Almanac invests $200m in Winter Properties

The New York-based fund manager’s backing of the new real estate investment management business comes on the heels of a $150 million investment in a New Orleans-based developer.

Almanac Realty Investors has invested $200 million in Winter Properties, a new real estate investment management business seeded with select value-added assets contributed by The Winter Organization and formed in conjunction with 40 North Management. The New York-based fund manager made the investment on behalf of Almanac Realty Securities VI, which closed on $819 million of equity in November 2012.

“We are pleased to establish this relationship with Winter Properties,” said Andrew Silberstein, partner at Almanac, in a statement. “Over the course of many generations and multiple market cycles, the company has achieved an excellent investment track record while maintaining the high level of integrity that Almanac values in its partners.”

Led by co-CEOs David Winter and David Millstone, Winter Properties combines The Winter Organization’s track record of developing and managing real estate assets in New York City with the capital markets expertise of 40 North. With an opportunistic approach and a focus on the New York metropolitan area, the firm has in excess of $1.5 billion of buying power across property types and the capital structure, serving as acquirer, developer, partner or lender. 

“We are thrilled to partner with Almanac as we enter this next phase of growth, building upon our history while adapting for an evolving and dynamic marketplace,” Winter said in a statement. “Almanac has a longstanding record of success supporting companies such as ours at a critical point in their life cycle, and we are looking forward to beginning the next chapter with them.”

Millstone added: “We are very excited to expand the scope of our investment platform, and we believe that our long-standing relationships and flexible investment strategy will allow us to continue to identify attractive opportunities throughout the market cycle.”

The investment in Winter Properties comes on the heels of Almanac’s $150 million investment in HRI Properties, a New Orleans-based developer that specializes in the adaptive reuse of historic buildings. HRI will use Almanac’s capital to acquire, develop and redevelop high-quality, mixed-use projects consisting of for-rent residential and hospitality components within the urban core of top 25 metropolitan areas. In addition, the capital will provide HRI with the flexibility to enter into joint ventures with other institutional partners and property owners.

From the time of its founding in 1981, originally as Rothschild Realty Managers, Almanac has raised $3.1 billion for a wide array of real estate opportunities. Since 1996, however, its primary focus has been on private placements of capital into public and private real estate operating companies. To date, it has committed approximately $3 billion to 33 companies.