Pacific Urban Residential Announces Merger with Affiliate Hanover Real Estate Investors
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PALO ALTO, Calif., Oct. 04, 2021 (GLOBE NEWSWIRE) -- Multifamily owner-operator and investment manager Pacific Urban Residential (”Pacific”) and multifamily private equity investor Hanover Real Estate Investors (“Hanover”) announced a merger between the two firms. The combined company is to be named Pacific Urban Investors, LLC and will be headquartered in Palo Alto, CA with six regional offices located in Los Angeles, Irvine, Seattle, Denver, New York, and Washington DC.
Pacific is one of the most active multifamily investors in the US. The firm has proven adept at identifying and deploying multifamily strategies, including pioneering institutional investment into the vintage multifamily space. Founded in 1998 PUR is exclusively focused on multifamily strategies, investing significant PUR partner capital alongside institutional strategic partners. Today, PUR owns and manages 13,000 apartment homes valued at $5 billion. Since 1998, the firm has acquired more than $7 billion in multifamily communities.
Hanover, founded in 2013, began with a strategy of providing both LP and GP capital to best-in-class local and regional developers and operators. Since inception, the firm has been involved in 40 investments, with a total cost in excess of $1 billion. Today, along with its joint venture partners they own, manage or develop over 2,000 apartment homes valued in excess of $800 million.
The combined company will continue its exclusive multifamily focus and disciplined investment strategies via acquisition of apartment communities and by providing joint venture equity, preferred equity and other structured finance solutions to select developers and operators. Alex Yarmolinsky, former CEO of Hanover is continuing as Pacific’s President of the Structured Finance group, Ash Baraghoush & David White, Hanover’s principals are now Pacific’s Managing Directors of Structured Finance.
Al Pace, Vice-Chairman and CEO of Pacific said “We are delighted to announce our merger and reaffirm our commitment to build a best-in-class multifamily investment manager for the benefit of our customer residents, investors, and talented professionals. Pacific Urban Investors will continue our geographic and strategic expansion to enhance our participation in the multifamily sector.”
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