Pretium Founder and CEO, Don Mullen, Sends Letter to President Biden Urging Collaborative Public and Private Sector Action to Address Our Nation’s Housing Challenges

PRESS RELEASE

Pretium Founder and CEO, Don Mullen, Sends Letter to President Biden Urging Collaborative Public and Private Sector Action to Address Our Nation’s Housing Challenges

January 23, 2023

Affirms Pretium’s Commitment to Housing Affordability and Supply; Urges Joint, Good Faith Efforts Between All Levels of Government and the Private Sector to Drive Long-Term Housing Policy Solutions

NEW YORK, Jan. 23, 2023 — Pretium, a specialized investment firm with more than $50 billion in assets under management, today released the following letter sent by Don Mullen, the firm’s Founder and CEO, to President of the United States Joseph R. Biden, Jr.

Dear Mr. President:

I am writing regarding your Administration’s ongoing efforts to address some of our nation’s most urgent housing challenges. The government, in good faith partnership with the private sector, has a tremendous opportunity to drive long-term, sustainable housing affordability and supply. At Pretium, we have more than $50 billion in assets under management and more than 4,000 employees supporting residential investments (including residential real estate and mortgage finance), as well as corporate and structured credit. Our single-family rental (SFR) platform, Progress Residential, currently manages over 90,000 homes across 30 markets in the United States. Our size and scale provide a unique vantage point from which to advocate for innovative ways the public and private sectors can work together to achieve long-term economic growth and equality. Through collaboration, we can increase rental housing supply, invest in historically disinvested neighborhoods, and eliminate outdated and discriminatory zoning laws. 

Progress Residential has already outlined a comprehensive housing affordability plan, and we appreciate the opportunity to participate in recent White House-led conversations with housing providers about resident-centered property management practices. We look forward to continuing to engage in conversations regarding viable public-private housing solutions and, to that end, encourage consideration of the following proposals by your Administration and bipartisan policymakers in Congress: 

  • Revitalize Single-Family Housing Supply. Freddie Mac has estimated the undersupply of homes at nearly 4 million units1, a supply-demand imbalance that has been building for several decades. The problem is particularly acute in the market for entry-level homes. According to the Bipartisan Policy Center, the number of new entry-level homes built in the 1970s routinely surpassed 420,000 every year. By comparison, in 2020, just 65,000 new entry-level homes were built.2
  • Revitalize Single-Family Housing Supply (continued). Exacerbating this problem is what the Joint Center for Housing Studies of Harvard University refers to as “rental deserts” – the absence of rental housing options in 31 percent of all neighborhoods nationally – which contribute to ongoing socioeconomic inequality and racial segregation.3 We believe there is an urgent need for the federal government to partner with real estate owners to revitalize single-family homes and create programs that support comprehensive housing supply efforts. One policy initiative that the federal government could model or further incentivize are the real estate tax abatements that select states, counties, and cities have offered to encourage longer-term affordable housing, such as the development of new and the preservation of existing SFR housing. A second policy initiative we support, and have submitted public comments on, is extending the Green and Resilient Retrofit Program (GRRP), created by the Inflation Reduction Act of 2022 (Pub. L. 117–169), to single-family assisted housing as well.
  • Increase Private Sector Participation in the Section 8 Housing Choice Voucher (HCV) Program. Today, a persistent gap exists in many public housing authority jurisdictions between the number of Housing Choice Vouchers authorized by the U.S. Department of Housing and Urban Development (HUD) and the number of vouchers actually being used, due to a lack of rental owners’ participation in the program. In order to increase owner-operator participation in the HCV program, Pretium and Progress Residential join other private sector colleagues – including the National Apartment Association and the National Multifamily Housing Council – in endorsing the bipartisan Choice in Affordable Housing Act (S. 1820/H.R. 6880) to reduce administrative burden. In addition, we support the full and immediate implementation by HUD of the flexibilities provided through the Housing Opportunity Through Modernization Act of 2016 (HOTMA; Pub. L. 114-201) including, but not limited to, biennial inspections, paying Housing Assistance Payments (HAP) to landlords prior to inspection, and use of remote virtual inspection. Finally, to provide the benefits of housing innovations and efficiencies to HCV residents, we also propose a new HUD pilot program within Moving to Work (MTW) agencies in 3-5 geographically diverse cities focused on promoting housing choice and equitable access to single-family neighborhoods.
  • Enhance Single-Family Homeownership Opportunities for Underserved Communities. To increase access to homeownership for underserved communities, we propose a new HUD demonstration program where SFR owner-operators could partner with HUD and third-party community-based nonprofit organizations through the currently underutilized HCV Homeownership Program. Participating owner-operators would provide homeownership inventory for the program. In addition to the expenses currently covered under the HCV Homeownership Program4, piloted expenses paid for by HUD would include financial literacy education, homeownership counseling, down payment and closing cost assistance, and coordination with the Federal Housing Administration (FHA) single-family first-time homebuyer programs to eliminate regulatory obstacles.
  • Create Viable Rent-to-Own Options for Consumers. While the United States continues to enjoy historically high homeownership rates (the national homeownership rate was 66% in the third quarter of 2022)5, we could do even more to promote sustainable homeownership. As a 2017 study by the Terner Center for Housing Innovation at the University of California Berkeley noted, “public policy can play an important role in supporting the development of new private mortgage products, and ensuring they benefit consumers…FHA already has the authority and infrastructure in place to offer an assumable mortgage, which would benefit both nonprofits and private entities seeking to launch lease-purchase models. In addition, the complexity of lease-purchase – and determining whether it is the best option based on a household’s finances and future expectations about mobility and house prices – means that any lease-purchase product needs to be accompanied by transparent contracts, effective regulations, and consumer education. FHA and the Federal Housing Finance Agency (FHFA) are in a unique position to provide that type of stewardship and oversight, as well as help to analyze data and evaluate programs to identify and support the expansion of responsible, scalable models.”6 We propose the establishment of a public-private working group – that builds upon FHA’s and FHFA’s existing authority – to create viable SFR rent-to-own options for consumers nationwide. Coupled with the aforementioned proposals to augment our nation’s SFR housing supply, we could meaningfully increase homeownership conversion rates for individuals and families who currently rent, but aspire to be homeowners.
  • Provide Federal Tax Credit for Renters. At Pretium and Progress Residential, we strongly believe in the dignity of renting. As the Urban Institute points out, “US tax policy has historically discriminated against renters and favored homeowners”6 thereby contributing to racial and economic inequality. During your Presidential campaign, you proposed a refundable tax credit for renters equal to the difference between 30 percent of household income and the lesser of gross rent paid and local fair market rent. We encourage you to endorse this proposal again and to push for bipartisan passage in the House and Senate. 

In closing, Mr. President, I agree with you that every American should have “access to housing that is affordable, stable, safe and healthy, accessible, energy efficient and resilient, and located near good schools and with a reasonable commute to their jobs.”7 To achieve this goal, however, we must build a more inclusive housing model that envisions single-family rental housing stability as a key pillar. Single-family rentals offer a unique opportunity to address our national housing crisis and have the ability to contribute to family stability, economic mobility, and positive health outcomes. SFR can provide families access to neighborhoods that have lower poverty and crime rates, higher performing schools, more mixed incomes and other amenities families seek. Pretium and Progress Residential are dedicated to creating equitable outcomes for the residents who choose to live in our communities and have adopted management practices that are designed to provide opportunities for wealth building and homeownership. 

I welcome the opportunity to discuss these proposals with you and your team in greater detail and look forward to working together to create sustainable, bipartisan, publicprivate solutions for our nation’s housing challenges. 

Thank you for your consideration. 

Sincerely, 

Don Mullen,
CEO & Founder

About Pretium

Pretium is a specialized investment firm focused on U.S. residential real estate, residential credit, and corporate credit. Pretium was founded in 2012 to capitalize on investment and lending opportunities arising as a result of structural changes, disruptions, and inefficiencies within the economy. Pretium has built an integrated analytical and operational ecosystem within the U.S. housing, residential credit, and corporate credit markets, and believes that its insight and experience within these markets create a strategic advantage over other investment managers. Pretium’s platform has more than $50 billion of assets, comprising real estate investments across 30 markets in the U.S., and employs more than 4,000 people across 30 offices, including its New York headquarters, Dubai, London, Seoul and Sydney. Please visit www.pretium.com for additional information.

Contacts

Jon Keehner / Kate Thompson / Lyle Weston
Joele Frank, Wilkinson Brimmer Katcher
212-355-4449

HARMON Five Points Leasing Soon

PRESS RELEASE

HARMON Five Points Leasing Soon

January 19, 2023

Build-to-Rent Community by Crescent Communities and Pretium Expands Housing Choice in Desirable Market

First HARMON Community to be Certified by the National Green Building Standard

CHARLOTTE, NC and NEW YORK (January 19, 2023)Crescent Communities and Pretium are pleased to announce leasing will begin soon at HARMON Five Points, the fourth build-to-rent (BTR) community under development, and the second in Charlotte, as part of their previously announced joint venture. The community is comprised of 76 BTR homes with accompanying shared amenities. Progress Residential, Pretium’s single-family rental management services platform, is providing the leasing and property management services.

HARMON Five Points offers residents the option to rent three-story townhomes with three bedrooms, three and a half baths, outdoor balconies, private garages, and driveways. Interior finishes include modern, stainless-steel appliances, granite countertops, elevated flooring, spacious nine-foot ceilings, ample window exposure for natural light, and SMART home technology. The community is the first for the HARMON brand to be certified by the National Green Building Standard (NGBS), a residential building certification for sustainable construction and development. Each home is designed to be energy and water efficient, while offering residents a greater degree of comfort and lower utility bills.

Residents of HARMON Five Points will also have access to dedicated communal spaces such as a fire pit with outdoor lounge seating, a lawn area for gatherings and pets, and a direct connection to Five Points Park and Stewart Creek Greenway. HARMON Five Points is located two miles from Uptown and is walking distance from the Gold Line Streetcar.

“HARMON Five Points offers a much-needed new construction infill housing option to the historic West End neighborhood to accommodate the migration and population growth in Charlotte over the past several years,” said Tony Chen, Senior Managing Director of Single-Family Build-to-Rent at Crescent Communities. “We are pleased to have reached the leasing milestone ahead of schedule, and are also excited for the NGBS Bronze certification achievement. Stewardship is fundamental to Crescent Communities’ mission to build community and better people’s lives, and we are excited to extend our commitment to stewardship into our BTR platform through our goal of achieving NGBS Bronze or greater on each HARMON home. We strive to have a positive impact on the planet, people, and places we build and call home, and we look forward to seeing the HARMON Five Points community flourish.” 

“Pretium is a leading investor in homes throughout some of the most desirable areas across the country,  and we are thrilled to have another build-to-rent community welcome residents—bringing our total footprint in the Charlotte market to more than 5,300 homes and demonstrating our commitment to housing choice across growing regions,” said Matt Johnston, Managing Director and Head of Build-to-Rent at Pretium. “In addition to increasing housing access and offering consumers more choices, HARMON Five Points is delivering modern, sustainable homes that will be an important addition to the Charlotte community for years to come. We are committed to continuing our investments to increase the supply of move-in ready homes and contribute to the long-term health of our communities.”

HARMON Five Points is located at 360 Seldon Drive, Charlotte, NC, and was constructed by DRB Group. Additional partners include lender Atlantic Union Bank, landscape architect LandDesign and architectural review by 505Design. Progress Residential, which currently oversees more than 90,000 homes, is a market leader, with the people, technology, scale, and data-driven solutions that streamline operations, optimize asset performance, and provide an exceptional renting and living experience for residents.

Imagery of HARMON Five Points is available here and floorplans can be found here. For more information, please visit: www.liveatharmon.com and rentprogress.com.

About Crescent Communities

Crescent Communities is a nationally recognized, market-leading real estate investor, developer and operator of mixed-use communities. We create high-quality, differentiated residential and commercial communities in many of the fastest growing markets in the United States. Since 1963, our development portfolio has included more than 83 multifamily communities, 24 million square feet of commercial space and 60 single family master-planned communities. Crescent Communities has offices in Charlotte, DC, Atlanta, Orlando, Nashville, Dallas, Denver, Phoenix and Salt Lake City. Our residential communities are branded NOVEL, RENDER and HARMON by Crescent Communities and our industrial developments are branded AXIAL by Crescent Communities and our life science developments are branded THE YIELD by Crescent Communities.

About Pretium

Pretium is a specialized investment firm focused on U.S. residential real estate, residential credit, and corporate credit. Pretium was founded in 2012 to capitalize on investment and lending opportunities arising as a result of structural changes, disruptions, and inefficiencies within the economy. Pretium has built an integrated analytical and operational ecosystem within the U.S. housing, residential credit, and corporate credit markets, and believes that its insight and experience within these markets create a strategic advantage over other investment managers. Pretium’s platform has approximately $50 billion of assets, comprising real estate investments across 30 markets in the U.S., and employs more than 4,000 people across 30 offices, including its New York headquarters, Dubai, London, Seoul and Sydney. Please visit www.pretium.com for additional information.

About Progress Residential

Progress Residential is a market leader in intelligent single-family rental management services, with people, technology, scale and data-driven solutions that streamline operations, optimize asset performance, and provide an exceptional renting and living experience for our residents. Progress Residential’s approximately 3,000 employees currently manage approximately 90,000 homes across 30 markets. Progress Residential also offers third-party property management service for investors with mid-to-large single-family rental home portfolios and Built to Rent communities through its Progress Residential Management Services. For more information, please visit www.rentprogress.com

Pretium Announces Dana Hamilton to Retire from Firm

PRESS RELEASE

Pretium Announces Dana Hamilton to Retire from Firm

December 6, 2022

Josh Pristaw Will Lead Real Estate Platform

New York, NY – December 6, 2022 – Pretium, a specialized investment firm with approximately $50 billion in assets under management, today announced that Senior Managing Director and Co-Head of Real Estate, Dana Hamilton, is retiring from the Firm. Josh Pristaw, Senior Managing Director and Co-Head of Real Estate, will lead the Firm’s real estate platform going forward, including investing in and managing the single-family rental funds and separately managed accounts. Ms. Hamilton will stay on as a Senior Advisor into next year in order to ensure a smooth transition. 

“Dana’s leadership in the institutionalization of single-family rentals cannot be overstated, nor can her role in helping Pretium’s platform become the owner of the most single-family rental homes in America,” said Don Mullen, Founder and CEO of Pretium. “Today, we manage investments in nearly 100,000 homes valued at more than $33 billion and have some of the best institutional investors in the world as partners in our funds.”

“We are extremely grateful to Dana for the expertise, commitment, talent, and growth that she brought to Pretium, and we are pleased she will continue to support our business in an advisory capacity,” stated Mullen.

“When Don asked me to join Pretium in 2017, our goal was to establish Progress Residential as a leading single-family residential platform in the U.S.,” said Dana Hamilton, Senior Managing Director and Co-Head of Real Estate. “With tremendous support from the Pretium and Progress Residential teams, I’m proud to say we have done that and much more.”

“Part of Pretium’s competitive advantage is the depth of talent we have across the SFR platform,” continued Hamilton. “Josh and the real estate team are poised to take the platform to the next level with an unparalleled strategy that delivers positive returns for Pretium’s stakeholders and the communities in which they invest.”

“I’m looking forward to building on the strong foundation that Dana has put in place and the success we have achieved together,” said Josh Pristaw, Senior Managing Director and Co-Head of Real Estate. “Our team will continue to prioritize housing choice and investments in our communities as we lead the way in single-family rental housing.”

Ms. Hamilton joined Pretium in 2017 with nearly 25 years of experience in building successful real estate operating companies in the U.S. and Europe. She worked with Archstone for nearly 20 years, where most recently she was President, Europe, responsible for building Archstone’s non-U.S. operating and investment platform. Prior to that role, she was Executive Vice President, in charge of national (U.S.) multi-family operations. Ms. Hamilton received a BA from Stanford University and an MBA from the Haas School of Business at the University of California, Berkeley. She currently serves on the board of Life Storage, Inc. (NYSE:LSI).

Pretium Congratulates Roberta Goss for Recognition as One of The Most Notable Women on Wall Street by Crain’s New York Business

PRESS RELEASE

Pretium Congratulates Roberta Goss for Recognition as One of The Most Notable Women on Wall Street by Crain’s New York Business

November 30, 2022

New York, NY – November 30, 2022 – Pretium, a specialized investment firm with approximately $50 billion in assets under management, today congratulated Roberta Goss, Senior Managing Director and Head of the Bank Loan and CLO Platform, for being named one of the “Most Notable Women on Wall Street” by Crain’s New York Business. Award recipients are selected by the Crain’s New York editorial team and recognize influential women who have made a positive impact on the New York City financial sector.

In her three years since joining Pretium, Ms. Goss has played an instrumental role leading the development of the firm’s Crown Point collateralized loan obligation (CLO) business and managing investments across its other leveraged loan portfolios. Pretium’s CLO and leveraged loan portfolio total approximately $3 billion in assets.

“We are incredibly proud to join Crain’s in recognizing Roberta’s leadership and contributions both within Pretium and beyond our organization’s walls,” said Don Mullen, Founder and CEO of Pretium. “Her deep expertise in the CLO space, combined with her abilities as a mentor to the many talented members of her team, brings tremendous value to our organization and the industry overall. We congratulate Roberta on this well-deserved honor.”

In addition to Ms. Goss’ responsibilities overseeing Pretium’s portfolio management and marketing efforts for the bank loan and CLO platforms, she is also heavily involved in mentoring future talent within the credit space. Ms. Goss helps manage the firm’s summer internship program with Girls Who Invest, a program that seeks to bring more women into portfolio management, and serves as co-head of Pretium’s Women’s Resource Group, an initiative focused on developing and fostering opportunities for the firm’s female employees. Ms. Goss is also a member of Pretium’s Executive and Finance Committees and was named to the Kayo Conference Series’ “Top 22 in ‘22: Leaders in Credit and Debt Finance.”

To read more about Ms. Goss’ recognition, please visit the Crain’s New York Business website.

About Pretium

Pretium is a specialized investment firm focused on U.S. residential real estate, residential credit, and corporate credit. Pretium was founded in 2012 to capitalize on secular investment and lending opportunities arising as a result of structural changes, disruptions, and inefficiencies within the economy. Pretium has built an integrated analytical and operational ecosystem within the U.S. housing, residential credit, and corporate credit markets, and believes that its insight and experience within these markets create a strategic advantage over other investment managers. Pretium’s platform has approximately $50 billion of assets and employs more than 4,000 people across 30 offices, including Dubai, London, Seoul and Sydney. Please visit www.pretium.com for additional information.

Media Contact

Josh Clarkson / Sheila Kulik
pro-pretium@prosek.com

Pretium Expands Global Business Development Team with Hiring of Rune Sanbeck as Managing Director in London Office

PRESS RELEASE

Pretium Expands Global Business Development Team with Hiring of Rune Sanbeck as Managing Director in London Office

November 14, 2022

Seasoned Executive to Lead Pretium’s European Fundraising Efforts, Business Development Strategy

NEW YORK – November 14, 2022 – Pretium, a specialized investment firm with approximately $50 billion in assets under management, today announced that Rune Sanbeck has joined the firm as Managing Director, Business Development. In this role, Mr. Sanbeck will lead fundraising, client support, and business development strategy for Europe-based allocators and institutional investors, primarily supporting Pretium’s real estate and private credit offerings.

Mr. Sanbeck brings over 20 years of experience and deep expertise identifying, implementing, and executing long-term growth strategies to expand institutional relationships and distribution efforts, with significant experience across private, public, and real asset classes. Most recently, Mr. Sanbeck served as Managing Director and Head of International Business at AIG First Principles. Prior to AIG, Mr. Sanbeck served as Head of EMEA, CEO of Nuveen UK, and Director of Nuveen Europe Asset Management. He has also held senior roles with BlackRock/BGI, Danske Capital, and Dimensional Fund Advisors.

“As we continue to build our diversified investment platform, we view Europe as a long-term strategic priority and are committed to ensuring we have the most talented and driven team in the industry,” said Don Mullen, CEO and Founder of Pretium. “Rune’s multifaceted business experience and global connections will strengthen our presence in Europe, and we are excited to welcome him to our team.”

“Rune’s extensive fundraising experience and growth-oriented track record are a natural fit for Pretium and our London-based business development team,” said Jennifer Strickland, Senior Managing Director and Head of Business Development at Pretium. “Rune has a deep network of relationships, an intimate understanding of the European institutional investment landscape, and a seasoned business acumen that we believe will enhance our capabilities to support new and existing clients.”

“Joining Pretium is an incredible opportunity to be part of one of the strongest and most innovative teams in the industry,” Mr. Sanbeck said. “I look forward to working alongside Eugenie Dadachpour in London and with colleagues around the world to support and expand Pretium’s network of institutional clients, while executing on long-term fundraising objectives for real estate and private credit.”

About Pretium

Pretium is a specialized investment firm focused on U.S. residential real estate, residential credit, and corporate credit. Pretium was founded in 2012 to capitalize on secular investment and lending opportunities arising as a result of structural changes, disruptions, and inefficiencies within the economy. Pretium has built an integrated analytical and operational ecosystem within the U.S. housing, residential credit, and corporate credit markets, and believes that its insight and experience within these markets create a strategic advantage over other investment managers. Pretium’s platform has approximately $50 billion of assets and employs more than 4,000 people across 30 offices, including Dubai, London, Seoul and Sydney. Please visit www.pretium.com for additional information.

Contacts

Jon Keehner / Kate Thompson / Lyle Weston
Joele Frank, Wilkinson Brimmer Katcher
212-355-4449
Media-SFR@pretium.com

Pretium, Progress Residential Outline Affordable Single-Family Rental Housing Strategy

PRESS RELEASE

Pretium, Progress Residential Augment Leadership Team for Affordable Single-Family Rental Housing Strategy

November 8, 2022

Former Goldman Sachs Urban Investment Group COO, Andrea Gift Allan, to Lead Pretium’s Affordable Housing Investment Portfolio Strategy, Innovation, and Execution

NEW YORK – November 8, 2022 – Pretium, a specialized investment firm with approximately $50 billion in assets under management, today announced, in a joint press release with Progress Residential, the next steps in its plans to increase access to affordable single family rental housing. Andrea Gift Allan has joined Pretium as Managing Director, Real Estate, to lead the firm’s affordable housing investments across the United States. In this role, Ms. Allan will partner with internal and external stakeholders to develop and manage Pretium’s affordable housing portfolio, in alignment with the firm’s key business and social impact goals. This will include serving as a strategic advisor to Progress Residential’s affordable housing team as they engage with residents, local housing authorities, and community partners to meet persistent and growing affordable housing demand in markets across the country.

Ms. Allan brings over 20 years of experience in asset and portfolio management, as well as expertise valuing and reporting on real estate investments and loans. She spent more than two decades at Goldman Sachs, where she most recently served as Managing Director and Chief Operating Officer of the Urban Investment Group within the Asset Management Division. In that role, she was responsible for developing and advancing the business’ strategy to deliver community impact and drive strong risk-adjusted returns, while meeting evolving regulatory requirements. She also oversaw a broad real assets portfolio, which included mixed-use, affordable and market rate multifamily, commercial and community facility real estate assets.

“Increasing quality, affordable housing supply across our markets is a business imperative,” said Don Mullen, Founder and CEO of Pretium. “Andrea’s decade plus of affordable housing investment experience will be an invaluable addition to the Pretium and Progress teams as we work with residents, investors, policymakers, lenders, developers, business leaders, and community organizations to achieve our ambitious goals.”

“Andrea has a successful track record of building business infrastructure across asset classes to drive both revenue and community impact, and we are excited to welcome a leader of her caliber to our team,” added Josh Pristaw, Co-Head of Real Estate at Pretium. “The residential housing landscape continues to grow and transform, and we look forward to benefiting from Andrea’s fresh perspectives and insights as we lead the way.”

“As affordability continues to play an integral role in today’s housing market, this is an opportune time to join Pretium, a market leader committed to developing solutions to our nation’s housing crisis,” said Andrea Gift Allan. “I am energized to be joining a team focused on innovating in this critical area, and I look forward to building upon the work Pretium and Progress have already done to further expand our affordable housing offerings.”

About Pretium

Pretium is a specialized investment firm focused on U.S. residential real estate, residential credit, and corporate credit. Pretium was founded in 2012 to capitalize on secular investment and lending opportunities arising as a result of structural changes, disruptions, and inefficiencies within the economy. Pretium has built an integrated analytical and operational ecosystem within the U.S. housing, residential credit, and corporate credit markets, and believes that its insight and experience within these markets create a strategic advantage over other investment managers. Pretium’s platform has approximately $50 billion of assets and employs more than 4,000 people across 30 offices, including Dubai, London, Seoul and Sydney. Please visit www.pretium.com for additional information.

Crescent Communities Hosts Groundbreaking Event for Build-to-Rent Communities in Charlotte

PRESS RELEASE

Crescent Communities Hosts Groundbreaking Event for Build-to-Rent Communities in Charlotte

October 17, 2022

A Celebration for HARMON Ballantyne and HARMON Five Points Took Place September 28

CHARLOTTE, NC and NEW YORK – October 17, 2022 – Crescent Communities and Pretium are pleased to celebrate the groundbreakings of HARMON Ballantyne and HARMON Five Points, two build-to-rent (BTR) communities under construction in Charlotte as part of the companies’ joint venture and commitment to invest $1 billion in new single-family build-to-rent communities across 14 key strategic growth markets. The groundbreakings took place on September 28.

“We’re thrilled to celebrate the entry of the HARMON brand in Charlotte by officially breaking ground on HARMON Ballantyne and HARMON Five Points,” said Tony Chen, Managing Director of Single-Family Build-to-Rent at Crescent Communities. “HARMON Ballantyne and HARMON Five Points bring infill housing options to Charlotte providing its residents the opportunity to lease brand new homes in highly sought-after neighborhoods without the long-term commitment and high upfront cost of homeownership. We look forward to seeing the progress on these communities and are excited to share construction updates in the coming months.”

“Pretium is committed to being a leading part of the solution to address the nationwide housing shortage, and our build-to-rent partnership with Crescent to develop and operate rental communities across the country is part of those efforts,” said Matt Johnston, Managing Director and Head of Build-to-Rent at Pretium. “The HARMON Ballantyne and HARMON Five Points communities demonstrate our dedication to providing affordable, modern housing in the rapidly growing communities where it is needed most. We look forward to continuing to ensure our residents have access to high-quality single-family homes.”

Both communities will offer townhomes ranging from 3 to 4 bedrooms each with private garages, driveways, and balconies. Located at 15825 Marvin Road, 13 miles south of Charlotte’s central business district, HARMON Ballantyne will bring 60 residences to the Ballantyne area, which has experienced noticeable growth in recent years and offers access to a broad range of amenities, including shopping, dining, schools, and recreation opportunities. HARMON Five Points will offer 76 residences located at 360 Seldon Drive in the West End neighborhood. The community will have a direct trail to the playground at Five Points Park and is in proximity to the Irwin Creek Greenway and Gold Line Streetcar for easy access to Uptown. HARMON Five Points is expected to offer pre-leasing winter of 2022 and HARMON Ballantyne in fall of 2023.

The groundbreakings add to Crescent Communities’ continued commitment to expanding its footprint in Charlotte. The company has also announced the development of multifamily communities NOVEL Mallard Creek and NOVEL University Place, both of which are currently under construction, the groundbreaking of NOVEL Ballantyne, and the sale of NOVEL LoSo Station to MAA.

Crescent Communities continues to experience significant growth with $7.6 billion of residential and commercial investments and developments currently under construction, operations and planning including 15,700 units of multifamily / single family build-to-rent, 200,000 square feet of complementary retail, and 11.1 million square feet of office, industrial and life science. With a focus on environmental sustainability and wellness, the organization pursues certifications including LEED, NGBS (National Green Building Standard), Fitwel, and WELL.

Additional details surrounding the communities will be announced at a later date. Renderings are available here, and photos from the groundbreaking are available here.  

About Crescent Communities

Crescent Communities is a nationally recognized, market-leading real estate investor, developer and operator of mixed-use communities. We create high-quality, differentiated multifamily and commercial communities in many of the fastest growing markets in the United States. Since 1963, our development portfolio has included more than 77 multifamily communities, 24 million square feet of commercial space and 60 single family master-planned communities. Crescent Communities has offices in Charlotte, DC, Atlanta, Orlando, Nashville, Dallas, Denver, Phoenix and Salt Lake City. Our residential communities are branded NOVEL, RENDER and HARMON by Crescent Communities and our industrial developments are branded AXIAL by Crescent Communities.

About Pretium

Pretium is a specialized investment firm focused on U.S. residential real estate, residential credit, and corporate credit. Pretium was founded in 2012 to capitalize on secular investment and lending opportunities arising as a result of structural changes, disruptions, and inefficiencies within the economy. Pretium has built an integrated analytical and operational ecosystem within the U.S. housing, residential credit, and corporate credit markets, and believes that its insight and experience within these markets create a strategic advantage over other investment managers. Pretium’s platform has approximately $50 billion of assets and employs more than 4,000 people across 30 offices, including London and Dubai. Please visit www.pretium.com for additional information.

Contacts:

Crescent Media Contact
Lauren Alligood
205-383-8450
lauren@sprouthouseagency.com

Pretium Media Contact
Jon Keehner / Lyle Weston / Erik Carlson
Joele Frank, Wilkinson Brimmer Katcher
212-355-4449
Media-SFR@pretium.com

Crescent Communities
Monica Edmiston
MEDMISTON@CrescentCommunities.com

Pretium
Jon Keehner / Kate Thompson / Lyle Weston
Joele Frank, Wilkinson Brimmer Katcher
212-355-4449
Media-SFR@pretium.com

Frank Garcia Joins Pretium’s Growing Real Estate Team as Head of Fund Portfolio Management

PRESS RELEASE

Frank Garcia Joins Pretium’s Growing Real Estate Team as Head of Fund Portfolio Management

October 13, 2022

Brings 30 Years of Distinguished Portfolio and Asset Management Experience Across Products and Asset Classes

Underscores Continued Momentum and Commitment to Scaling Leading Real Estate Investment Management Platform

NEW YORK – October 11, 2022 – Pretium, a specialized investment firm with approximately $50 billion in assets under management, today announced that Frank Garcia has joined the firm as Managing Director and Head of Fund Portfolio Management for Pretium’s real estate platform, effective October 17, 2022. In this role, Mr. Garcia will spearhead portfolio management for Pretium’s single-family rental (SFR) fund strategy while engaging and informing the firm’s global client relationships.

Mr. Garcia brings over three decades of experience managing portfolios across multiple U.S. real estate asset classes and investment products, including core, value-added and ground-up development. He most recently spent nearly 10 years as Senior Portfolio Manager of PGIM Real Estate’s flagship U.S. core equity fund, where he led the development and implementation of portfolio-level strategy and improved operations, while driving enhanced financial performance and asset value across market cycles. Mr. Garcia implemented numerous fund-level ESG initiatives, resulting in index-leading scores from GRESB, the benchmark for ESG measurement in the real estate community. At PGIM, he also was involved in firm-level DEI initiatives focused on recruitment and retention of diverse talent. Prior to PGIM Real Estate, Mr. Garcia spent 12 years at Deutsche Bank/RREEF, where he was a portfolio manager on the firm’s core fund and a senior portfolio manager of its U.S. value-added comingled fund betwee 2001 and 2013. Mr. Garcia began his career at CBRE and public REIT manager, Spieker Properties.

“Frank is deeply respected by his clients and brings substantial portfolio management expertise on a national scale to our industry-leading SFR platform,” said Don Mullen, Founder and CEO of Pretium. “As we continue to strategically grow our real estate investment platform, we are also thoughtfully enhancing the ways in which we manage and optimize our portfolios. Having the right team in place is essential for continued success and to create lasting value for our investors and all our stakeholders.”

“We are confident Frank’s extensive experience developing and implementing core and value-added portfolio-level strategies will be an asset to our real estate team and a meaningful differentiator for our clients,” said Josh Pristaw, Co-Head of Real Estate at Pretium. “We look forward to working closely with Frank to further expand our investment management capabilities and scale our real estate platform while delivering compelling returns to our investors.”

“I am thrilled to join and work with the talented, entrepreneurial Pretium team,” said Mr. Garcia. “I look forward to leveraging my experience to further institutionalize portfolio management, generate consistent value for existing clients and play a significant role in augmenting the firm’s visionary leadership in the single-family rental investment landscape.”

About Pretium

Pretium is a specialized investment firm focused on U.S. residential real estate, residential credit, and corporate credit. Pretium was founded in 2012 to capitalize on secular investment and lending opportunities arising as a result of structural changes, disruptions, and inefficiencies within the economy. Pretium has built an integrated analytical and operational ecosystem within the U.S. housing, residential credit, and corporate credit markets, and believes that its insight and experience within these markets create a strategic advantage over other investment managers. Pretium’s platform has approximately $50 billion of assets and employs more than 4,000 people across 30 offices, including London and Dubai. Please visit www.pretium.com for additional information.

Contacts:

Jon Keehner / Kate Thompson / Lyle Westo
Joele Frank, Wilkinson Brimmer Katcher
212-355-4449
Media-SFR@pretium.com

Pretium Expands Global Business Development Capabilities and Commitment to Asia and Australia with New Managing Directors

PRESS RELEASE

Pretium Expands Global Business Development Capabilities and Commitment to Asia and Australia with New Managing Directors

August 29, 2022

Jayme Han and Craig Matthew Join as Managing Directors; Bringing Decades of Collective Leadership, Investment, and Investor Relations Experience Across Europe, Asia, and Australia

Strengthens On-the-Ground Connection with Clients and Partners in Key Geographies

NEW YORK – August 29, 2022 – Pretium Partners, a specialized investment firm with approximately $50 billion in assets under management, today announced an expansion of its business development capabilities and commitment to Asia and Australia with two senior hires. Jayme Han, based in Seoul, Korea, and Craig Matthew, based in Sydney, Australia, join Pretium as Managing Directors for Asia and the Australia & New Zealand region, respectively. With these hires, Pretium is establishing its first offices in Asia and Australia to further the goal of becoming a partner of choice for investors worldwide.

This expansion demonstrates the firm’s ongoing commitment to ensuring clients and partners can benefit from an established presence and local perspective that allows Pretium to provide more personalized, on-the-ground support in dynamic markets. Ms. Han and Mr. Matthew bring unique market perspectives and decades of leadership and client relationship experience across London, New York, Seoul, Singapore, and Sydney, and will work closely with existing clients and consultants, new clients, and institutional and wealth management entities in their respective regions.

“As Pretium continues to expand our client base globally and deploy growing capital across our real estate and credit strategies, Asia and Australia represent important strategic markets and opportunities for growth,” said Don Mullen, Founder and CEO of Pretium. “Jayme and Craig bring deep expertise and local connection within the Asian and Australian markets to support our investors where they are. Following our recent expansion into the Middle East, we are pleased to continue to grow our team with such talented and respected individuals to work with clients internationally.”

Ms. Han has held several prominent leadership roles over the last 20 years within the global private capital industry in London, Seoul, and Singapore, in which she has been responsible for, among other things, fund distribution and execution of investments across the region. She most recently served as an Executive Director, Corporate Finance for Jones Lang Lasalle. Prior, she was the Head of Alternatives at Tongyang Life Insurance, Korea’s fifth largest life insurer, and, earlier in her career, Ms. Han was hired as one of the founding members of the alternatives business – and its first dedicated real assets specialist – for the National Pension Service. Ms. Han holds a Bachelor of Science in Design from the University of California at Davis.

“Pretium has an incredible team, and I am excited to join at a time of growth as we seek to expand our footprint internationally and throughout Asia,” said Ms. Han. “Having supported GPs and led teams across all aspects of capital raising, deployment, and asset management, I look forward to working with Pretium’s clients throughout Asia and around the world.”

Mr. Matthew brings nearly three decades of business development and investor relations experience, supporting and expanding client offerings for limited partners including high-net worth individuals and sophisticated institutional investors such as endowments, sovereign wealth funds, superannuation funds, and family offices. He joins Pretium from Asia Principal Capital and Morpheus Ventures, where he served as Director in the private market investor relations group. Before joining Asia Principal Capital, he was a Director of Institutional Relationships at Capital Group Companies, where he played an active role in establishing its first office in Sydney, Australia. Prior to that, he served in a variety of business development roles of increasing responsibility in New York and Sydney at global asset manager Alliance Bernstein. Mr. Matthew is an accredited superannuation trustee director and has spent the past decade as an active organizer of the Association of Superannuation Funds of Australia’s Annual Conference. He holds a Bachelor of Science in Business Administration from Bucknell University.

“Joining an innovative, forward-thinking global investment platform like Pretium is an incredible opportunity,” said Mr. Matthew. “With an existing network of leading investors and partners in Australia and New Zealand and an unmatched investment track record, I am confident that we are positioned to continue growing the firm’s client base and presence throughout the region.”

About Pretium

Pretium is a specialized investment firm focused on U.S. residential real estate, residential credit, and corporate credit. Pretium was founded in 2012 to capitalize on secular investment and lending opportunities arising as a result of structural changes, disruptions, and inefficiencies within the economy. Pretium has built an integrated analytical and operational ecosystem within the U.S. housing, residential credit, and corporate credit markets, and believes that its insight and experience within these markets create a strategic advantage over other investment managers. Pretium’s platform has approximately $50 billion of assets and employs more than 4,000 people across 30 offices, including London and Dubai. Please visit www.pretium.com for additional information.

Contacts:

Jon Keehner / Lyle Weston  / Erik Carlson
Joele Frank, Wilkinson Brimmer Katcher
212-355-4449
Media-SFR@pretium.com

Lauren Cipicchio Joins Pretium to Lead Central Quantitative Strategies

PRESS RELEASE

Lauren Cipicchio Joins Pretium to Lead Central Quantitative Strategies

August 8, 2022

Hiring Enhances Pretium’s Investment and Asset Management Capabilities

Through Transformation of Investment Data and Analytics Models

NEW YORK – August [8], 2022 – Pretium, a specialized investment firm with approximately $50 billion in assets under management, today announced the addition of Lauren Cipicchio as Senior Managing Director and Head of Central Quantitative Strategies, effective immediately. In this role, Ms. Cipicchio will lead the teams focused on designing, developing, and enhancing the analytics and models used to make investment and operating decisions to advance Pretium’s investment strategies. She will be a member of the firm’s Executive Committee.

Ms. Cipicchio brings more than a decade of experience in portfolio construction and investment analytics, enabling and enhancing alpha-generating ideas and strategic asset investments. She joins Pretium from CPP Investments, where she most recently served on The Global Leadership Team as Managing Director, Head of Data and Advanced Analytics. Before that, Ms. Cipicchio spent 10 years at Bridgewater Associates, where she was most recently Head of Investment Engineering.

“Lauren has a proven track record of driving efficiency for investment funds through massive analytical ecosystem shifts, and I am confident that she will make significant contributions to Pretium and our asset investment strategy,” said Don Mullen, Founder and CEO of Pretium. “In this new era of technological innovation, the addition of unique and advanced modeling platforms will serve as a competitive differentiator for Pretium and drive value across our ecosystem.”

“Joining the Pretium team and adding to its unparalleled level of expertise at a time of tremendous growth is an incredible opportunity,” said Ms. Cipicchio. “I look forward to contributing to the efforts already underway to expand and enhance the firm’s investment offerings.”

Ms. Cipicchio co-founded Bridgewater’s Women’s Network and served as a founding member of the firm’s Diversity Council. Ms. Cipicchio holds a Master’s from the Gallatin School of Individualized Study at New York University and a Bachelor of Science in Mathematics with Computer Science from the Massachusetts Institute of Technology.

About Pretium

Pretium is a specialized investment firm focused on U.S. residential real estate, residential credit, and corporate credit. Pretium was founded in 2012 to capitalize on secular investment and lending opportunities arising as a result of structural changes, disruptions, and inefficiencies within the economy. Pretium has built an integrated analytical and operational ecosystem within the U.S. housing, residential credit, and corporate credit markets, and believes that its insight and experience within these markets create a strategic advantage over other investment managers. Pretium’s platform has approximately $50 billion of assets and employs more than 4,000 people across 30 offices, including London and Dubai. Please visit www.pretium.com for additional information.

Contacts:

Jon Keehner / Kate Thompson / Lyle Weston
Joele Frank, Wilkinson Brimmer Katcher
212-355-4449
Media-SFR@pretium.com

 

June 2022

Pretium’s State of ESG Report

Read here to learn more.