Pacific Elm Properties has launched a new real estate venture in partnership with three veterans of placemaking and hospitality. The Dallas-based firm has joined forces with Ignite-Rebees founders Tristan Simon, Mark Masinter, and Tom Paterson to form 3-O Real Estate Partners.
Jonas Woods is transitioning from his role as CEO of Pacific Elm Properties to lead 3-O Real Estate Partners as CEO. He’ll guide the new venture alongside Tristan Simon, Mark Masinter, and Tom Paterson—founders of Ignite-Rebees, known for their work in placemaking, experiential retail, and hospitality-driven property management.
Billy Prewitt, formerly chief investment officer at Pacific Elm, will succeed Woods as CEO of the firm.
“3-O is focused on developing one-of-one, enduring real estate projects that unite place, culture, and hospitality,” Woods said in a statement. “By combining our team’s large-scale development and investment expertise with a creative, hospitality-driven approach, we are uniquely positioned to create destinations of lasting cultural and financial value.”
3-O will develop and operate retail and mixed-use projects drawn from the combined portfolios of Pacific Elm and Ignite-Rebees. The firm said current projects are underway in Dallas, Austin, Houston, San Antonio, Nashville, and Los Angeles. Across those markets, 3-O oversees more than $4 billion in development and manages over 2 million square feet of real estate.
The new firm is positioning itself as a vertically integrated developer, operator, and investor. According to 3-O, each destination is conceived to be “singular and irreplicable—anchored in its place, intentional in its cultural vision, and distinguished by proprietary hospitality-driven programming.”
Together, the principals behind 3-O bring decades of experience in real estate development, value-add operations, and hospitality. The team has collectively launched and operated multiple hospitality businesses, completed dozens of development and redevelopment projects, and executed more than $10 billion in real estate transactions across the U.S.
Don’t miss what’s next. Subscribe to Dallas Innovates.
Track Dallas-Fort Worth’s business and innovation landscape with our curated news in your inbox Tuesday-Thursday.
R E A D N E X T
-
The firm, with $5.4 billion in real estate assets, said Andrew S. Levy will focus on office acquisitions for Endeavor throughout the Sunbelt Region.
-
Charles “C.B.” Team and Nathan Vasseur, who will lead the merged firm, drove the merger and have taken the reins as partners at the new company.
-
The fund—aimed at the acquisition and repositioning of middle-market suburban multifamily communities across the Sunbelt and Mid-Atlantic—was oversubscribed. Milestone said that reflects strong demand for its value-add investment strategies and historic performance, despite "a challenging fundraising environment."
-
Canyon's CRED III represents the firm's largest U.S. real estate debt fund to date, surpassing its $1 billion fundraising target and nearly doubling its $650 million predecessor fund.
-
Fort Worth-based Crescent said the moves reflect the company's commitment to fostering internal talent and positioning the firm for continued growth and success. The moves follow the announcement that Crescent Co-CEO Jason Anderson is retiring, leaving Conrad Suszynski as the Crescent's sole CEO.
