Company managing partner Steinwedell tells Globest.com that Stoneforge will target assets throughout the sunbelt because long-term economic and population fundamentals are strong in the area. The focus will be on assets ranging from $2 million to $20 million.
"We'd love to be able to invest between $75 million and $100 million this year, then finish the balance of the fund in 2011," Steinwedell adds. Steinwedell and Minter will also provide various real estate services to select clients.
The duo worked together throughout the 1990s at Cushman Realty Corp. and Jones Lang Wootton in Dallas. Afterward, Steinwedell's career path took him to positions such as president of Wells Fund Management and partner with AIC Ventures. Minter, in the meantime, served stints as managing direct of the Americas for Jones Lang LaSalle and Trammell Crow Co.
"Jack and I had always talked about doing something together sometime," Steinwedell says. "The opportunity presented itself, and we thought, this is 'sometime.'" Stonefarge is headquartered in Austin, though Minter, who is based in Dallas, will remain there. Steinwedell says he and Minter will continue staffing the company until the middle of 2010.
Steinwedell points to several advantages he and Minter bring to the table, such as familiarity with real estate and relationships with many different people in the industry. "The only way you can succeed in this industry is if you know a whole variety of people across different channels," he explains. Furthermore, neither partner has legacy issues from previous funds, which Steinwedell says gives Stonefarge a competitive advantage.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.