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Monday, 09 July 2018

Former Starwood Exec Christian Dalzell Pursues Small Apartment Properties on East Coast

Christian Dalzell, a 22-year commercial real estate industry veteran and former head of lending at Starwood Capital Group, has formed an investment firm to pursue small apartment properties along the East Coast, particularly in Philadelphia. His company, Dalzell Capital Partners, acquired its largest property, with 61 units, last week.

Commercial Real Estate Direct Staff Report

Christian Dalzell, a 22-year commercial real estate industry veteran and former head of lending at Starwood Capital Group, has formed an investment firm to pursue small apartment properties along the East Coast, particularly in Philadelphia.

His company, Dalzell Capital Partners, which is headquartered in Westport, Conn., acquired its largest property last week, paying $21 million, or $344,262/unit, for the 61-unit Waverly Court building at 412 South 13th St. in Philadelphia. The property includes 2,800 square feet of ground-floor retail space that is fully leased to the Amis Trattoria Italian restaurant.

The acquisition brought the company's portfolio to five properties with 208 units in Connecticut and Philadelphia. It also has a stake in three properties with 1,132 units in North Carolina that are owned primarily by Ginkgo Residential.

Dalzell launched the company last year after taking several months off following his departure from Starwood, where he had been a partner and member of the company's investment committee. He also was head of lending for the firm as well as its affiliated REIT, Starwood Property Trust. He had joined the investment manager in 2010 from Eastdil Secured, where he ran its capital markets group.

Dalzell had been involved with numerous multifamily deals while with Starwood and decided to focus on the sector when he ventured out on his own. He capitalizes investments through a network of...





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Data Digest

 

CMBS DELINQUENCY VOLUME

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CMBS SPECIAL SERVICING VOLUME

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Top Bookrunners Domestic, Private-Label CMBS - 2017
Investment Bank #Deals Vol$mln MktShr%
Goldman Sachs 17.59 11,819.34 13.68
JPMorgan Securities 14.52 10,968.11 12.70
Citigroup 12.04 10,012.71 11.59
Wells Fargo Securities 14.02 9,936.06 11.50
Deutsche Bank 12.55 9,879.74 11.44

 

RCA CPPI

 

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CMBS 2.0 Spreads

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Top CMBS Loan Contributors - 2017
Lender #Loans Vol$mln MktShr%
Goldman Sachs 146.89 11,719.34 13.63
JPMorgan Chase Bank 117.68 10,114.14 11.76
Deutsche Bank 198.48 9,689.97 11.27
Morgan Stanley 166.18 8,539.78 9.93
Citigroup 199.05 8,088.24 9.41

 

 

 

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