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MayfieldGentry hires former PREI exec

The Detroit-based private equity real estate firm has appointed Karen Waldon to oversee the firm’s entire asset management activities.

MayfieldGentry Realty Advisors has appointed former Prudential Real Estate Investors veteran Karen Waldon as head of its asset management division.

The Detroit-based private equity real estate firm said in a statement, Waldon would be responsible for asset managing the firm’s 4.5 million square foot portfolio, which includes office, retail and light industrial properties.

Waldon spent 10 years with PREI and was formerly with advisory group TMW Group, as vice president asset management. She joins MayfieldGentry as vice president.

Founded by Chauncey Mayfield in 2003, MayfieldGentry recently closed on an office property at K Street in Washington DC, with plans to reposition the building into a B+ office block. Speaking to PERE magazine in October, Mayfield said: “You have to search hard for opportunities but on a price per square foot basis you get a better deal in Washington DC than you do in New York City. But the improvements you make to a property in Washington DC would be on average 65 percent of the cost of doing a similar improvement in New York City.”

MayfieldGentry held an initial close on its $150 million MGRA Genesis Value Fund last year. The fund makes typical investments of between $15 million and $20 million.