CORTEN REAL ESTATE MANAGEMENT LLC other names

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Adviser Profile

As of Date:

03/12/2024

Adviser Type:

- Large advisory firm


Number of Employees:

15 25.00%

of those in investment advisory functions:

10 42.86%


Registration:

SEC, Approved, 9/28/2022

AUM:

468,834,534 29.03%

of that, discretionary:

330,469,333 43.67%

Private Fund GAV:

365,833,748 8.98%

Avg Account Size:

52,092,726 14.69%


SMA’s:

NO

Private Funds:

9

Contact Info

215 xxxxxxx

Websites :
Client Types:

+

Advisory Activities:

+

Compensation Arrangments:

+

Reported AUM

Discretionary
Non-discretionary
230M 197M 164M 131M 99M 66M 33M
2022 2023

Recent News



Private Funds Structure

Fund Type Count GAV
Real Estate Fund 9 $365,833,748

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Private Funds



Employees




Brochure Summary

Overview

Firm Profile Corten Real Estate Management LLC (“Corten” or the “Firm”), a Delaware limited liability company, was founded in 2018 as an independent investment management firm that leverages the operating infrastructure of the Buccini/Pollin Group (“BPG”), a vertically integrated real estate firm focused on development, construction and property management that was founded in 1993. This unique relationship enables Corten to move with speed and certainty of execution in underwriting, securing and executing off-market opportunities in the current investment environment as both an operator and an investor. Corten targets middle-market real estate investments in the operationally intensive asset classes of hospitality, multifamily and office. At its core, Corten is a special situations investor seeking to continuously pivot throughout market cycles in an effort to generate attractive risk-adjusted returns up and down the capital stack (common equity, preferred equity and mezzanine debt) and across its three targeted operating verticals. As sector specialists, the Corten team (the “Investment Team”) is comprised of seasoned professionals who have spent the majority of their respective careers as hands-on operators in the operationally intensive sectors of hospitality, multifamily and office, as well as private equity fund managers, with unique, value- oriented structuring and execution skills. Corten professionals have broad experience as owner/operators, developers and investors, resulting in deep underwriting, structuring and asset-level execution capabilities. Corten is owned equally (25% each) by P.J. Yeatman, Christopher Buccini, David Pollin and Robert Buccini (the “Founding Partners”). Other members of the Investment Team have non-voting economic interests in the general partners associated with various investment entities. Corten serves as the investment adviser to privately offered, pooled investment vehicles and co-investment vehicles (the “Funds”). The Funds are marketed primarily to institutional investors and high net worth individuals and may be managed by the Firm on a discretionary or non-discretionary basis. The investment strategies and restrictions relating to the Funds are set forth in each Fund’s private placement memorandum (the “Fund Offering Documents”), joint venture agreement and/or limited partnership agreement (the “Fund
Governing Documents”). The Funds are considered clients of Corten, as opposed to the underlying investors (“Investors”) in the Funds, who are commonly referred to as “Limited Partners”. Investors, however, must satisfy certain requirements (e.g., qualified purchaser status) to invest in the Funds. The Funds are neither registered under the Investment Company Act of 1940, as amended, nor are their interests registered under the Securities Act of 1933, as amended. Accordingly, interests in the Funds are offered exclusively to Investors satisfying the applicable eligibility and suitability requirements either in private placement transactions within the United States or in offshore transactions. No offer to sell the Funds is made by the descriptions herein. Investors should carefully consider the investment objectives, risk tolerance and liquidity of any Fund prior to investing. Corten does not tailor advisory services to the individual needs of any Investor in the Funds, but rather manages the Funds pursuant to the investment guidelines, restrictions and strategies as outlined in the Fund Offering Documents and Fund Governing Documents. The terms of such investment guidelines, restrictions and strategies may be negotiated with Investors at the time of a Fund’s formation. In the case of discretionary vehicles, Investors generally have no input on the specific investments made by Corten once the Fund is operational. In the case of non-discretionary vehicles, Investors or their advisors have input on and must approve the investments made by Corten specific to the terms of Fund Governing Documents. In accordance with common industry practice, a Fund or its general partner may from time to time also enter into a “side letter” or similar agreement with an Investor pursuant to which the Fund or its general partner grants the investor specific rights, benefits or privileges that are not generally made available to all investors. See “Item 8 – Methods of Analysis, Investment Strategies and Risk of Loss” below for more details. Assets under Management As of December 31, 2023, Corten had approximately $468.8 million of regulatory assets under management (NAV plus uncalled capital), of which $330.5. million was managed on a discretionary basis and $138.4 million was managed on a non-discretionary basis.