NEW YORK CITY-A trio of residential development veterans has joined forces as Trio Partners with an eye toward capitalizing on current market opportunities. They’re also launching a national multifamily brand, Trio Properties, and cofounder Pamela F. Samuels tells GlobeSt.com the company expects to be announcing its first deals before 2010 is done.
TRIO Partners aims to focus on repositioning existing multifamily and hospitality projects as well as on developing new ones in key markets along the coasts and in resort areas, and has plans to complete several luxury condominium projects in the Northeast in partnership with financial institutions. “It’s really not enough anymore to just foreclose on assets,” Samuels says. “You need capable operating/development partners.”
She adds that the Trio principals, which also include Robert A. Levine of RAL Cos. and David J. Wine, formerly vice chairman of the Related Cos., are “fortunate to have the trust of many primary institutions. They have been actively seeking to partner with us.”
Formerly managing director at Extell Development Co., Samuels says she and her partners are relying on the discernment and experience with conversion, restoration, renovation, construction and operation they’ve amassed over careers that average more than 25 years apiece. In the current market, “There’s just too many assets, so we’re trying to work on the choice assets in our locations and mitigate risk for all involved,” she says.
The Trio Properties brand aims to play a significant role in the repositioning of the existing housing market over the next 12 months on both a local and national basis, according to a release.
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