SANTA MONICA, CALIF. — Watt Companies has launched a new acquisition arm, Watt Investment Partners, in response to what the company believes are new real estate investment opportunities in the Western United States. The new venture has committed an initial $60 million to invest in a variety of projects including retail, multifamily, performing and non-performing debt, and land for development. Former Watt President and CEO Jim Maginn will lead the new venture in collaboration with former Chief Investment Officer Dean Pentikis.
“The real estate market has changed dramatically over the past few years, and this is truly an ideal time for Watt Companies to begin deploying capital, creating new joint ventures, and identifying acquisition opportunities in the marketplace,” said Maginn, who serves as senior managing partner for Watt Investment Partners. “We are expecting continued volatility for the foreseeable future, but that uncertainty is exactly what will create many different real estate opportunities for a nimble and flexible investment vehicle like Watt Investment Partners.”
In its 60 year history, Watt Companies has developed homes for more than 100,000 families, built more than 8 million square feet of industrial and professional office space, developed more than 50 shopping centers, three hotels, and six master-planned communities. Watt Investment Partners plans to leverage the collective experience of its managing partners and tap into Watt Companies’ extensive real estate industry network to identify opportunities in the marketplace. The team expects to consider a variety of deal types including new construction, redevelopment opportunities and debt investments.
During his 25 years with Watt, Maginn has overseen new development and project financing for Watt’s diverse and extensive portfolio. Maginn has also served as a board member for several prominent real estate ventures throughout his career, including John Laing Homes and Centro Watt.
Pentikis joined Watt Companies in 2010 to lead the strategic acquisitions program, develop new equity partnerships and oversee the financing operations for the company. Previously, Pentikis was partner and manager of the Los Angeles office for Apollo Real Estate Advisors, L.P. There, he oversaw a portfolio of originated deals and legacy projects with total capitalization of more than $2.5 billion. Pentikis has held several other real estate finance management positions at national and global organizations including Nomura Asset Capital, Deloitte & Touche and the Bank of New York.
Also joining the new team is Managing Director Jennifer Keith-McElyea, who will focus on developing the deal sourcing arm at Watt Investment Partners. She most recently served as vice president at OneWest Bank, managing non-performing commercial real estate investments and residential land loans and supported the firm’s acquisition efforts. Keith-McElyea worked with Pentikis earlier in her career at Apollo Real Estate Advisors, L.P. New associate Marc Wyzykowski brings a background in architecture, having served as project manager for both Arechaederra, Hong Treiman Architects and Gerner Kronick + Valcarcel Architects.
“The launch of Watt Investment Partners represents a significant step forward in our ongoing strategic reorganization,” said Watt Companies President Nadine Watt.
— Dan Marcec