Courtland exec moves to IDR

Garrett Zdolshek is leaving the Cleveland-based real estate consultant to become a partner at a nearby multi-manager firm.

Garrett Zdolshek is parting ways with one Cleveland-based real estate firm to join another. Zdolshek is leaving real estate consulting firm Courtland Partners to become a partner at Investors Diversified Realty (IDR), a firm founded by his father Gary in 2006. He begins his new position on Friday.

IDR, a real estate multi-manager, has hired Zdolshek to provide additional depth to its client capabilities. “Garrett brings a wealth of experience, having been involved in significant allocations of private equity real estate capital for various institutional clients throughout his career,” said IDR partner and chairman Roger Rankin in a statement.

According to one source familiar with the situation, Zdolshek had been approached by several Courtland competitors, but he wanted to branch out from consulting. Ultimately, IDR's multi-manager platform appealed to his ability to utilize his experience with a number of different types and sizes of investors, the source said.

Zdolshek had worked at Courtland Partners since 2002, where he most recently served as a managing director and founding member of the consulting firm's investment committee. He was responsible for managing a number of discretionary and non-discretionary accounts, advising clients on strategic initiatives, sourcing investments and performing due diligence for both domestic and international allocations.

IDR senior vice president and portfolio manager Joshua Kaye, who had worked with Zdolshek at Courtland prior to 2007, said the firm was impressed with his “significant amount of domestic and international underwriting expertise,” as well as “the different skill sets he brings to the table.” At Courtland, Zdolshek was involved in underwriting more than $40 billion in real estate allocations on behalf of institutional investors.

IDR provides money managers, foundations, endowments, high-net-worth individuals and pension funds with private equity real estate investment services. The company has raised $150 million for its multi-manager platform and invested $50 million so far.