Hunt Investment Management, a subsidiary of Hunt Cos., acquired advisory contracts in multifamily real estate portfolios, comprising $1.2 billion in assets under management and 7,100 apartment units, from The Tuckerman Group LLC, a joint venture of State Street Global Advisors and the firm’s senior management.
Tuckerman portfolios include value-add and development apartment funds, a core-plus separate account, and an affordable housing mortgage fund. A price was not disclosed.
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As of Oct. 31, 2012, Tuckerman had total assets under management including public real estate securities portfolios of more than $9.7 billion.
Last month, State Street Global Advisors replaced Rye Brook, NY-based Tuckerman Group as sub-advisor to its SSgA Tuckerman Active REIT Fund and hired CBRE Clarion Securities LLC as its replacement and changed the name of the fund to the “SSgA Clarion Real Estate Fund.”
El Paso, TX-based Hunt’s acquisition of the multifamily advisory contracts expands its investment management platform, which now serves 72 institutional clients invested in multifamily and commercial real estate as well as energy and infrastructure related investments.
“The portfolios we have acquired are very complementary to Hunt’s existing platform where we have specialized in developing, investing in and managing more than 150,000 apartment and housing units across the U.S.,” said Ryan Luxon, Hunt Cos.’ executive vice president-real estate investments, and president of Hunt Investment Management. “Given strong demand in the multifamily sector, we plan to expand our activities in providing our investors more opportunities in apartment development in favorable markets with solid growth trends.”
As part of the transaction, Tuckerman’s six-member management team, as well as five additional staff members, has joined Hunt Investment Management.
At SSgA, the team included:
Charles (Chip) J. Lauckhardt, chairman and CEO; he chairs the firm’s investment committee and is responsible for the design and launch of new investment programs.
Amos Rogers III, senior portfolio manager; he has more than 20 years of commercial real estate lending, investment and asset management experience. Rogers lead the real estate securities business and was the portfolio manager for the REIT investment strategies.
Founded in 1947, Hunt Cos. has more than 1,100 employees in regional offices throughout North America and Europe. Together, Hunt and its affiliates have more than $13 billion in assets under management, including 151,683 multifamily housing units and 8.3 million square feet of office, retail and industrial properties. Hunt has also developed 89,000 housing units, over 1 million square feet of commercial space and thousands of acres of land. Development project costs have totaled more than $6.3 billion with more than $8.2 billion in construction costs.
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