Founder Richard Myers would only say that he's "delighted" that a deal could be worked out. The firm's 10-month president, Donna Arp, will take a principal's title as will Terry Boone, director of asset management. Also buying into Realty Capital and accorded a principal's role is local private investor, Mac Lawrence.
The buy-in percentage is being kept under wraps. It does not affect the development affiliate, Realty Capital Corp.
Arp tells GlobeSt.com that RCP will continue to provide equity to its development sister as it does to others. For the first time this year, 60% of RCP's funded projects in Dallas/Fort Worth and the rest of the US have gone to others besides Myers' development firm, according to Arp.
"The company has grown significantly this year," Arp says, "almost to the tune of doubling our revenue. It was important for me to be involved in Realty Capital Partners."
Realty Capital Partners has an equity roster of more than 500 European and US investors for office, retail and single-family developments in the small- to mid-level price range. She took over the reins from Myers, who held onto the CEO reins.
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