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.
Goldman is there as well, and the Bass Family is out of Ft. Worth.
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.
KKR is in houston i thought?
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.
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?
hines in dallas mainly focuses on land development. alot of residential lots/communities
The Dallas office has a land dev team in their office, but they still have their commercial/MF team
I would say Goldman definitely is a traditional REPE shop. They invest both off their balance sheet and have multiple discretionary funds (most recent fundraise being ~$3B).
I would agree with Goldman’s merchant banking. It’s definitely repe as they they have some close-ended and opportunistic strategies. Especially compared to MetLife and J.P. Morgan asset management.
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
Fortress
RSF partners
black creek group
Harbert
Thackeray Partners
Clarion
CBRE global Investor
Crescent Real Estate
Crow Holdings
Invesco
Banner Oak Capital Partners
Iron point partners
GID
That's pretty much most of the players imo.
Good list. I’ll add Phoenix capital partners.
TH Real Estate just opened an office in Dallas and is the Real Estate arm of Nuveen. Should have some good acquisitions roles opening up.
There's definitely many other great shops with REPE funds, but those are just all I could think of. Obviously there's Lonestar funds and their loan servicer Hudson advisors. They have a big presence in Dallas.
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