Press Release

Sherman Associates Announces Capital Commitment from Almanac Realty Investors

February 22, 2021, Minneapolis, MN - Sherman Associates (“Sherman”), a vertically-integrated developer, owner, and operator of multifamily housing, and Almanac Realty Investors, the private real estate investment arm of Neuberger Berman, announced today their formation of Sherman Associates Ventures, a company dedicated to delivering high quality, environmentally sustainable homes for individuals and families across all incomes throughout the Upper-Midwest and Mountain regions of the US.

Headquartered in Minneapolis, Sherman Associates has a 40-year track record of building communities and enriching neighborhoods through the development, management, and long-term ownership of affordable, market-rate, and luxury multifamily housing. Under the leadership of George and Chris Sherman, Sherman Associates has developed over 8,500 rental units, revitalizing neighborhoods and transforming entire city blocks. Through Sherman Associates Ventures, Sherman aims to work with the municipalities of Minneapolis, St. Paul, Denver, Des Moines, and potential new markets to meet the full spectrum of their housing goals.

“Partnering with Almanac allows us to aggressively pursue our corporate mission to work with cities and build communities. Our growth will allow us to advance our green initiatives and develop both market rate and affordable properties with a long-term commitment to the communities we serve. We’re excited about this new venture with Almanac, who shares our vision and supports our mission”, said Chris Sherman, President of Sherman Associates.

“George and Chris Sherman have a long and successful track record for building high-quality multifamily communities in growing markets with great amenities and affordable living costs,” said Michael O’Neill, a Senior Vice President at Almanac. “We are thrilled to partner with Sherman’s best-in-class management team and contribute to the future growth of their company.”

Jones Lang LaSalle Securities, LLC served as exclusive financial advisor to Sherman Associates.

About Sherman Associates

Sherman Associates is widely acknowledged for its unique ability to Build Communities and Enrich Neighborhoods. Sherman was founded by George Sherman in 1979, and since, has developed over $4 billion in commercial, residential, for-sale and hospitality assets. Sherman Associates is based in Minneapolis and owns and operates a portfolio, for long-term hold, throughout the Midwest, St. Louis, and Denver. Its current portfolio contains over 8,000 housing units, 4 hotels, and nearly 1,000,000 square feet of commercial real estate. In addition, Sherman owns several Starbucks-licensed locations and two solar gardens.

About Almanac Realty Investors

Since 1996, Almanac’s (together with its predecessor, Rothschild Realty, Inc.) primary activity has been making growth capital investments into private and public companies which own and operate real estate in North America. Almanac managed funds have committed over $6.1 billion to 46 companies. Almanac’s portfolio companies are structured to combine proven management teams within a specific real estate sector together with ownership of focused portfolios of real estate assets and interests. These companies are governed by a board of directors consisting primarily of representatives from the management teams and Almanac, with a focus on protecting and growing shareholder value, generating dividends, setting strategy, allocating capital and working with management to optimize resources.

Neuberger Berman acquired Almanac in January 2020 to deepen its offering of real estate solutions. Founded in 1981, Almanac Realty Investors partners with established owner-operators in all sectors of the real estate market to raise capital to fuel company growth and has committed more than $6.1 billion in capital to 46 real estate companies, both public and private, throughout North America. Various partners include ReNew Senior Living, Mount Auburn, CA Ventures, Mack Real Estate Group, RXR Realty, and Westcore Properties, among others.

About Neuberger Berman

Neuberger Berman, founded in 1939, is a private, independent, employee-owned investment manager. The firm manages a range of strategies—including equity, fixed income, quantitative and multi-asset class, private equity, real estate and hedge funds—on behalf of institutions, advisors and individual investors globally. With offices in 24 countries, Neuberger Berman’s diverse team has over 2,300 professionals. For six consecutive years, the company has been named first or second in Pensions & Investments Best Places to Work in Money Management survey (among those with 1,000 employees or more). In 2020, the PRI named Neuberger Berman a Leader, a designation awarded to fewer than 1% of investment firms for excellence in Environmental, Social and Governance (ESG) practices. The PRI also awarded Neuberger Berman an A+ in every eligible category for our approach to ESG integration across asset classes. The firm manages $405 billion in client assets as of December 31, 2020. For more information, please visit our website at

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