As the analysis proves, private equity played a catalytic role in the development of Alterra and while there were serious setbacks and periods of distress, the overall impact was positive on both the company and industry as a whole. Following the transaction announcement, Intrawests CEO Thomas Marano commented, Our new partners bring additional financial resources and a shared passion for the mountains and our communities. KSLs CEO Eric Resnick added: Each resort has its own unique story and its own unique sense of place. Prior to joining Alterra, Rory was the Corporate and Fund Accountant for Rubenstein Partners L.P. working on the corporate entities and funds. Park Madison Partners acted as the funds exclusive placement agent. Necessity is the mother of invention," Addimando said. Jeff began his career as a consultant within Deloitte Consultings Strategy and Operations practice, focusing on organizational growth strategy and opportunities with large, global clients. PROJECTS BY EMORY UNIVERSITY HISTORY STUDENTS. The North American average is 1 percent. The company positioned itself as an operator, not just an owner or investor. Only a handful of Alterra employees have duties across both verticals, while around 50 focus exclusively on multifamily and 15 or so do the same with industrial outdoor storage. Alterra focused on hiring and elevating "high-ceiling individuals" to handle elements of both multifamily and industrial outdoor storage that Addimando might have previously done himself, he said. Prior to joining Alterra, Lauren worked at StoneMor, Inc., which she joined in 2017. Liam is a graduate of Stony Brook University with a BS in Economics. Addimando said. Accessed April 26, 2023. https://www.travelweekly.com/Travel-News/Hotel-News/Jensen-hire-means-a-sharper-focus-on-hotel-ski-business-for-Intrawest. In a Reuters article, Josef Schuster, a financier focused on IPOs, suggested that the market is getting more sensitive to where IPO proceeds go to, and favors firms where proceeds are earmarked for growth versus reducing leverage or going to selling shareholders. For Intrawest, the IPO proceeds were raised to reduce leverage and provide liquidity to selling shareholders instead of investing in new growth initiatives. Over $5 billion in real estate transactions. Associate - Acquisitions & Asset ManagementGavin WeaverGavin focuses on acquisition opportunities and asset management functions at Alterra Property Group. This included leasing, disposing of, and acquiring millions of square feet of real estate projects from inception to completion as well as developing strategic planning within their real estate, finance, and executive levels. Co-Founder & Managing PartnerLeo Addimando Thank you for your message. Alterra Property Group. After announcing large scale layoffs, Jensen told the Aspen Times, we had to be responsive to the economy, while stressing that the guest experience would be unaffected. Before working at Orbitz, Leo worked as an Associate for the Boston Consulting Group. Liam is a graduate of Stony Brook University with a BS in Economics. Accessed April 17, 2023. https://www.nytimes.com/1998/07/15/business/company-news-intrawest-acquires-sandestin-resorts-for-130-million.html. Parker focuses on sourcing, underwriting and acquisition due diligence for Alterras Industrial Outdoor Storage platform. Real Estate Investment, Development and Management. As a result of the combination, Alterra, with the support of investors, has launched significant capital investment programs. Tom currently resides in New Jersey with his wife and three children. Upon moving to PA, she began working at Liberty Property Trust as a Paralegal, transitioning to Director of Due Diligence after 11 years. The companys industrial outdoor storage platform focuses on acquiring and developing industrial sites throughout the United States. Last modified January 31, 2014. 7 2022. alterra property group stockhtml5 interactive animation. Most recently Carolyn worked at Capano Management Company as a Paralegal and Lease Negotiator. Parker resides in downtown Chicago with his wife and two children. Jeff began his career as a consultant within Deloitte Consultings Strategy and Operations practice, focusing on organizational growth strategy and opportunities with large, global clients. Other common Alterra Property Group LLC email patterns are [first] (ex. JonCordingleyjoined Alterra in 2022 as Director of Development, supporting the companys industrial outdoor storage portfolio with over 14 years of experience. WebMasar Group. Gavin focuses on acquisition opportunities and asset management functions at Alterra Property Group. Leo is married to Brigitte Castaing Addimando (HBS 05), has three children (Nico, Marcus, Sophie) and in his spare time enjoys spending time with family, exercise, golf, attending live sporting events (youth and professional), and travel. Modelling the Wider Effects of Ski Lift Investments. Empirical Economics (February 27, 2019): 259274. Last modified March 21, 2023. Originally from Baltimore, Lacee currently resides in the East Passyunk area of Philadelphia. Focused on low building coverage sites with large, stabilized yard space to accommodate an array of uses such as vehicle, material, and equipment storage, Alterra brings an institutional comprehension of the municipal & logistical complexities in securing mission-critical real estate for the often-overlooked sectors of the U.S. industrial landscape. Previously, he spent time in several asset management roles at Resource Real Estate, a multibillion-dollar series of privately held real estate funds, primarily focused on multifamily asset transformation through value-add redevelopment efforts. Before Rubenstein, Gillian worked as an Acquisitions and Asset Management Analyst at Brandywine Realty Trust, where she helped underwrite and do Due Diligence for transactions on offices. 2013. Rory is from Haverford, PA and currently resides in Philadelphia with his wife. In a landmark move for the ski industry, and to better protect, sustain, and organize these unique assets, KSL and Aspen Skiing Company rebranded Intrawest as the Alterra Mountain Company on January 11, 2018. Alterra Holdings Based on Alterra's continued success in fundraising for IOS and executing multifamily projects in Philly, its best return has come from the investments it made in talent. We need additional data to finish your registration. Wesley Edens, Chairman of Fortress, commented on the great opportunity to continue Intrawests evolution into a leading global leisure player. Intrawests challenges on the public market highlight the business risks of ski industry companies, including exposure to unpredictable weather conditions, capital intensive equipment requirements, and consumer spending. ControllerLacee Daniel, CPALacee joined Alterra in September 2018 as a senior accountant working directly with Alterras investment partners. Maxim was being forced to vacate a lot in Boston and Bardonaro was having no luck finding a new place to store cranes after a year of searching. Clausing, Jeri. Pirate Capital felt that the underlying real estate assets owned by Intrawest were discounted by two to three times the value they would receive if broken up and sold separately. in Economics and Political Science from the University of Michigan, Ann Arbor. Clydesdale, Greg. Alterra recently announced a $500 million program for 2023 specifically to enhance guest and employee experiences. Most recently Carolyn worked at Capano Management Company as a Paralegal and Lease Negotiator. Working for two of the leading industrial logistics companies in the world has provided Jim with substantial experience and with key insights into the industrial space, which he brings to his current position at Alterra. Click or Tap Here. Coping with Recession in the Ski-Industry: A Suppliers and Consumers Perspective. Journal of Sports Management and Commercialization, January 5, 2016. From evaluation to execution to management, Alterras competent team of industry experts guide the process quickly and efficiently. Ski Development and Strategy. Tourism and Hospitality Planning & Development 4, no. VP - IndustrialMark GannonMark focuses on sourcing, underwriting and acquisition due diligence for Alterras Industrial Outdoor Storage platform. Before Rubenstein, Gillian worked as an Acquisitions and Asset Management Analyst at Brandywine Realty Trust, where she helped underwrite and do Due Diligence for transactions on offices. Jim graduated with a BS from Penn State University and a JD from Washington & Lee School of Law. This is not a step All Rights Reserved. April 29, 2023. https://www.hotel-online.com/News/PR2004_4th/Oct04_IntrawestMarket.html. Jeff is a Pennsylvania licensed Real Estate Broker. Lauren earned her bachelors degree from Arcadia University and currently resides in Philadelphia. Accessed April 17, 2023. https://www.perenews.com/fortress-buys-intrawest-for-2-8bn/. Chief Financial OfficerThomas Baker, CPA 920 Yonge Street, Suite 1000 Supply of IOS is constrained for a few reasons," said Matt Pfeiffer, Addimando's fellow managing partner who runs the day-to-day operations of the IOS business. He has been on the Board of Citizen Financial Group from 2006 and on the Audit and Compensation and Human Resources Committees. Director of MarketingLeah McVayLeah McVay joined Alterra Property Group in September of 2017. Jarvis described the strategy in a 2004 corporate press release saying, We had a vision of a ski resort being more than a place to ski, but rather an all-encompassing experience. Gavin graduated from the University of Delaware where he majored in Finance and currently lives in Center City Philadelphia. Copyright 2023 Surperformance. Prior to joining Alterra, Mark worked several years in the Philadelphia Business Unit of Turner Construction Company, the largest construction management company in the world by volume, gaining unparalleled construction management expertise. VP IndustrialMatt McNutt ControllerLacee Daniel, CPA Maximizing Value in the Real Estate Private Equity Space: Expansion, Competition, and Alliance. The Journal of Private Equity, vol. Because of the turbulent global economy, Intrawest faced significant financial distress. This included leasing, disposing of, and acquiring millions of square feet of real estate projects from inception to completion as well as developing strategic planning within their real estate, finance, and executive levels. Commonly, private equity funds have a 10-year life where an investor will hold onto a company for 5-8 years based on strategy for optimizing returns. He is a board member and recent past President of the Building Industry Association (BIA) of Philadelphia, an Advisory Board member for the Port of Philadelphia, and a member of YPO. Mark has a Bachelors degree from the University of Pennsylvania and currently resides outside of Philadelphia with his wife and son. He has also held several senior positions with Philadelphia based development groups, including Shift Capital, a mission based Social Impact Fund. In addition, he is responsible for raising and structuring equity and debt for Alterras ongoing business initiatives. She currently resides in South Philadelphia with her fianc and their dog. She is responsible for managing the overall marketing strategy for the residential portfolio to include digital marketing/ advertising, social media, and product launch. Six months later, it secured a $100M credit facility with Morgan Stanley for the same purpose. Canada went through a recession in the early-1980s from rising inflation, thus creating a bad economy for foreign investors to enter and compete against Intrawest. Joining Alterra in February 2021 as part of the legal, acquisitions and asset management teams, Carolyn handles the management of due diligence related to acquisitions and financing for Alterras Industrial Outdoor Storage sites. Co-Founding Partner & General CounselJeff Pustizzi She is a licensed Certified Public Accountant for the State of Pennsylvania and a member of the AICPA and PICPA. Alterra Property Group Liberty was acquired by Prolog is in February, 2020 for $13B. Liam joined Alterra to bolster the strengths and add experience to the Development Team. We will email you a link to reset your password. Creating award-winning
Today, Addimando admits he knew little about Boston as a real estate market and even less about a little-known niche of industrial property. Since 2005, Alterra has executed hundreds of real estate transactions across 30+ states, including the acquisition of over 100 industrial outdoor storage properties over the past 5+ years. Park Madison Partners served as the exclusive placement agent. He received a Bachelor of Arts degree in economics from Brown University. Pitchbook. Parker spent his time working on optimizing terminal locations across the country. Travel Weekly, January 21, 2008. WebAlterra Property Group Real Estate Philadelphia, Pennsylvania 2,929 followers Real Estate Investment, Development, and Management. Because of this, private equity plays an immensely important role in ensuring that ski companies have consistent and healthy access to the capital markets, preventing any disruptions to the ski season. SVP- IndustrialCharlie Totten Jeffs responsibilities at Alterra include managing all aspects of legal, finance, risk-management and operational matters for the company, as well as collaborating with his Partners on the firms investment decisions. Lauren earned her bachelors degree from Arcadia University and currently resides in Philadelphia. With smaller transactions that average between $5-20MM and are below the radar of most institutional investors, Alterra is able to curate high quality national portfolios of IOS real estate. Liam joined Alterra to bolster the strengths and add experience to the Development Team. Bankruptcy and widespread foreclosures were a real risk for Intrawest. Alterras real estate platform is strategically focused on our two core competencies ofresidential/mixed-usedevelopment (APG Living), andindustrial outdoor storage (IOS). "When you try to scale in a different asset class nationally, its almost like youre starting over, with different capital providers, different people doing deals.. Last modified December 5, 2008. He grew Liberty to be one of the nations leading REITs with 112million square feet logistic portfolio across 24 US markets and the United Kingdom. Am I spending five fewer hours a week than I used to on the minutiae of multifamily?" All Rights Reserved. He lives in the greater Atlanta area with his wife. The rendering above shows Alterra Property Group and JRKP Architects' proposed six-story project at 4200 Market Street in West Philadelphia. The catalyst for Alterra's expansion was when Addimando's friend Frank Bardonaro calledon behalf of his company, Maxim Crane Works. Mark was born and raised in the Philadelphia area and currently resides in South Jersey with his wife and three children. January 20, 2010. in Finance with a concentration in Real Estate from the Pennsylvania State University. Previous to his career in real estate, Leo was an early employee of Orbitz.com, helping the company to develop ancillary revenue streams, the profitability of which contributed to the companys successful IPO in 2003. Prior to joining Alterra, Jim served as lead transactional counsel for the East Region at Prologis (PLD) where he oversaw over $1B in acquisitions, dispositions and development projects annually. We want to take 15 seconds to tell you what's going on: Sound good? It has been sent. Since its formation in 2006, Park Madison has advised on over $20 billion in private capital placements for a wide range of real estate vehicles including closed-end funds, open-end funds, separate accounts, programmatic joint ventures, and recapitalizations. Alterra focuses on acquiring low density, supply chain and infrastructure real estate in core infill locations. Chelsea joined Alterra in April 2023 as a Lease Administrator within the IOS team. We're not asking for your money. Jeff resides in Pennsylvania with his wife and two children, and when not working or spending time with his family, enjoys golf, spending time at the shore and being a Philadelphia sports fan (most of the time). Additionally, she is a Notary Public and a licensed Real Estate Salesperson. Jim began his career in private practice as an attorney in 2000 at Latham & Watkins in London, UK and Washington, DC and then at Blank Rome in Philadelphia before joining a client, StoneMor Partners (STON), as Assistant General Counsel in 2016. Last modified April 10, 2017. Last modified May 4, 2006. Associate Transactions & ComplianceLauren OlsonLaurenjoined Alterra Property Group in May 2022 as part of the legal, acquisitions and asset management teams. The company purchased Sandestin Resorts in Florida for $130 million in 1998. September 8, 2016. 416.964.1800 He has also held several senior positions with Philadelphia based development groups, including Shift Capital, a mission based Social Impact Fund. Jim Freeman serves as Deputy General Counsel of Alterra Property Group, LLC. How Multifamily Developer Alterra Property Group Became A Big Daniel Jarvis, previously CFO of Intrawest, led this new group. Mark is a graduate of Drexel University and holds a BS in Architectural Engineering, Mechanical Concentration, as well as a dual minor in Mechanical Engineering and Construction Management. Prior to joining Alterra, Lacee worked for RSM US LLP where she performed/provided transaction advisory due diligence and assurance services to her clients, which included Real Estate. Enter your email below. Altria Group, Inc. (MO) Stock Price, News, Quote & History IOS AnalystSean ChristmanSean focuses on acquisition opportunities and asset management functions at Alterra Property Group. Upon moving to PA, she began working at Liberty Property Trust as a Paralegal, transitioning to Director of Due Diligence after 11 years. Alterra Property Group, LLC (Alterra) is an established real estate investment, development, and management company based in Philadelphia, PA. Noting that the staggering amount of capital looking to invest in value-add multifamily has all but erased the possibility of getting a satisfactory return, Alterra has committed to modular development as a way to control and reduce construction costs, betting that when it stabilizes and sells a property, investors won't care how it was built. See jobs Follow View all 57 Deputy General CounselJim Freeman, Esq.Jim Freeman serves as Deputy General Counsel of Alterra Property Group, LLC. We need you to know that security is our top priority and that we hold any information we have about you under lock and key. ALTERRA CAPITAL HOLDINGS LTD : Stock Price Over 17+ years as a real estate entrepreneur, Leo has gained experience with a diverse range of real estate product types, acquired industrial properties in 30+ US States, closed over $2.5B of real estate transactions, acquired or developed over 3,500 residential units, structured dozens of complex transactions, and overseen all aspects of numerous residential, commercial, industrial, and mixed-use real estate development projects. Illustrations are artists depictions only, are not neccessarily to scale and may differ from completed improvements, and scenes may include locations or activities not on or near the property. Greg Hicks's Phone Number and Email VP - Asset ManagementJeff SchaefferJeff oversees all asset management functions for Alterra Property Group. Mad River Glen: Are they actually Mad? He led all leasing, asset management and development for both the industrial and office portfolio. SVP- Development & ConstructionMark Cartella Matt has an MBA from the Wharton School of the University of Pennsylvania and a B.S. End-of-day quote Nasdaq Creating a business model around that vision broke the mold in the hotel/retail/festival industry. This new strategy transformed how people viewed the ski industry. Most recently,Jonwas a project management Lead at Rivian Automotive, where he supported the development of Rivians $5B East Atlanta campus. Jeff received an MBA and a B.A. Before Rivian, he completed projects as a project management consultant, most recently as an Associate Director at Turner & Townsend. Falk, Martin, and Laurent Vanat. Prior to joining Alterra, Lacee worked for RSM US LLP where she performed/provided transaction advisory due diligence and assurance services to her clients, which included Real Estate. Accessed April 17, 2023. https://corpgov.law.harvard.edu/2022/09/02/dealing-with-activist-hedge-funds-and-other-activist-investors-5/.