Crossbeam Capital and Concierge Asset Management Merge

 BETHESDA, MD. Jan. 24, 2011- Crossbeam Capital LLC, an institutional real estate investment fund manager, has merged with Concierge Asset Management, LLC, a 40-year-old Houston-based investor, redeveloper and manager of apartment communities. 

The combined company, Crossbeam Holdings, LLC, will focus on acquiring multifamily communities throughout the U.S. and redeveloping them to institutional quality. The merger formalizes a partnership established in 2010 which acquired seven multifamily communities including closing five properties in December alone.

“Crossbeam Capital and Concierge Asset Management were two successful, independently-run companies,” says Richard K. Devaney (top right photo), formerly a principal and chief investment officer of Crossbeam Capital and now chairman and chief executive officer of the new company.

 “We were profitable and generating consistent returns for our investors.  However, as we began working on acquisitions together, we recognized how compatible our two organizations were.”

Maxwell Drever (middle left photo), founder-chairman of Concierge Asset Management who becomes chairman emeritus of Crossbeam Holdings, agreed the new company “has an extraordinary combined track record in creating real value for investors but it has also delivered reliable and sound solutions for sellers, lenders and brokers.

“In decades of property acquisition and transformation, we’ve had the priceless ingredient of ‘trial and error’ and refined an expertise in recognizing value buys and cost-effectively redeveloping the apartment communities.” says Drever.

 “In partnering on seven deals last year with Rich Devaney and the Crossbeam team, I realized a merger could give us the financial leverage and additional acquisition talent to move quicker in identifying and closing on multifamily properties that are a fit for our signature redevelopment strategy.”

The management team of Crossbeam Holdings is led by Devaney as chairman and CEO. Prior to co-founding Crossbeam Capital, he was national vice president for Equity and Mezzanine Debt at Fannie Mae in Washington D.C.

 Ted Kerr (middle right photo), chief executive of Concierge Asset Management, is now president of Concierge Holdings. Kerr had been director of asset management of Drever Partners, which owned 18,000 apartment units when Maxwell Drever sold it in 1997 to Walden Residential, a Dallas-based, NYSE-listed REIT.

W. Bradford Blash (lower left photo), chief acquisitions officer of Crossbeam Capital, is chief business officer of the merged company. Before co-founding Crossbeam, he was director of Equity at Fannie Mae in Washington, DC.

Combined, Crossbeam Holdings has $630 million in real estate assets under management, a portfolio of 29 multi-family properties with 9,045 rental residences primarily managed primarily by its 165 person property management subsidiary, Concierge Management Services.

In addition to the seven properties bought and closed last year, Drever says Crossbeam Holdings is starting 2011 by working to acquire three apartment communities where prospective buyers of each failed to meet the sellers’ year-end deadline.

“Our niche,” he added, “is that we have the capital, ability and agility to move quickly, step in and solve problems for almost any seller or lender with a multifamily property and/or their non-performing loans.”

Contact: 

Chris Barnett, 415-336-5092; cbarn@aol.com

Jennifer Farthing, 240-223-1679, jfarthing@crossbeamcapital.com

 for Crossbeam Holdings.

Leslie Gordon, 415-789-1773, leslie@drever.net for Maxwell Drever