BETHESDA, MD-Locally based Crossbeam Capital LLC is joining forces with Concierge Asset Management LLC, a 40-year-old Houston-based investor, to acquire distressed apartment assets and redevelop them into institutional quality. The merged company will maintain its Bethesda and Houston operations, Maxwell Drever, founder-chairman of Concierge Asset Management, who will become chairman emeritus of Crossbeam Holdings, tells GlobeSt.com.
Drever declines to say how much capital the merged company expects to invest, other than to point out that it has at least one equity investor lined up willing to invest as much as $500 million. The company’s intention is to acquire portfolios, but it will also consider one-off transactions, he adds.
The merger formalizes a partnership established last year in which the two firms acquired seven multifamily communities, including five properties in December alone. The Crossbeam Holdings management team is led by Rich Devaney.
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