The new company, formed in partnership with Eldridge Industries, will focus on opportunistic investments across diversified real estate sectors
LOS ANGELES, May 3, 2024 /PRNewswire/ — Today, Eldridge Acre Partners (“EAP”) announced its formation in partnership with Eldridge Industries as a privately held real estate investment management firm specializing in U.S. real estate. EAP, the successor operating business to AECOM Capital Real Estate, will leverage its team’s hands-on real estate investment and development experience to identify new opportunities for growth, particularly in rental housing, industrial, mixed-use properties, and student housing. EAP will also provide support in respect of AECOM Capital’s existing investments and related investment vehicles.
“This strategic transition is the logical next step in the team’s evolution and positions us to operate with more flexibility to create value for our stakeholders and continue to grow on the success we’ve achieved over the last decade,” said Warren Wachsberger, Chief Executive Officer of EAP. “Current market conditions create strong potential investment opportunities focused on assets that will benefit from long-term structural tailwinds. We look forward to working with our new partners at Eldridge Industries and our tremendous team of investment professionals, asset managers, and development professionals to find those opportunities.”
“At Eldridge Industries, we look for opportunities to partner with experienced management teams who are passionate and committed,” said Tony Minella, Co-Founder and President of Eldridge Industries. “Warren and the EAP team’s impressive track record of sourcing, developing, and managing diverse real estate has laid the groundwork for a successful platform that we are proud to support and complementary to our existing capabilities.”
“Our team of investment specialists and in-house design and construction experts will focus on special situations where we believe this combination of execution capability and investment expertise gives us a competitive advantage,” said Josh Katzin, EAP’s Chief Investment Officer.
“We believe this differentiated background and hands-on approach positions us to provide meaningful value to each deal,” added Travis Skelton, Managing Partner and Head of East Coast.
The new firm’s Executive Committee members will include Wachsberger as CEO; Katzin as CIO; Skelton as Managing Partner, Head of East Coast; Paul Giorgio as Chief Operating Officer; and Meredith Strongin as Managing Director, Head of Asset Management.
For purposes of this transaction, the EAP team was advised by Gibson, Dunn & Crutcher LLP and Eldridge Industries was advised by Sidley Austin LLP. Berkshire Global Advisors served as financial advisor.
About Eldridge Acre Partners
Eldridge Acre Partners is a privately held real estate investment management firm specializing in U.S. real estate opportunities. The firm operates in strategic partnership with Eldridge Industries. Leveraging a unique blend of investment acumen and in-house design & construction expertise, EAP will manage investments in U.S. commercial and residential real estate on behalf of a diverse global investor base. EAP is the successor operating business to AECOM Capital Real Estate and will provide support in respect of AECOM Capital’s existing investments and related investment vehicles. EAP is a newly formed, independently owned and operated firm unaffiliated with AECOM. To learn more about EAP, please visit www.acrecp.com.
About Eldridge Industries
Eldridge Industries invests in businesses across the Insurance, Asset Management, Technology, Mobility, Sports & Gaming, Media & Music, Real Estate, and Consumer landscapes. The firm seeks to build and grow businesses led by proven management teams that have demonstrated leadership and experience to scale an enterprise. Eldridge Industries is headquartered in Greenwich, Connecticut, with additional offices across the United States and in London. To learn more about Eldridge Industries, please visit www.eldridge.com.
SOURCE Eldridge Acre Partners
