A new real estate investment and operating firm has been launched out of North Texas by a trio of local leaders with decades of experience as owners, operators, and leasing specialists.
Apricus Realty Capital—named for the Latin adjective aprica, meaning “warmed by the sun”—is a boutique CRE investment firm honed in on institutional quality properties. Apricus aims to target Class A office acquisitions that amount to $100 million or more per transaction.
For now, the group’s sole focus is on the major Texas markets: Dallas-Fort Worth, Austin, and Houston.
“We’re going to be highly specialized in acquiring properties where we know we can add value,” Kathy Permenter, Apricus’ principal and managing partner, said in a statement. “We know what it takes to get deals done in the Texas market and have a thorough understanding of what tenants look for in their office experience.”
Led—and launched—by industry veterans
Permenter previously led Dallas-based Younger Partners, a full-service commercial real estate firm that manages more than 8 million square feet of retail, office, land, and commercial properties. Since 2012, she’s been a co-managing partner with Moody Younger, who joined her as another principal and managing partner in launching Apricus.
Apricus will be affiliated with the operating platform of Younger Partners—a relationship that will give the new firm the ability to “provide operating and leasing expertise and market knowledge that few can deliver.” Younger Partners offers investment, leasing, and management services to investors and tenants across the region.
Younger and Permenter plan to split their time between Younger Partners and Apricus.
The third member of the team is Matt Haley, the former executive vice president of Miller Global Properties and managing director of Pearlmark Real Estate Partners (previously Transwestern Investment Company). He’s also a principal and managing partner at Apricus.
Haley’s experience includes overseeing comingled equity funds, investment strategies, and investor relations. He’s been responsible for the direction of more than $9 billion in asset transactions.
According to the team, its deep investment and operating expertise and Texas market knowledge will drive value around office properties that may traditionally be seen as high-risk. Collectively, their track records span commercial real estate, market research, investment, leasing and management.
“We’re focused on creating a better experience at office properties from the point of acquisition to the daily tenant experience and the overall office environment, thus ultimately, delivering a better return for our investors,” Haley said in a statement. “There are few, if any, privately led entrepreneurial-minded real estate investment firms that bring such complimentary skill sets as Apricus will do consistently for Class A office space.”
Permenter said the team plans to buy properties that are well-located, those that “create the sense of place that is so important to tenants.”
Apricus, which recently completed the raise of an initial GP capital fund, is already actively seeking multiple acquisitions, according to the team.
In the future, the company expects to expand its portfolio. That could include retail and industrial properties or the raising of additional subscribed funds from private individuals and institutional backers.
“At Apricus, we’re ready today to make the investments needed,” Younger said, “whether that be with a current owner looking for an exit or the capital needed for amenities and improvements to better position a property.”
Get on the list.
Dallas Innovates, every day.
Sign up to keep your eye on what’s new and next in Dallas-Fort Worth, every day.