SAN ANTONIO, April 11, 2013 /PRNewswire/ -- The University of North Carolina Kenan-Flagler Business School's student-managed Real Estate Fund II (KFBS-REFII) announced a co-investment initiated alongside Admiral Capital Group (Admiral) and Wood Partners in the recent acquisition of Brookhaven, a Class A multi-family high rise.
Brookhaven is a 17-story condominium community located in the upscale Buckhead neighborhood in Atlanta. The property is three blocks from a MARTA rapid transit station and just blocks from Buckhead's center with Atlanta's finest dining and entertainment and the shops at Phipps Plaza and Lenox Square. Built in 1985, Brookhaven's 209 condominiums were upgraded in 2008 with hardwood floors, custom cabinetry, granite counters and stainless steel appliances.
Wood Partners is the general partner and led the acquisition with a plan to modernize the building with improved amenities and common space compared to other high end properties in the area. Wood Partners has close ties to UNC and the school's real estate efforts. Leonard Wood, the company's founding member, earned his MBA from Kenan-Flagler in 1972 and more recently contributed $4 million to establish the Leonard W. Wood Foundation for Excellence in Real Estate and to endow the Leonard W. Wood Center for Real Estate Studies.
The partnership between Admiral and KFBS-REFII builds on the mission of both organizations. Admiral, co-founded by NBA legend and philanthropist David Robinson, was formed to generate attractive returns for investors, but also expand on Robinson's community commitment, focused on education. In 2001, Robinson contributed $10 million to start The Carver Academy in San Antonio, which recently merged with IDEA Public Schools, and has plans to open 20 schools in San Antonio in the next 5 years targeting lower income communities. KFBS-REFII was also formed with a dual purpose, providing competitive financial returns to investors and first hand real estate experience to UNC students. The students will have the opportunity to be involved in every step of the investment process for Brookhaven and also get involved in Robinson's community initiatives.
"We are very excited to provide the UNC students with an opportunity to partner with us in Brookhaven," said David Robinson, co-founder of Admiral Capital Group. "My passion during my basketball career and now with Admiral Capital has always been to support education and this partnership is a perfect compliment."
In addition to Brookhaven, the Admiral Capital Group currently owns an office building in El Segundo, CA, two office buildings in Austin, TX, an office building in Atlanta, GA, the Hilton Garden Inn in Houston (Energy Corridor), the Holiday Inn Express in Fort Worth, TX and a performing mortgage on a non-gaming hotel in Las Vegas. Admiral is actively pursuing additional value-add opportunities.
About Admiral Capital Group Admiral Capital Group was founded by David Robinson, philanthropist and NBA Hall of Famer, and Daniel Bassichis, formerly of Goldman Sachs. Admiral, in partnership with USAA Real Estate Company acquires value-add real estate opportunities through equity and debt investments in office, hotel, multi-family and retail properties valued between $15 million and $50 million. The Admiral founders have also pledged 10% of their profits to philanthropic causes in areas where the fund invests, building on Robinson's lifetime commitment to support education and lower income communities. For more information, visit www.admiralcg.com.
About UNC Fund KFBS Real Estate Fund I, which is fully invested, was established in 2007 with two primary objectives: providing a unique educational experience for student managers and achieving potential investment returns for its investors. KFBS-REFII was formed in 2011 with the same objectives and is currently in its investment period. Tenure as a manager on the Real Estate Funds provides a select group of students with hands-on experience in the operation of a private investment fund. Concurrently, student managers have the opportunity to establish personal and professional relationships with national real estate developers and investors. For more information, visit www.kenan-flagler.unc.edu/real-estate-development/real-estate-fund