News

Birtcher Anderson & Davis, along with its partner Belay Investment Group, today announced the sale of a 180,367 square foot eight-building light industrial project located a few miles north of the Tampa International Airport in Tampa, FL. The property is 100% leased to thirty tenants and located in a prime, last-mile location in one of Tampa’s most prominent submarkets. The property was acquired in 2021.

Birtcher Anderson & Davis and Belay Investment Group engaged Colliers National Partners Southeast (Ryan Vaught) to market the property for sale. “The Colliers team led by Ryan Vaught was instrumental in helping us tap into what remains strong investment interest in Central Florida light industrial property in spite of a lot of macroeconomic ‘noise.’ We were pleased to exit the property earlier and at a stronger price than we underwrote following some aggressive management of lease expirations (with the help of Colliers’ leasing team led by Robyn Hurrell) that capitalized on vibrant market conditions, with supply remaining constrained while demand is fueled by the population growth and job creation” said Bob Anderson, Birtcher Anderson & Davis Co-Chairman.

“We are pleased to have outperformed underwriting on our Sunstate exit and excited to have successfully executed another business plan alongside our partners at Birtcher, who maintained their high standard as asset managers over the course of our first realized investment in the Southeast” said Eliza Bailey, Co-Founder, Chief Executive Officer & Chief Investment Officer of Belay. “Our favorable exit from Sunstate speaks to the strong fundamentals currently at play in the Tampa industrial market and demonstrates ongoing demand for quality, well-located, and functional real estate from end users across the spectrum” said Jake Loughridge, Managing Director at Belay.

The Sunstate disposition marks the fourth successful exit in Birtcher and Belay’s nearly three-year partnership which, from its inception, has been focused on the execution of value-add strategies at well-located infill and last mile multi-tenant light industrial assets. The Sunstate exit follows in the wake of two completed sales transactions involving Southern California assets through late 2022 and 2023, as well as the sale of a Dallas Fort-Worth cold storage facility, which closed in April.

About Belay Investment Group

Belay Investment Group, LLC is a real estate investment management firm that pursues equity and debt investment opportunities across all property types, primarily middle-market infill properties in urban/suburban transit hub markets, on behalf of its institutional investors. Belay implements its investment strategies through long-term programmatic relationships with high caliber, local operating partners and sector specialists. The firm has earned a reputation in the industry for supporting the growth and development of operators (including diverse firms), beyond providing investment capital. Visit www.belayinvestmentgroup.com for more information

About Birtcher Anderson & Davis

Birtcher Anderson & Davis (“BA&D”) is a California based, privately-owned real estate investment, development, and property management firm located in San Juan Capistrano, CA with additional satellite locations in CA, NV, and AZ. BA&D is a vertically integrated real estate operating company focused on acquiring value-add, middle-market, multi-tenant warehouse and light industrial properties in high growth U.S. markets. For more information visit: www.birtcherandersondavis.com

Birtcher Anderson & Davis has not received or provided any cash or any non-cash compensation in exchange for the statements made in this press release. As a result of Belay’s investment in the Sunstate , Birtcher Anderson & Davis and their personnel have an incentive to make positive statements about Belay and and the Sunstate industrial asset.

Captiva Club Apartments was acquired by EPC in 2016

Eagle Property Capital Investments, LLC (“EPC”), a vertically integrated real estate investment manager focused on the value-add multifamily space, and their partner, Belay Investment Group (“Belay”), announced the disposition of Captiva Club Apartments, a 361-unit apartment community located in Tampa-St. Petersburg, Florida.

“Tampa-St. Petersburg is a highly desirable multifamily market due to strong rental demand, population and job growth, and stable apartment occupancy. These solid market fundamentals combined with the execution of our repositioning strategy had a positive impact on the properties’ profitability, leading to a successful disposition,” said Rodrigo Conesa, co-founder and co-principal at Eagle Property Capital. “These are the results we aim to achieve for our investors by providing them with exceptional risk-adjusted returns.”

“Belay is pleased with our favorable exit at Captiva Club and grateful for having a strong partner in EPC, who displayed adeptness as asset managers while working with the Belay team to see our business plan through to execution” said Eliza Bailey, Co-Founder, Chief Executive Officer & Chief Investment Officer at Belay. “Captiva Club marks our sixth successful disposition with EPC and serves as another example of an investment where positive market dynamics and solid real estate fundamentals underscore ownership’s commitment to providing quality cost-effective housing to local residents” said Cameron Chase, Vice President at Belay Investment Group.

EPC acquired the property in October of 2016 and worked with Belay to implement a thorough repositioning strategy that substantially improved the profitability of the property. During the approximately six-year hold period, EPC and Belay invested approximately $4.3 million in capital expenditures, completed substantial exterior and interior unit renovations, decreased unit vacancies, and increased average monthly rents on occupied units. In the same period, the average leased rent per unit increased by 59.8% and revenue increased by 47.3%. The value creation driven by EPC and Belay also included upgrading the existing common areas and amenities, adding new amenities and services as well as implementing water and energy conservation programs. In addition, 17 new units were added to the property.

Captiva Club Apartments, located at 4401 Club Captiva Dr., was built in 1973 and includes one-, two- and three-bedroom floor plans, along with a clubhouse, two swimming pools, two dog parks, a business center, on-site laundry, and bilingual staff. It is located in West Tampa, just minutes from the water, 20 minutes from Downtown Tampa, and close to major highways and employment centers.

About Eagle Property Capital Investments

Eagle Property Capital Investments is a vertically integrated real estate investment manager pursuing value–add investment strategies through the acquisition, reposition, and management of multifamily apartment properties in Florida and Texas. Since 2011, EPC and its affiliates have acquired 39 multifamily residential properties containing over 9,300 apartment units. To learn more about EPC, visit www.eaglepropertycapital.com

About Belay Investment Group

Belay Investment Group, LLC is a real estate investment management firm that pursues equity and debt investment opportunities across all property types, primarily middle-market infill properties in urban/suburban transit hub markets, on behalf of its institutional investors. Belay implements its investment strategies through long-term programmatic relationships with high caliber, local operating partners and sector specialists. The firm has earned a reputation in the industry for supporting the growth and development of operators (including diverse firms), beyond providing investment capital. Visit www.belayinvestmentgroup.com for more information.

Eagle Property Capital has not received or provided any cash or any non-cash compensation in exchange for the statements made in this press release. As a result of Belay’s investment in Captiva Club, EPC and its personnel have an incentive to make positive statements about Belay and and the Captiva Club asset.

Birtcher Anderson & Davis, along with its partner Belay Investment Group, today announced the sale of a 104,492 square-foot three building industrial project located at 2665, 2671 & 2675 Pomona Boulevard in Pomona, CA. The property is 100% leased to three tenants and located in a prime, last-mile location in the Inland Empire.  The property was acquired in 2020.

Birtcher Anderson & Davis and Belay Investment Group engaged CBRE National Partners (Darla Longa/Barbara Perrier) to market the property for sale. “The CBRE team was instrumental in helping us tap into what remains a strong investment interest in Southern California industrial property in spite of a lot of macroeconomic ‘noise.’  We were pleased to exit the property earlier and at a stronger price than we underwrote following some cosmetic enhancements” said Bob Anderson, Birtcher Anderson & Davis Co-Chairman.

“This is the second favorable exit we’ve made in as many months through our partnership with Birtcher, and we continue to be impressed by their capability as asset managers as well as their deep understanding of Southern California submarkets” said Eliza Bailey, Chief Executive Officer and Chief Investment Officer of Belay.  “The successful outcome of our investment in these three Pomona assets speaks to the continued momentum we’re seeing with prime coastal infill logistics and last-mile product.  We look forward to continuing to work with Birtcher to execute the value-add business plan at our remaining SoCal assets” said Jake Loughridge, Managing Director at Belay.

About Belay Investment Group

Belay Investment Group, LLC is a real estate investment management firm that pursues equity and debt investment opportunities across all property types, primarily middle-market infill properties in urban/suburban transit hub markets, on behalf of its institutional investors. Belay implements its investment strategies through long-term programmatic relationships with high caliber, local operating partners and sector specialists. The firm has earned a reputation in the industry for supporting the growth and development of operators (including diverse firms), beyond providing investment capital. Visit www.belayinvestmentgroup.com for more information.

About Birtcher Anderson & Davis

Birtcher Anderson & Davis (“BA&D”) is a California based, privately-owned real estate investment, development, and property management firm located in San Juan Capistrano, CA with additional satellite locations in CA, NV, and AZ. BA&D is a vertically integrated real estate operating company focused on acquiring value-add, middle-market, multi-tenant warehouse and light industrial properties in high growth U.S. markets. For more information visit: www.birtcherandersondavis.com

Birtcher Anderson & Davis has not received or provided any cash or any non-cash compensation in exchange for the statements made in this press release. As a result of Belay’s investment in 2665, 2671 & 2675 Pomona Boulevard, Birtcher Anderson & Davis and its personnel have an incentive to make positive statements about Belay and the 2665, 2671 & 2675 Pomona Boulevard industrial project.

Minority-Led Firm Secures Up To 165mm In Capital Commitments For Urban Vision Fund

Primestor Development (“Primestor”), a leading minority-owned and minority-led urban impact real estate developer and investor, today announced that it held its first closing for The Urban Vision Fund I, anchored by an equity commitment through Belay Investment Group (“Belay”) of up to $100 million and a $25 million equity commitment from LGT Capital Partners.  Belay is a Los Angeles based women-owned and led real estate investment management firm with over $900 million of assets under management, primarily on behalf of a large California based pension plan.  LGT Capital Partners is a leading alternative investment specialist with over USD 85 billion in assets under management and more than 600 institutional clients in 43 countries.     

The Urban Vision Fund I will seek to develop and acquire transit-oriented, mixed-use real estate investment opportunities in urban, minority communities with a geographic focus on California. With these projects, Primestor will look to continue advancing its core thesis of developing and investing in real estate in urban communities characterized by density, high-growth and limited access to essential goods, services and housing.  Through its local-hire strategy, Primestor has historically created more than 14 thousand local construction and permanent jobs that are estimated to generate $1.3 billion of annual local economic activity in historically overlooked communities.

“The fulfillment of our mission to deliver transformative real estate projects to underinvested communities, hinges on our ability to develop the right partnerships at every stage of our work” said Arturo Sneider, co-founder and Chief Executive Officer of Primestor.  “We see Belay as an ideal, mission-aligned partner that supports our vision and will work with us hand-in-hand for the success of our projects and the advancement of our company.” Leandro Tyberg, co-founder, President and Chief Operating Officer of Primestor added “we are humbled and excited to complete our first closing for The Urban Vision Fund I with capital commitments from institutional and family office investors.  LGT Capital Partners is an excellent partner for Primestor given its profound appreciation for and understanding of our unique investment strategy and the growth potential in our urban markets.” 

“Throughout the due diligence process, we have been impressed with the principals and team at Primestor.  Their thoughtful and disciplined approach to real estate development and investing provides significant social and economic impact to historically overlooked Latino and Black communities while also focusing on delivering returns to institutional investors.  Primestor’s mission and their deep-rooted engagement and collaboration in the communities they serve resonates deeply with our team” said Eliza Bailey, Belay’s Chief Executive Officer, and Chief Investment Officer. 

“We are delighted to complete our investment in The Urban Vision Fund and work with Primestor on direct investing opportunities in their robust project pipeline of mixed-used real estate projects in urban markets” said Thomas Brown, Partner at LGT Capital Partners.  “Primestor’s business model aligns with our company-wide focus on ESG as a core element of our culture and investment beliefs.” The investment establishes LGT Capital Partner’s partnership with Primestor and opens up other investment opportunities consistent with its long-term focus on Environmental, Social and Governance considerations.

Primestor has invested more than $1 billion to date in urban, mixed-use real estate and The Urban Vision Fund I serves as a platform for the continued expansion of its unique community-oriented business model centered on local economic empowerment of underinvested, minority neighborhoods via local job generation, local sales tax generation and infrastructure improvements.  The company’s long standing community engagement is further underscored by its partnership with local governments, community organizations and commercial tenants, delivering more than 150 events per year at its properties, including book fairs, food drives, art exhibits, blood drives as well as music and dance performances highlighting local talent.

About Primestor

Founded in 1991, Primestor acquires, develops, invests and manages transformative, community-oriented real estate projects in urban areas, predominantly in the Western United States.  The company is headquartered in Los Angeles, California and has a 30-year history of supporting local economic development in underinvested minority communities and delivering financial returns to its investors.  Primestor is minority-founded, owned and led and sees its diversity as core to its mission and success.  For more information, visit Primestor.com.

About Belay Investment Group

Belay Investment Group, LLC is a real estate investment management firm that pursues equity and debt investment opportunities across all property types, primarily middle-market infill properties in urban/suburban transit hub markets, on behalf of its institutional investors. Belay implements its investment strategies through long-term programmatic relationships with high caliber, local operating partners and sector specialists. The firm has earned a reputation in the industry for supporting the growth and development of operators (including diverse firms), beyond providing investment capital. Visit www.belayinvestmentgroup.com for more information.

About LGT Capital Partners

LGT Capital Partners is a leading alternative investment specialist with over USD 85 billion in assets under management and more than 600 institutional clients in 43 countries. An international team of over 700 professionals is responsible for managing a wide range of investment programs focusing on private markets, liquid alternatives, and multi-asset class solutions. Headquartered in Pfaeffikon (SZ), Switzerland, the Firm has offices in New York, San Francisco, Dublin, London, Paris, Vaduz, Frankfurt am Main, Luxembourg, Dubai, Beijing, Hong Kong, Tokyo, and Sydney.

Neither Primestor Development nor LGT Capital Partners has received or provided any cash or any non-cash compensation in exchange for the statements made in this press release. As a result of Belay’s investment in The Urban Vision Fund I, both Primestor Development and LGT Capital Partners, and their respective personnel, have an incentive to make positive statements about Belay and The Urban Vision Fund I.

Belay Investment Group, along with its partner Birtcher Anderson & Davis, announced the sale of a 170,465 square-foot two building project, including a Cooler/Freezer building located at 1101 and 1115 E 23^rd Street, Fort Worth, TX for $17,800,000. The property was centrally positioned in a supply-constrained, high-demand area, providing strategic access to Fort Worth businesses and was comprised of a vacant Cooler/Freezer Building that provided multiple options for the requirements of a variety of occupants, and a fully-leased freestanding 6,220 square foot building.    

Belay Investment Group and Birtcher Anderson & Davis engaged the local offices of JLL and CBRE to market the property for both the potential lease-up and/or sale of the property. “The JLL and CBRE teams were instrumental in enabling us to exit the property earlier than we underwrote by communicating to prospective buyers the repositioning plan we had developed, which clearly laid out the great potential for the vacant building and the site” said Daniel Karcher, Birtcher Anderson & Davis  President.

Stephen Bailey, Cole Sutter and Wells Waller of JLL teamed up with CBRE’s industrial Food Facility experts Kevin Kelly and David Sours in identifying a user for the vacant facility, Dallas-based Standard Meat Co., who purchased the entire site including the adjacent occupied building.

“The Birtcher team has proven to be a valuable partner and true sector specialist, and the disposition of this cold storage asset is just one example of their adept execution of asset management at our Dallas-based industrial portfolios” said Eliza Bailey, Chief Executive Officer and Chief Investment Officer at Belay. “We are pleased with our favorable exit at E 23^rd Street and believe it is a testament to the durable value of well-located, highly functional industrial product” said Jake Loughridge, Managing Director at Belay. “We’re eager to seize on this momentum as we continue to work alongside Birtcher at our remaining Dallas Fort Worth assets.”

The 166,015 Sq. ft. 1101 E 23^rd Street building was recently vacated by a Cold Storage Logistics provider who was in occupancy for twelve (12) years, and included a large secure yard, 34 dock-high doors, 20 trailer parking stalls and private offices.

About Birtcher Anderson & Davis

Birtcher Anderson & Davis (“BA&D”) is a California based, privately-owned real estate investment, development, and property management firm located in San Juan Capistrano, CA with additional satellite locations in CA, NV, and AZ. BA&D is a vertically integrated real estate operating company focused on acquiring value-add, middle-market, multi-tenant warehouse and light industrial properties in high growth U.S. markets. For more information visit: www.birtcherandersondavis.com

Birtcher Anderson & Davis has not received or provided any cash or any non-cash compensation in exchange for the statements made in this press release. As a result of Belay’s investment in 1101 and 1115 E 23^rd Street, Birtcher Anderson & Davis and its personnel have an incentive to make positive statements about Belay and the 1101 and 1115 E 23^rd Street asset.

Belay Investment Group is pleased to announce the addition of Sam Khatib to its Investment Team in the role of Vice President of Capital Expansion and Investment. Mr. Khatib brings to the position an institutional background in investment management, investor relations, and capital markets. In his new role, Sam will be heavily involved in Belay’s marketing and capital raising efforts and will also be working on the investment management side handling operating partner relationships.

“We are excited to have Sam join Belay. His understanding of global capital markets and institutional experience are anchored in real estate fundamentals. This unique combination of capabilities makes Sam an invaluable addition and a natural fit for our Investment Team” said Eliza Bailey, Chief Executive Officer and Chief Investment Officer of Belay. “Sam joins our team at an exciting point in Belay’s development, and his arrival will prove to be particularly timely as he brings his multifaceted real estate background and unique perspective to this role” said Amy Ko, Belay’s Chief Operating Officer.

Mr. Khatib has been actively involved in the real estate industry for over nine years. Prior to joining Belay, Mr. Khatib was an Investment Manager at Overlook Capital Partners, LLC where he was involved in  providing capital solutions for complex commercial real estate transactions, utilizing proprietary capital and strategic partner relationships to allocate capital into debt and equity opportunities. Prior to Overlook, Mr. Khatib was a Vice President at CBRE Capital Advisors in New York City. During his tenure, Mr. Khatib was engaged in a number of institutional capital raising engagements and investment advisory mandates involving transactions across various asset classes and capital structures. Along with US-based capital, Mr. Khatib focused on cross-border capital and promoted US Real Estate investment interests among Middle Eastern and Asian based capital. Mr. Khatib started his real estate career as an Investment Director working on acquisitions and asset management for Atlas Residential, a Chicago-based multifamily owner operator with over $3.3Bn in AUM. Additionally, Mr. Khatib held corporate banking and private equity roles overseas.

Mr. Khatib received a Bachelor’s in Economics and History from the American University in Cairo (AUC) and is a CFA^® charterholder.

Eagle Property Capital and Belay Investment Group close on the sale of Woodchase & Clarendon, an 18-structure, 266-unit community which they acquired in 2016

Eagle Property Capital Investments, LLC (“EPC”), a vertically integrated real estate investment manager focused on the value-add multifamily space, announced the disposition of Woodchase & Clarendon, a 266-unit apartment community located in Irving, northwest of Dallas-Fort Worth, Texas.  EPC Multifamily Partners III, LLC (“Fund III”), a private investment vehicle raised and managed by EPC, acquired the asset in partnership with Belay Investment Group (“Belay”) in June 2016. It sold for an undisclosed price to Lion Real Estate Group.

“The repositioning strategy that we implemented had a direct and positive impact on the property’s profitability, which allowed us to realize a significant capital gain on the investment through its disposition,” said Gerardo Mahuad, Managing Principal at Eagle Property Capital.  “Although current market conditions pose challenges, the disposition of this asset demonstrates the success and effectiveness of our value-add strategy and capital improvement program.  We will continue to execute on our long-term investment strategy by identifying attractive value add investments.”

“We are excited to have seen another investment through to fruition via our partnership with EPC, and pleased not only to have achieved results exceeding the business plan, but to have played a role in contributing to the supply of quality attainable housing in the Dallas-Fort Worth Market” said Eliza Bailey, Managing Principal, CEO & CIO of Belay Investment Group.

Woodchase & Clarendon, located at 4050 & 3800 N. Beltline Rd. in Irving, was built between 1977 and 1983.  EPC’s renovation strategy included upgrading the apartment interiors, existing common areas and amenities, adding new amenities and services as well as employing water and energy conservation programs. 

About Eagle Property Capital Investments

Eagle Property Capital Investments is a vertically integrated real estate investment manager pursuing value–add investment strategies through the acquisition, reposition, and management of multifamily apartment properties in Florida and Texas. Since 2011, EPC and its affiliates have acquired 39 multifamily residential properties containing over 9,300 apartment units. To learn more about EPC, visit eaglepropertycapital.com.

Eagle Property Capital has not received or provided any cash or any non-cash compensation in exchange for the statements made in this press release. As a result of Belay’s investment in Woodchase & Clarendon, Eagle Property Capital and its personnel have an incentive to make positive statements about Belay and the Woodchase & Clarendon apartment community.

Amy Ko named Chief Operating Officer
Barry Chase named Executive Chairman

LOS ANGELES, CA (June 21, 2022) – Belay Investment Group (“Belay”), a majority woman-owned real estate investment management firm that pursues equity and debt investment opportunities primarily in middle-market infill properties on behalf of its institutional investors, announced today the appointment of Eliza Bailey, Managing Principal, as Chief Executive Officer and Chief Investment Officer of the firm, and Amy Ko, Managing Principal, as Chief Operating Officer. Barry Chase, who has stepped down from his role as CEO, is being named Executive Chairman.

Eliza Bailey, with 26 years in the industry, has built and led global platforms that have invested over $2 billion in capital in both debt and equity real estate strategies. As a founding partner of Belay, she has played a pivotal role in the daily decision making and leadership of the firm. Amy Ko, with 27 years in the industry, has led corporate finance for a multibillion-dollar public REIT and led the merger of finance and operations of two publicly traded real estate companies. As a founding partner of Belay, she has elevated Belay’s operations through establishing investment management best practices.

Belay has experienced incredible growth in recent years, during which it has more than doubled its team and tripled its AUM to over $800 million in total. Over the last 18 months, Belay’s investment team has closed 81 investments and has formed five new and expanded four existing operating partner relationships. This investment activity includes increased commitments to industrial and multifamily investments, and an entry into the debt market. Belay expects to make significant investments over the coming year during which it will remain committed to fostering diversity, equity and inclusion in commercial real estate, a core value of the firm.

“I am excited to continue to lead Belay as CEO and CIO. We have built an excellent reputation and world class team, which has set us up to build on our success with a focus on growing operating partner relationships, executing on investments and increasing AUM,” said Ms. Bailey.

“Belay’s operations have never been stronger. We have built tremendous momentum and as I officially assume the role of COO, I look forward to maintaining Belay’s best-in-class operational capabilities,” said Ms. Ko.

“It has been a tremendous honor to serve as CEO. I am incredibly proud of what we have built at Belay. Eliza, Amy, and the team are well positioned to expand the Belay platform for the future. I look forward to supporting Belay in its continued evolution in my new role as Executive Chairman,” said Mr. Chase.

Belay Investment Group is pleased to announce the addition of Marcus van Leeuwen to its Investment Team as a Vice President. Mr. van Leeuwen brings to the position his extensive institutional experience in both investment management and development. In his new role, Marcus will play a key role in the daily execution of acquisitions, asset management, and working within Belay’s operating partner relationships.

“We are excited to have Marcus joining the Belay team. His unique blend of experience managing multi-stage developments, underwriting new opportunities, and balancing the nuanced demands of multiple stakeholders over long periods of time has provided Marcus with a skillset that is well-tailored to the execution of the Belay’s investment strategy” said Eliza Bailey, Managing Principal at Belay. “We believe that Marcus’ project management experience, coupled with his capacity for thoughtful and detailed analysis will serve to bolster and enhance the capability of our senior team, while his strong interpersonal skills and collaborative nature position Marcus as a natural fit within the Belay culture,” said Barry Chase, Managing Principal at Belay.

Mr. van Leeuwen is a 10-year industry veteran who joins Belay from Stockbridge Capital Group where he most recently served as a Vice President of Investment within the firm’s Opportunistic and Platform Business. During his tenure at Stockbridge, Mr. van Leeuwen was involved in the underwriting and closing of over $1.2 billion of transactions and was primarily responsible for the management of large, mixed-use, master-planned development projects, including the redevelopment of San Francisco’s Treasure Island. Prior to Stockbridge, Mr. van Leeuwen served as an analyst at global management consulting firm Booz Allen Hamilton, during which time he developed and implemented audit procedures for the Space and Naval Warfare Systems Command, a federal agency within the United States Navy.

Marcus holds a Bachelor of Science in Accounting from San Diego State University and is a Certified Public Accountant (inactive).

Standard Real Estate Investments, LP (Standard), a minority-owned real estate private equity firm focused on providing joint venture equity to developers, and Belay Investment Group, LLC (Belay) today announced a second strategic investment. Standard and Belay closed an equity investment in a mixed-use development project located at 1333 Broadway in the Bushwick section of Brooklyn, NY. The total project cost is $76 million.

“After our equity investment in a 244-unit multifamily development project located at 75 West 18th Street in Downtown Indianapolis, the Brooklyn project was a perfect fit for Standard and Belay,” said Robert Jue, Chief Executive Officer of Standard. “Both investments speak to our vision of how market-rate institutional capital can be used to affect positive social change and create value for communities.”

“This is now the second deal Belay has closed with Standard, and through our partnership, we’ve benefitted from the Standard team’s aptitude finding compelling deals in great neighborhoods” said Cameron Chase, VP of Investment at Belay Investment Group. “We are excited to be involved in a dynamic mixed-use project like 1333 Broadway that supports the supply of attainable housing in an historic neighborhood like Bushwick.”

1333 Broadway is situated at the doorstep of Bushwick’s Gates Avenue Station, providing immediate access to the J and Z trains with transportation to Williamsburg and Downtown Manhattan. The building will feature prime, ground floor retail and a three-story commercial component, already pre-leased to Empire Rehearsal Studios, in addition to 15 stories of apartment units boasting unobstructed city views; 30 percent of the housing will be affordable and 70 percent will be market-rate. Units will feature a blend of studio, one-, two- and three-bedroom units, ideal for residents that work from home or also want the ability to quickly commute into Manhattan or other parts of Brooklyn. Amenities will include a gym, a bicycle room, package room and 50 parking spaces located below grade and on the first floor.

Belay is an investment manager focused on the deployment of institutional capital through strategic partnerships with emerging managers and market sector specialists across a variety of value-add strategies and property types. Driven by its strong fiduciary culture and an emphasis on mentorship within its operating partnerships, Belay harnesses these relationships in the sourcing of opportunities and execution of strategic sectors and market-specific strategies that benefit from demographic trends and sustainable economic drivers. With an investment thesis currently focused on attainable multifamily and workforce housing, coastal infill industrial, debt, and specialty asset classes, Belay often invests with an eye towards fostering both sustainability and diversity, equity, and inclusion in commercial real estate where it benefits the real estate and end users, with 58% of its Venture III allocation thus far deployed to MWBE (minority/women-owned business enterprises) operating partners.

About Standard Real Estate Investments
Founded by Robert Jue and Jerome Nichols, Standard Real Estate Investments (Standard) is a minority-owned and controlled real estate private equity firm that manages capital on behalf of institutions and allocates joint venture equity to developers. The firm operates nationally across property sectors and risk profiles with an initial focus on the development of market rate attainable housing while also accelerating positive socio-environmental impact. The leadership team at Standard has invested in assets valued at $7 billion in total. For more information, visit standardrei.com.

Standard Real Estate Investments has not received or provided any cash or any non-cash compensation in exchange for the statements made in this press release. As a result of Belay’s investment in the 1333 Broadway development project, Standard Real Estate Investments and its personnel have an incentive to make positive statements about Belay and the 1333 Broadway development project.