SAN LUIS OBISPO, Al -- The Picerne Group, a leading international investment firm with an extensive portfolio of loan and real estate assets, announced today the acquisition of Crown Pacific Properties (CPP) to form a new subsidiary, TPG Apartment Group. "This well-timed strategic alliance will position TPG Apartment Group to begin a value-focused acquisition strategy in the multi-family sector," says Kenneth Picerne, founder, president and chairman of the board for The Picerne Group.
TPG Apartment Group will be capable of making timely, opportunistic investment decisions and then has the ability to execute those business plans quickly, all the while maintaining the flexibility to respond to ever-changing market conditions. TPG Apartment Group will be relocating its corporate headquarters from Carlsbad, CA to San Juan Capistrano over the next 12 months.
Their investment strategy will be primarily focused in select western US markets, including Seattle, Denver, Phoenix, Dallas, Austin, San Francisco, Los Angeles and San Diego.
TPG Apartment Group joins two powerful forces in the real estate development industry: Kenneth A. Picerne and John Ed Easley. Picerne is founder, president and chairman of the board for The Picerne Group, an active player in the non-performing loan business in Asia and in the domestic and Japanese multi-family real estate market. Additionally, The Picerne Group's portfolio includes an ownership interest in City National Towers in downtown Los Angeles. Easley, now President of TPG Apartment Group, was co-founder, president and CEO of CPP, a diversified real estate company specializing in the acquisition of multi-family rental properties in primary markets in the western United States. He has been responsible for CPP's overall operations and success since its founding in late 2003.
Easley brings TPG Apartment Group his strong reputation in the real estate industry, relationships with institutional and private equity partners, more than 30 years of high-level industry experience, and expertise in operations. His expertise will fortify the company's corporate infrastructure for long- term growth. Easley's strengths complement The Picerne Group's reputation for strategic thinking that applies market insight based on decades of investment experience, a sterling track record, and strong financial liquidity.
The Picerne Group
Kenneth Picerne was born to be a leader in real estate, beginning his career with his involvement in expanding his family's company, Picerne Real Estate Group, the residential real estate industry's largest family-owned business and one of the top 10 residential multifamily developers in the nation. He formed The Picerne Group as Picerne Associates in 1988.
The Picerne Group focuses on international as well as domestic strategic investment opportunities. In addition to the United States and Japan, their portfolio has included real estate assets located in Canada and Europe. It has established expertise in anticipating investment opportunities, by evaluating macro- and micro-economic conditions, timing market cycles, and determining potential for minimizing risk. Since the company is privately funded, each investment is evaluated on its individual merit, without regard to pressure to make new investments or liquidate existing ones merely to meet volume goals.
Under his direction, The Picerne Foundation provides significant financial support and scholarships. Picerne also has served on numerous business and charitable boards. He received his undergraduate degree from Yale University.
Crown Pacific Properties
Under Easley's leadership, Crown Pacific Properties has executed the acquisition and redevelopment of over $300M, resulting in exceptional rates of return on a risk-adjusted basis. Major acquisitions include Landmark Towers (formerly Camelback Towers) in Phoenix, AZ, Mirror Woods and The Colony in Seattle, WA, and Sunscape Villas in Scottsdale, AZ.
Prior to the formation of CPP, Easley served as JPI's divisional president and managing partner, responsible for the strategic and operational oversight for its Western/International Division. He established the California and Canadian operations. Easley received a bachelor's degree from the University of Texas in Austin, Texas. He is a Full Member of the Urban Land Institute (ULI) and a member of the ULI multi-family Silver Flight Council.
Source: The Picerne Group
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CONTACT: Karen Hutchens of Hutchens PR, +1-619-236-0227, or cell,
+1-619-985-7800, or fax, +1-619-236-0230, for The Picerne Group
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