July 16, 2019
Carlton Strategic Ventures has announced that it has sold Dobie Center to Fowler Property Acquisitions, LLC.
Dobie Center is the largest privately owned student dormitory at the University of Texas at Austin and consists of a 27-story glass and steel tower along with a 90,000 sf retail mall and a 6-story above grade 250,000 sf garage.
Dobie Center enjoys the best location proximate to the University as it is literally across the street from campus and is opposite the new 458,000 sf McComb’s Business School which is currently under construction. Regus Business Centers is also opening a brand new 13,000 sf office suite facility which will cater to athletic and technology companies who do business with the University.
Carlton Chairman, Howard L. Michaels expressed mixed emotions in selling this iconic asset to Fowler but our investment cycle had run its course and we are happy to see Fowler take Dobie Center to its next level of success.
Brian Kelly of HFF was the broker on the transaction and worked with the Carlton Principal Transactions team which effort was spearheaded by Irwin Boris, Managing Director of Multi-Family Investments at Carlton. Mr. Boris previously held a senior position at GMAC where he oversaw the acquisition, asset management, and disposition of over 15,000 apartments. Working with Mr. Boris was Mr. John Thurrott, CSV Chief Financial Officer who has held senior positions for several highly successful Manhattan operators including working for Harry Macklowe, Morris Bailey, Ivor Braka, and Raymond Chalme. Mr. Karl Griggs, former Vice-President at Aimco and CW Capital where he oversaw several billion dollars of residential and commercial assets. Rounding out the Carlton Principal Team is Mr. Paul Wolfson who is an Asset Manager previously worked at Carl Icahn & Associates and Mr. Mark Buzzeo, Controller formerly of Two Trees Management. Mr. Daniel Bildner, General Counsel at Carlton and former partner at the international law firm of Greenberg Traurig LLP, closed the transaction along with Carlton’s outside counsel, Mr. Larry Haber, of Abrams Garfinkel Margolis Bergson, LLP.
The Carlton Group (“Carlton”), through its principal investment division, Carlton Strategic Ventures (“CSV”), is the Managing Member of approximately 3 million sf of real estate assets, inclusive of Dobie Center and 600 Community Drive which it recently sold. In addition, Carlton and CSV have significant passive investments in well over $1 billion of assets with clients of the firm. Carlton Strategic Ventures also sponsors Carlton’s Crowdfunding business which offers excellent investment opportunities for retail investors. CSV is led by Chief Operating Officer, Kevin Swill who has acquired, financed and asset managed over 10 million square feet of assets and 15,000 apartment units and Chief Investment Officer, Navish K. Chawla who has acquired, asset managed and disposed of over 3 million square feet of domestic and european assets while holding senior positions at private equity firm Madison International and Blackrock. CSV has partnered with and borrowedfrom some of the biggest investors and largest financial institutions in the United States.
The Carlton Group also executes one of the largest equity advisory platforms in the country partnering clients of the firm with passive promotable equity investors throughout the world. For example, Carlton Advisory Services, as exclusive advisor to HFZ Capital just advised HFZ Capital on their $1 billion acquisition of one of the most valuable development sites on the Highline in New York.Previous Next
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