Entity Level Investing


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
Key Real Estate
Multifamily, Southeast and Sunbelt

2023

Up to $400.0M

www.keyrealestateco.com
Storage Post
Self-Storage, Primarily Eastern U.S.

2021

Up to $500.0M

www.storagepost.com
Davlyn Investments
Multifamily, Pacific

2021

Up to $350.0M

www.davlyninvestments.com
Company Name

Origination Date: OriginationDate

Asset Type & Geography: asset type

Total Commitment: total-commitment

ExternalLinkText.com
Klein Enterprises
Diversified, Mid-Atlantic

2021

Up to $200.0M

www.kleinenterprises.com
ACRE
Multifamily/Investment Manager, National

2020

Up to $320.2M

www.acremgt.com
Sherman Associates Ventures
Multifamily, Upper Midwest / Mountain

2020

Up to $350.0M

www.sherman-associates.com
Company Name

Origination Date: OriginationDate

Asset Type & Geography: asset type

Total Commitment: total-commitment

ExternalLinkText.com
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
Welcome Group
Industrial / Office, Texas and Southwest

2019

Up to $300.0M

www.welcomegroup.com
Company Name

Origination Date: OriginationDate

Asset Type & Geography: asset type

Total Commitment: total-commitment

ExternalLinkText.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
PREP Property Group
Retail, National

2017

Up to $300.0M

www.pecorep.com
Company Name

Origination Date: OriginationDate

Asset Type & Geography: asset type

Total Commitment: total-commitment

ExternalLinkText.com
Claros REIT
Mortgage REIT

2015

$175M

www.mackregroup.com
HRIP Holdings
Hospitality, Multifamily, Commercial, South

2014 and 2016

$200M

www.hriproperties.com
Slate Asset Management
Diversified

2014

$140M

www.slateam.com
Company Name

Origination Date: OriginationDate

Asset Type & Geography: asset type

Total Commitment: total-commitment

ExternalLinkText.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

ExternalLinkText.com
REALIZED INVESTMENTS
McNeill Hotel Investors
Hospitality

2018

$150.7M

Westcore Properties
Industrial / Office

2011

$197.7M

Westcore Properties II
Industrial / Office

2016

Up to $337.5M

Company Name

Origination Date: OriginationDate

Asset Type & Geography: asset type

Total Commitment: total-commitment

ExternalLinkText.com
Mount Auburn
Multi-family, National

2015 and 2017

$225.0M

CA Student Living Investments
Student Housing, National

2015

$125.0M

RXR Realty
Office, NYC Metropolitan

2010

$175.0M

Company Name

Origination Date: OriginationDate

Asset Type & Geography: asset type

Total Commitment: total-commitment

ExternalLinkText.com
National RV Communities
RV Parks, National

2005

$115.0M

Open Market Securities
Publicly Traded Securities, National

2008

$17.8M

Allegro Senior Living
Senior Living, Southeast

2007

$75.0M

Company Name

Origination Date: OriginationDate

Asset Type & Geography: asset type

Total Commitment: total-commitment

ExternalLinkText.com
Drawbridge Realty Trust
Office, Industrial, West

2012

$150.0M

RAIT Financial Trust (RAS)
Commercial Mortgage, National

2012

$100.0M

JH Real Estate Operating Partners
Multi-family, California

2011

$100.0M

Company Name

Origination Date: OriginationDate

Asset Type & Geography: asset type

Total Commitment: total-commitment

ExternalLinkText.com
Welsh Property Trust
Industrial, Midwest

2010

$190.0M

NRES Holdings
Multi-family, Midwest

2012

$125.0M

Vanta Commercial Properties (Formerly T. Wall Properties)
Office, Madison, WI

2007

$104.9M

Company Name

Origination Date: OriginationDate

Asset Type & Geography: asset type

Total Commitment: total-commitment

ExternalLinkText.com
Advance Realty Group
Office, Mid-Atlantic

2001

$65.8M

Winter Properties
Mixed Use, NYC Metropolitan

2014

$200.0M

BSR Trust (Formerly Summit Housing Partners)
Multi-family, Southeast

2010

$100.0M

Company Name

Origination Date: OriginationDate

Asset Type & Geography: asset type

Total Commitment: total-commitment

ExternalLinkText.com
Shaner Mortgage REIT
Hotel Debt, National

2009

$29.6M

Shaner Hotels Holdings
Hospitality, East

2007

$59.6M

Denholtz Holdings
Office/Industrial/Flex, East

2005

$103.8M

Company Name

Origination Date: OriginationDate

Asset Type & Geography: asset type

Total Commitment: total-commitment

ExternalLinkText.com
Encore Hospitality LLC
Limited Service Hotels, South

2005

$45.2M

Victory Real Estate
Retail, Southeast

2004

$100.0M

Parkway Properties, Inc. (PKY)
Office, Southeast

2001

$75.0M

Company Name

Origination Date: OriginationDate

Asset Type & Geography: asset type

Total Commitment: total-commitment

ExternalLinkText.com
Brandywine Realty Trust (BDN)
Office/Industrial, Mid-Atlantic

199

$105.0M

Open Market Securities
Publicly Traded Securites, National

1999

$32.0M

WNY
Multi-family, NJ, PA, MD, DE

1999

$20.0M

Company Name

Origination Date: OriginationDate

Asset Type & Geography: asset type

Total Commitment: total-commitment

ExternalLinkText.com
CNL Hospitality
Triple Net Lease Hospitality REIT

1999

$64.1M

HealthCare REIT (HCN)
Healthcare, National

1999

$75.0M

Morningstar Storage Centers
Self-storage, Carolinas

1998

$60.0M

Company Name

Origination Date: OriginationDate

Asset Type & Geography: asset type

Total Commitment: total-commitment

ExternalLinkText.com
EastGroup Properties, Inc. (EGP)
Industrial, South, West and Sun Belt

1998

$70.0M

Acadia Realty Trust (AKR)
Retail, East Coast

1998

$22.6M

CNL Financial
Restaurant Mortgage Finance, National

1997

$40.0M

Company Name

Origination Date: OriginationDate

Asset Type & Geography: asset type

Total Commitment: total-commitment

ExternalLinkText.com
Lexington Realty Trust
Diversified Triple Net Lease REIT

1997

$25.0M

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

ExternalLinkText.com