Multifamily and Office Investment ProgramNational

The Challenge:

  • In the early 1990s, General Investment and Development (GID) had a successful real estate investment track record but not as a manager of discretionary institutional equity.
  • The U.S. commercial real estate market was still in the midst of a severe multi-year downturn.

The Result:

  • First as Chief Financial Officer and then as Chief Investment Officer, Vincent Costantini led GID’s move into the institutional investment management business, raising more than $300 million in equity for the firm’s first two discretionary funds: Windsor Realty I and II.
  • Vincent built and led the acquisition team (which included current Roseview partner Nigel Keenan), ramping up investment volume from $25 to $250 million per year over a five-year period.
  • Vincent initiated and structured a joint venture with Spaulding & Slye (now Jones Lang LaSalle) –and with current Roseview partner Matt Dwyer – to cosponsor the second fund, moving GID into the office investment business at scale on a national basis for the first time.
  • The two funds combined realized returns on equity in excess of 20% net to their limited partners, and served as the foundation of a successful long-term institutional investment platform whose clients include some of the country’s largest pension funds.

At A Glance

$300 million

in discretionary institutional equity raised and invested

> 20%

return on equity net to LPs

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