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Alfa, Rosen JV to target large US properties

The Russian conglomerate has teamed up with the New York developer to invest in multifamily, hospitality and office properties along the East Coast.

A Russian investment conglomerate has partnered with a New York-based real estate developer to invest in commercial and residential real estate along the East Coast of the US. 

Alfa Group has formed a venture with Rosen Partners to target assets valued at more than $100 million. According to a joint statement released by both firms, the venture will focus primarily on multifamily, hospitality and office properties, as well as investing in debt, in major metropolitan markets, including Boston, Washington DC and Miami.

“Alfa looks forward to working with our long-time partners, the Rosens, to take advantage of current market opportunities to acquire and manage a solid portfolio of properties,” said Alfa Group founding chairman Mikhail Fridman in a statement. 

“We are aggressively pursuing investment opportunities where our experience can make the most of the strong capital we have at the ready,” added Rosen Partners chief executive officer Jack Rosen. “We have a terrific relationship with our partners from Alfa Group and share a clear vision for the future of this venture.”

Rosen added that his firm will manage select assets within the growing portfolio, as well as work with third-party management firms and local joint venture partners, depending upon the location, size and type of property or investment.

“We are interested in making the most of our relationships with sellers and brokers around the US, investing in distressed opportunities as well as stable, core assets,” said Daniel Rosen, managing director of Rosen Partners.

A spokesman for the venture told PERE that the two firms have had a long-standing relationship. Fridman previously had invested with Rosen Partners in a number of ventures over the last few years, including a Manhattan condominium project at 56 Pine Street and a multifamily development project in Edgewater, New Jersey.  In addition, Alfa Group’s telecommunications subsidiary Altimo appointed Jack Rosen to its international advisory board in 2007.

Founded in 1989, Alfa Group Consortium is one of Russia’s largest privately owned financial-industrial conglomerates, with interests in oil and gas, commercial and investment banking, asset management, insurance, retail trade, telecommunications, water supply and water disposal, as well as other industrial-trade and special-situation investments. Alfa Group includes privately-owned Russian banking giant Alfa-Bank, Russian oil and gas company TNK-BP and private equity manager Alfa Capital Partners among its holdings. 

Rosen Partners owns, develops and manages residential and commercial properties in strategic markets across the US and internationally. The company’s portfolio is comprised of hotels and resorts, retail, residential, mixed-use and senior living communities totalling more than three million square feet.