SAN JUAN CAPISTRANO, CA-The Picerne Group has acquired Crown Pacific Properties to form a new subsidiary, TPG Apartment Group, that will invest in value-added deals. Picerne, an investment firm with a portfolio of loan and real estate assets, is headed by Kenneth Picerne, founder and president.
The new TPG subsidiary will focus on western US markets, including Seattle, Denver, Phoenix, Dallas, Austin, San Francisco, Los Angeles and San Diego. Picerne says that one of the strengths his new company will bring to the market is that, since it is privately funded, "each investment is evaluated on its individual merit, without regard to pressure to make new investments or liquidate existing ones merely to meet volume goals."
Picerne, which specializes in the non-performing loan business in Asia and in the US and Japanese multifamily markets, also owns a partnership interest in City National Towers in Downtown Los Angeles. TPG Apartment Group will be relocating its headquarters to San Juan Capistrano during the next year from its current location in Carlsbad, where the Picerne Group also is based.
TPG is headed by John Ed Easley, president, who was co-founder, president and CEO of Crown Pacific. Crown Pacific specialized in the acquisition of apartment complexes in the western US and Easley, a 30-year industry veteran, headed the company since its founding in late 2003.
Crown Pacific Properties acquired and redeveloped more than $300 million of assets, including the Landmark Towers (formerly Camelback Towers) in Phoenix, Mirror Woods and the Colony in Seattle and Sunscape Villas in Scottsdale, AZ.
Picerne formed the Picerne Group as Picerne Associates in 1988. In addition to the US and Japan, the group's portfolio has included real estate assets in Canada and Europe.
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