Investment Portfolio


We don’t buy businesses, and we don’t buy buildings. We invest in proven management teams looking to build great real estate companies.


We look first and foremost at the people—their track record, success and reputation—and then apply keen focus on the real estate opportunity. Below is a complete list of all investments made by ARS.

CURRENT INVESTMENTS
CIP Real Estate
Industrial/Flex, National
2019
Up to $300.0M
www.ciprealestate.com
L3 Capital
Urban Retail, National
2019
Up to $300.0M
www.l3capital.com
McNeill Hotel Investors
Hospitality
2018
Up to $150.7M
www.mcneillhotels.com
Company Name
Origination Date: OriginationDate
Asset Type & Geography: asset type
Total Commitment: total-commitment
Welcome Group
Industrial / Office, Texas and Southwest
2019
Up to $300.0M
www.welcomegroup.com
ReNew Senior Living
Senior Housing
2018
Up to $200.0M
Merritt Properties
Industrial / Office
1997 and 2017
Up to $400.0M
www.merrittproperties.com
Company Name
Origination Date: OriginationDate
Asset Type & Geography: asset type
Total Commitment: total-commitment
PREP Property Group
Retail, National
2017
Up to $300.0M
www.pecorep.com
Claros REIT
Mortgage REIT
2015
$175M
www.mackregroup.com
HRIP Holdings
Hospitality, Multifamily, Commercial, South
2014 and 2016
$200M
www.hriproperties.com
Company Name
Origination Date: OriginationDate
Asset Type & Geography: asset type
Total Commitment: total-commitment
Slate Asset Management
Diversified
2014
$140M
www.slateam.com
Shaner Hospitality Finance
Hospitality, National
2013
$50M
www.shanercorp.com
Company Name
Origination Date: OriginationDate
Asset Type & Geography: asset type
Total Commitment: total-commitment
REALIZED INVESTMENTS
Westcore Properties
Industrial / Office
2011
$197.7M
Westcore Properties II
Industrial / Office
2016
Up to $337.5M
Mount Auburn
Multi-family, National
2015 and 2017
$225.0M
Company Name
Origination Date: OriginationDate
Asset Type & Geography: asset type
Total Commitment: total-commitment
CA Student Living Investments
Student Housing, National
2015
$125.0M
RXR Realty
Office, NYC Metropolitan
2010
$175.0M
National RV Communities
RV Parks, National
2005
$115.0M
Company Name
Origination Date: OriginationDate
Asset Type & Geography: asset type
Total Commitment: total-commitment
Open Market Securities
Publicly Traded Securities, National
2008
$17.8M
Allegro Senior Living
Senior Living, Southeast
2007
$75.0M
Drawbridge Realty Trust
Office, Industrial, West
2012
$150.0M
Company Name
Origination Date: OriginationDate
Asset Type & Geography: asset type
Total Commitment: total-commitment
RAIT Financial Trust (RAS)
Commercial Mortgage, National
2012
$100.0M
JH Real Estate Operating Partners
Multi-family, California
2011
$100.0M
Welsh Property Trust
Industrial, Midwest
2010
$190.0M
Company Name
Origination Date: OriginationDate
Asset Type & Geography: asset type
Total Commitment: total-commitment
NRES Holdings
Multi-family, Midwest
2012
$125.0M
Vanta Commercial Properties (Formerly T. Wall Properties)
Office, Madison, WI
2007
$104.9M
Advance Realty Group
Office, Mid-Atlantic
2001
$65.8M
Company Name
Origination Date: OriginationDate
Asset Type & Geography: asset type
Total Commitment: total-commitment
Winter Properties
Mixed Use, NYC Metropolitan
2014
$200.0M
BSR Trust (Formerly Summit Housing Partners)
Multi-family, Southeast
2010
$100.0M
Shaner Mortgage REIT
Hotel Debt, National
2009
$29.6M
Company Name
Origination Date: OriginationDate
Asset Type & Geography: asset type
Total Commitment: total-commitment
Shaner Hotels Holdings
Hospitality, East
2007
$59.6M
Denholtz Holdings
Office/Industrial/Flex, East
2005
$103.8M
Encore Hospitality LLC
Limited Service Hotels, South
2005
$45.2M
Company Name
Origination Date: OriginationDate
Asset Type & Geography: asset type
Total Commitment: total-commitment
Victory Real Estate
Retail, Southeast
2004
$100.0M
Parkway Properties, Inc. (PKY)
Office, Southeast
2001
$75.0M
Brandywine Realty Trust (BDN)
Office/Industrial, Mid-Atlantic
199
$105.0M
Company Name
Origination Date: OriginationDate
Asset Type & Geography: asset type
Total Commitment: total-commitment
Open Market Securities
Publicly Traded Securites, National
1999
$32.0M
WNY
Multi-family, NJ, PA, MD, DE
1999
$20.0M
CNL Hospitality
Triple Net Lease Hospitality REIT
1999
$64.1M
Company Name
Origination Date: OriginationDate
Asset Type & Geography: asset type
Total Commitment: total-commitment
HealthCare REIT (HCN)
Healthcare, National
1999
$75.0M
Morningstar Storage Centers
Self-storage, Carolinas
1998
$60.0M
EastGroup Properties, Inc. (EGP)
Industrial, South, West and Sun Belt
1998
$70.0M
Company Name
Origination Date: OriginationDate
Asset Type & Geography: asset type
Total Commitment: total-commitment
Acadia Realty Trust (AKR)
Retail, East Coast
1998
$22.6M
CNL Financial
Restaurant Mortgage Finance, National
1997
$40.0M
Lexington Realty Trust
Diversified Triple Net Lease REIT
1997
$25.0M
Company Name
Origination Date: OriginationDate
Asset Type & Geography: asset type
Total Commitment: total-commitment
Pacific Gulf Properties (PAG)
Small Tenant Industrial, West Coast
1997
$55.0M
Ambassador Apartments
Multi-Family, Sun Belt
1996
$25.0M
Company Name
Origination Date: OriginationDate
Asset Type & Geography: asset type
Total Commitment: total-commitment