ERP develops middle-market, residential projects in desirable Brooklyn and Manhattan neighborhoods. With its highly targeted approach, ERP leverages local relationships and insights across its projects.
Institutional cross-disciplined team pursuing an entrepreneurial opportunity – partners and employees began their careers at top tier organizations in their respective focus areas, with backgrounds in finance, architecture, construction, law, accounting, and marketing.
ERP has completed four development deals and launched four more projects with a cumulative value exceeding $100 million. Realized IRR returns have achieved 75% gross (52% net) with equity multiples of 2.9x gross (2.2x net).
Fair fee structure incentivizes ERP to maximize project outcomes, while managing downside scenarios. ERP is intimately involved with its projects, whereas third party funds invest passively and charge a “double promote.”
By focusing on a segment that is below the institutional radar but too big for most individuals, ERP often competes against fewer players on deals. Furthermore, ERP’s ability to move quickly and decisively is a key differentiator in winning deals.
There is an extremely limited supply of high-quality, family-sized apartments despite the increase in demand from families living in NYC. By contrast with historic standards, there are surprisingly few new condos being built, especially in Brooklyn.
Past performance is not necessarily indicative of future results and future results may differ materially from historical results. Please click here for important disclosures regarding the information presented in this web site.