Corten invests directly in middle-market, transitional real estate assets in need of physical or financial re-positioning through its vertically integrated multi-family, office and hospitality platforms.
THE NATIONAL, Philadelphia PA
BPG Residential Associates LLC (“Reside BPG”) is the Platform’s full-service residential management and leasing company. Formed in 1998, the company currently operates a portfolio of 1,600 multifamily units including high rise luxury, urban walk-ups and premier corporate furnished communities. The residential portfolio of the Organization has also included 373 “for sale” units along the riverfront in Wilmington and currently has 9 additional multi-family rental projects totaling 1,300 units in development or construction.
Managing Partner Specialization: Rob Buccini
In-house Management Co: ResideBPG
§ Provide “pay down capital” to Borrowers that need to make senior debt curtailments in exchange for additional term
§ Target high quality assets that do not suffer from incurable physical obsolescence (i.e. 8’0” ceiling heights)
§ Renovate existing multifamily assets, ranging from minor aesthetic upgrades to full gut renovation, and pursue mark to market rent increases and cost reductions
§ Implement hands-on property management through ResideBPG in order to drive material NOI increases or complete asset repositioning when borrowers fail to execute their underwritten business plans