Keith Bawolek has joined Chicago-based Green Courte Partners as managing director. In his new position, Bawolek will head up the private equity real estate investment firm's parking acquisition activities.
According to chief investment officer Jim Goldman, to whom Bawolek will report, Bawolek had worked with Green Courte chairman Randy Rowe some 20 years ago when they both worked for Sam Zell's Equity Group Investments. “They had had a good working relationship back then and were focused on acquiring parking lots and garages,” he said, adding that Bawolek had been serving as a consultant to the firm for the past couple of months.
Bawolek also was interested in joining Green Courte due to its third and most current fund, Green Courte Real Estate Partners III, a $362 million vehicle focused on acquiring parking lots and parking garages. The fund is targeting the major parking markets in the US, including Boston, New York, Philadelphia, Washington DC, Miami, Seattle, San Francisco, Los Angeles, San Diego and Chicago. One source familiar with the situation said that the fund, which had its first two closings last year, is expected to have a final close by the end of June.
Prior to joining Green Courte, Bawolek was executive vice president of ECI Investment Advisors, a Chicago-based commercial real estate company he co-founded in 2000. Before that, he had various executive roles with Zell’s Equity Group Investments.
Green Courte targets such niche real estate sectors as land-lease communities and parking assets. Both directly and through its subsidiary, American Land Lease, the firm owns 18,000 land-lease home sites in 48 communities in 10 states.