Real estate investment and operating firm Apricus Realty Capital announced the company completed the raise of an initial GP capital fund and is now seeking Class A office acquisitions of $100 million or more in markets throughout Texas.
Apricus launched in December and is managed by Matt Haley, formerly of Miller Global Properties and Transwestern Investment Company/Pearlmark Real Estate Partners, and Moody Younger and Kathy Permenter of Younger Partners.
Acquisitions targeted by Apricus include institutional-quality Class A office properties with an initial focus in North Texas, Houston, and Austin. The leadership team at Apricus brings decades of experience as owners, operators, and leasing specialists. The team’s extensive knowledge of the Texas market and deep real estate experience and resources are key factors that will enable Apricus to quickly increase property values.
“We’re going to be highly specialized in acquiring properties where we know we can add value. We know what it takes to get deals done in the Texas market and have a thorough understanding of what tenants look for in their office experience,” said Permenter. “We will buy properties that are well-located and create the sense of place that is so important to tenants.”
Permenter and Younger have led Dallas-based Younger Partners, which manages more than 8 million square feet of retail, office, land, and commercial properties, as co-managing partners since 2012. Each will split time between Younger Partners and Apricus. Haley oversaw comingled equity funds, investment strategies, and investor relations in previous roles, including the direction of more than $9 billion in asset transactions. Apricus plans to draw on its leaders’ diverse experiences in commercial real estate, market research, investment, leasing, and management to drive value around office properties that may traditionally be viewed as high-risk.
“We are focused on creating a better experience at office properties from the point of acquisition to the daily tenant experience and the overall office environment, thus ultimately, delivering a better return for our investors,” said Haley. “There are few, if any, privately led entrepreneurial-minded real estate investment firms that bring such complementary skill sets as Apricus will do consistently for Class A office space.”
In the future, Apricus says it expects to expand its portfolio to include retail and industrial properties and raise additional subscribed funds from private individuals and institutional backers.
“At Apricus, we’re ready today to make the investments needed, whether that be with a current owner looking for an exit or the capital needed for amenities and improvements to better position a property,” said Younger.