Starwood Capital Backs New Multifamily Investment Firm

Brian Ward, formerly of Olympus Investors, has been named president and chief executive officer of Orion Residential. Daniel Gumbiner, formerly with TVO, will serve as the firm's chief financial officer; Scott Knauer of Equus Multifamily will be Orion's chief investment officer and Scott Price, another former executive with Olympus Investors, is Orion's chief operating officer.

Gumbiner will oversee Orion's Chicago office and regional acquisitions throughout the Eastern half of the US; Knauer will run the Phoenix office and handle deals located in the Western section of the country. Price will oversee the company's asset management and due diligence functions.

Starwood Capital COO Jeffrey Dishner says the time is right for the launch of a multifamily venture. "For many reasons we believe that it is an excellent time to re-enter the multifamily market on a targeted basis. Apartments tend to be among the first real estate asset class to respond to economic recovery and employment growth; and they generally respond quickly. In addition, compared to other asset classes, debt and equity capital is more readily available and more flexible. Long-term demographics are also favorable as millions of 'echo booms' are entering their peak renting years."

Orion's new CEO Ward adds that the experience of Orion's investment team, combined with Starwood's name recognition, will be attractive to investors and sellers. The combination will allow the firm to close on a broad range of deals, including single asset investments, debt acquisitions, partnership buyouts as well as the sale of large portfolios and operating companies.