well, and the Bass Family is out of Ft. Worth.

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Aug 11, 2015

Clarion Partners open ended industrial fund (acq/am) is based in dallas. Former crow REIT that CP took over in early 2000s. To clarify- is not opportunistic but more core-plus. Do have a significant development pipeline paired with an mostly core acquisition strategy.

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Sep 9, 2019

are their close end funds like student housing and multifamily more value add?

Best Response
Aug 11, 2015

Dallas, by a wide margin, has the most institutional real estate investment firms in the southwest.

Ya, those are the bigger funds. Per your comments above:
- Fortress has acquisitions in Dallas
- Invesco has acquisitions in Dallas
- Hines - Has acquisitions in Dallas, but you should work in Houston if want an "institutional" feel
- TPG Capital is in Fort Worth
- Lonestar - distressed debt, debt origination, and am. I dont they have acq guys in the south, could be wrong.
- Trammel Crow - Yes, TC Residential, commercial, industrial, holdings, etc.. are all in Dallas

Other larger investment firms not necessarily "REPE"
- Hillwood - Ross Perot's investment company
- L& B Realty Advisors
- Goldman Sachs
- Inland American
- Behringer Harvard

There are a ton of small/mid-sized/regional opportunistic firms that have grown substantially along with the booming up cycle.

Aug 11, 2015

Isn't TPG Fort Worth only legal/accounting/ops/other back office functions?

Also, I was curious - how does comp at these kind of funds doing acquisitions compare to similar funds in NYC/SF?

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Aug 11, 2015

Compensation, rent, pretty much everything tied to a cost of living index is significantly lower in all Texas cities when compared to SF/NYC. You really don't need to make nearly as much to feel like your doing well. Rent for a 1 bedroom in the best area of town is only $1,600/mo so if you make $100k you should have plenty of excess cash for strippers

Feb 18, 2019