Merion was established in 2011 by William Landman and Richard Aljian as a real estate investment and management platform. Prior to 2011, Messrs. Landman and Aljian were partners for over 16 years at CMS. During that time, CMS invested capital across a broad cross section of real estate asset classes on behalf of high net-worth investors. Over this period, approximately $1.4 billion was raised by CMS and invested through 20 real estate related private equity funds. Investment strategies spearheaded by members of the real estate team while at CMS (1994-2011) included without limitation the following:
Merion AllianceBernstein Joint Venture
Merion Realty Partners closed its first sponsored acquisition and institutional raise in December 2011. Merion along with its joint venture partner, an affiliate of AllianceBernstein U.S. Real Estate Partners L.P., acquired a 20 property multifamily portfolio consisting of 4,900 units with locations in Nashville, Memphis, Atlanta, Macon, Bradenton, Pensacola, Mobile, Tuscaloosa and Birmingham. . The portfolio acquisition required $49.5 million of equity and included an $8 million value-add capital improvement program that was funded on an ongoing basis from cash flow. The portfolio underwent varying levels of renovations and the Partnership commenced a programmatic disposition plan that fully realized the portfolio in the 4th quarter of 2015.
Merion Multifamily Fund
The Merion Multifamily Fund (“Merion Fund”) was raised in 2013 with equity commitments from a small group of high net-worth investors. The fund targets investments in primarily value-add apartment projects located in select secondary markets in the Southeast, Mid-Atlantic and Northeast. In May 2013, two value-add multifamily opportunities in Jacksonville, FL were acquired by the fund with a total capitalization of approximately $45 million. The business plan underwrote a value-add strategy with capital improvements to the property exterior, clubhouse, amenities and an interior renovation program. On July 1, 2014 a 252 unit community located in Lebanon, NH was acquired by Merion in a joint venture with a private fund with a total capitalization of approximately $41.5 million. The property is located in close proximity to the Dartmouth-Hitchcock Medical Center and has established a direct relationship with the medical center as its preferred housing for medical staff. In November 2014 the Fund made a co-investment in The Austin, a 300 unit property located in Deptford, NJ that has undergone transformative renovations of the clubhouse, leasing center and amenities, implementation of a water/sewer bill-back program and a interior unit upgrade program. In April 2016, the Fund acquired its fifth and final asset, a 400 unit property located in Birmingham, AL with a total capitalization of $38 million including a planned $6,000,000 renovation.
Merion AllianceBernstein Joint Venture II
Merion partnered with AllianceBernstein US Real Estate Partners II in November 2014 to acquire a seven property portfolio of multifamily assets consisting of 2,091 units. The portfolio required approximately $60 million of equity and included a $12 million value-add capital improvement program that will be funded from cash flow on an ongoing basis. The assets have each received varying levels of upgrades to the clubhouses, leasing centers, amenities as well as interior unit upgrades. The assets acquired are located in Lawrenceville, New Jersey; Deptford, New Jersey; Wilmington, Delaware; Tacoma, Washington; Raleigh, North Carolina; Sarasota, Florida and Houston, Texas.
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