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http://www.apexreadvisors.com/alf.html
Apex Investment Funds
- Apex Real Estate Advisors manages capital that provides liquidity to distressed sellers of real estate and real estate securities.
- Nothing on this website constitutes an offer to sell or a solicitation of an offer to buy any security or investment service.
About Apex Real Estate Advisors
- Investment Advisory and Portfolio selection, structuring and management: In discretionary or advisory capacities. Twenty-five years of experience as a Registered Investment Advisor specializing in: creating, managing and disposition of portfolios of real estate securities, with a specialty in thinly traded and non listed securities; as well as real estate buy, hold, sell, restructure analysis and decision making.
- Turnaround, restructuring, recapitalization: Apex has advised clients seeking assistance to restructure through balance sheet clean up, sale of assets, reduction in staff, negotiations with bank lenders, capital infusions, etc.
- Valuations of partial interests: Apex has a long history of valuations of fractional ownership in; joint ventures, general partnerships, tenancies in common, limited partnerships, c-corps, s-corps, group trusts, private REITs, limited liability companies (LLCs).
- Due diligence analysis of entities owning whole property interests: Over 25 years, Apex principals have overseen and completed numerous due diligence assignments of ownership interests in properties owned by entities (as described above) including; office, residential, retail, industrial, hospitality and others. Similarly, Apex staff has completed due diligence of securitized interests in real estate (including interests in all of those listed above), valuations of management fee streams, entity governance, profits participations, prospectus analysis, and more.
- Litigation, valuation consulting & expert witness: Consulting assignments involving business litigation, valuation and damages, dissolutions, marital dissolutions, fiduciary malfeasance, estate valuations, tax litigation.
- Principals' Real Estate Investment advisory expertise: Over 25 years experience each in Portfolio selection, investment and management, investing as a principal in real estate valued in excess of $750 mm and over $1.5 billion in agency transactions. Valuations of thousands of entities holding real estate worth in excess of $40 billion. Nationally recognized expert in partial interest valuations, governance issues, and secondary market trading of non-listed real estate. Previous history of portfolio management/advisory work for public entities includes advisory work and/or valuations for: State of Idaho Public Employees Pension Plan; State of Utah Public Employees Pension Plan; State of Kentucky Public Employees Pension Plan; Pension Plan of Detroit Police and Fire, among others.
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| Re: Apex Liquidity Fund, LP |
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Brent Donaldson
Managing Principal, Apex Real Estate Advisors
Mr. Donaldson has, since 1980 been among the pioneers in valuing and investing in portfolios of existing, non-listed, real estate investments on a secondary basis; managed real estate private equity funds of funds; pioneered the institutional secondary market in real estate commingled funds; underwritten fund performance and selected the best performing managers and their funds; and set the appropriate price of an investment in those funds. Mr. Donaldson has also participated in REIT fund management, advised various public pension plans and directed M&A advisory activities. At Apex Real Estate Advisors ("Apex") Mr. Donaldson, as managing principal, has overseen the investment and management of various direct real property investments.
Apex Real Estate Advisors (1998-present)
At Apex since 1998 as managing principal, Mr. Donaldson has been involved in portfolio and direct property transactions.
Portfolio transactions included advising several listed REITs, assisting them in acquiring portfolios of properties held by partnerships or commingled funds; the $1.1 billion ($700 million equity) Simon Property Group acquisition of O'Conner group's Retail Property Trust being a prominent example. Significant among the tasks undertaken was providing input on the initial underwriting (valuation) of the portfolio for investment purposes and the offer prices to the shareholders of this unlisted REIT.
Direct Property transactions include several with the former head of real estate for the investment office of Stanford University, as well as joint ventures with entities such as the NYSE listed multifamily REIT, AvalonBay.
Liquidity Financial Group (1980-98)
Co-founder and President of Liquidity Financial Group ("LFG"). Managed the operations and growth of the LFG companies. Conducted pioneering research and trading in otherwise illiquid real estate securities originally real estate limited partnerships ("RELPs") and, commencing in 1993, institutional commingled real estate funds ("CREFs"). Reviewed managers and their funds, both bottom up and top down. Oversaw the management of accounts and conducted research on REITs. Founded, created and published, along with Ernst & Young and Standard and Poors, the National Real Estate Index, which remains the nation's largest transaction-based real estate index and REIT score, a REIT performance metric. The "Index and REIT score" is now known as the S&P/GRA real estate indices and presently owned by Charles Schwab. S&P/GRA is a research firm following national real estate price and rent trends that uses such research in selecting real estate investments. Advised listed REITs and "Opportunity Funds" in acquisitions of property portfolios such as in the making of numerous tender offers by Apollo Real Estate Advisors. Provided investment advisory and expert witness work re: valuations of various holdings of non listed securities.
Secondary Fund of Funds Manager. Valuation and portfolio underwriting was crucial in the performance of the LFG investments, which were category performance leaders. Acting as principal, approximately $170 million of principal was invested in approximately $800 million in property investments. The investments made by the Liquidity Funds in diversified secondary market transactions averaged "IRRs" of approximately 14% (over a long and deep down cycle).
Portfolio Underwriting/Valuation. Mr. Donaldson has overseen the valuations and pricing for hundreds of entities that owned thousands of properties. The accuracy of this work was verified in a study of such valuations by Peat Marwick to be within 4% conservative of approximately $4.5 billion of properties sold. This capability led to valuation, buy/hold/sell analysis, advisory and trade execution contracts for institutions holding illiquid and/or thinly traded real estate securities. A partial list of advised clients is included below.
Tender Offer Advisory Work. Donaldson advised Apollo Real Estate Advisors, a private equity manager in NY with in excess of $7 billion under management, on numerous tender offers between 1992-98. In particular, Donaldson provided underwriting/valuation work on large portfolio of virtually every type of property spanning the nation and with respect to the economics resulting from the governing documents controlling the entity in question
REIT Money Management. Liquidity Financial Group's investment advisor subsidiary managed accounts in traded real estate equity securities, such as REITs from 1987 to 1996 before selling this business to what became a joint venture between Global Real Analytics and Alliance Capital. The track record for that period shows performance exceeding the relevant indices.
Commingled Fund Trading/Advisory. Donaldson pioneered the secondary market in commingled fund interests, overseeing approx. $1.5 billion of trades. Staff members of this group have subsequently had admirable successes as portfolio managers of institutional real estate, including both public plans and private money management.
Valuation Work. Valuation and investment advisory work for public entities related to holdings of partial interests in entities holding real estate assets, including;
- State of Idaho Pension Board
- State of Utah Retirement System
- Detroit Police and Fire Pension Trust
- Detroit Municipal Employees Pension Trust
- State of Kentucky Public Employees Retirement System
Professional Affiliations/Speaking Engagements.
- General Securities Principal, National Association of Securities Dealers (NASD), now FINRA
- Securities Industry Association (SIA) Direct Participation Committee, 1993-98
- NASD (now FINRA) Direct Participation Subcommittee on Trading Standardization, 1992-94
- Board of Advisors, Real Estate Finance Journal
- Guest on CNN: Stuart Varney & Your Money and other financial news television and radio programs
- Guest lecturer, University of California Berkeley, Graduate School of Business, 1985-90
- Guest lecturer, Stanford University Graduate School of Business
- Speaker, various national conferences and symposia
- Author, Limited Partnerships: How to Profit in the Secondary Market (co-author)
- Author, various articles including White Paper: Secondary Market Pricing of Commingled Real Estate Funds
Education
M.B.A. University of California, Berkeley, Graduate School of Business, 1980
B.A. University of California, Davis, 1974
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| Re: Apex Liquidity Fund, LP |
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Arnold Brown
Principal & CFO, Apex Real Estate Advisors
Mr. Brown has 30 years of experience in real estate investment and portfolio management, restructuring and turnaround, in both public and private companies.
He has been involved in valuing partial interests and in managing portfolios of non-listed real estate securities since 1983, when he became president of MacKenzie Securities, one of the early entrants in the real estate limited partnership secondary market. He has also served as CFO and director of a NYSE listed REIT.
Apex Real Estate Advisors. (1998 – present) - Mr. Brown joined Apex Real Estate Advisors in June 1998 as Principal and CFO, responsible for investment acquisitions and portfolio and financial management. He has had over 30 years of experience in real estate, both in real estate securities and direct investment, as set forth below:
The Peregrine Real Estate Trust (PGRN:OTC) and California Real Estate Investment Trust (CT:NYSE) - Acted as chief financial officer of these commonly controlled REITs. Mr. Brown was a key member of the turnaround team that enabled Peregrine (the largest REIT bankruptcy in California) to exit Chapter 11.
Capital Trust (Formerly California Real Estate Investment Trust), San Francisco, CA - Director of this NYSE listed REIT. Member of Board that engineered the sale of the majority interest in this company to Sam Zell.
Robertson, Stephens and Company - Advised real estate investment management group in structuring, financing and the acquisition and repositioning of assets for its private investment funds.
Klingbeil Group/Mackenzie - President and shareholder with real estate investor/developer Jim Klingbeil. Focus was to access and provide capital for real estate development partnerships and to operate and grow MacKenzie Securities.
Grant Thornton - Partner of this international accounting and consulting firm (and Frederiksen & Company, a predecessor firm in San Francisco), specializing in real estate/real estate taxation. Served as one of six members of the firm�s National Real Estate Task Force. Previously, was an associate at Touche Ross & Co.
Other Matters
Has spoken on various aspects of real estate investment over the past 30 years and has testified before the Treasury/IRS regarding the taxation of real estate and real estate entities.
Education
B.S. Economics, The Wharton School, University of Pennsylvania, 1969.
MBA, Graduate School of Business, Stanford University, 1971.
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We believe in capital formation via the private placement. We believe that capital is the blood flow of the body-economic. Our goal is to assist people who participate in the capital formation process by bringing an anonymous form and social community to an undeserved market: the capital raiser. Join our community, help bring transparency and accountability to our business.
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