Chicago (April 29, 2024) – LaSalle Investment Management (“LaSalle”), the global real estate investment manager, today announced that Jeffrey Shuster will succeed Joseph Muñoz as President of LaSalle Value Partners US (LVP US), effective immediately, and will also lead LaSalle’s US high return strategies.
In his new role, Jeffrey will lead LVP US, LaSalle’s flagship value-add fund series in the United States and will also spearhead LaSalle’s expansion of high return investment offerings in the U.S.
Jeffrey joined LaSalle in 2020, most recently serving as the Head of Investments for LVP US where he was instrumental in shaping, developing, and executing the funds’ investment strategy. He has over 19 years of real estate experience across both equity and debt investing.
Prior to joining LaSalle, Jeffrey spent 12 years at Starwood Capital Group, where he held diverse leadership roles across acquisitions, joint venture management and asset management.
Jeffrey Shuster, incoming President of LVP US at LaSalle Investment Management, commented: “I am excited to have the opportunity to lead LaSalle Value Partners in the United States and to grow our high return franchise. We have deep conviction in LVP’s investment strategies and remain focused on delivering the premium investment returns that underpin our clients’ long-term success. I look forward to working with our investors in this new and expanded role, supported by my highly experienced colleagues and our integrated operating platform, to achieve their investment objectives.”
Brad Gries, Head of Americas at LaSalle Investment Management, added: “Jeffrey’s unique skillset and professional experience position him well to take on this role, having worked alongside the rest of our longstanding LVP US team to drive numerous successes for our high-return initiatives over the past four years. I look forward to working closely with Jeffrey to build upon LVP US’ contribution to our primary objective of delivering superior investment performance on behalf of our investors.”
END
About LaSalle Investment Management | Investing Today. For Tomorrow.
LaSalle Investment Management is one of the world’s leading real estate investment managers. On a global basis, LaSalle manages over US $89 billion of assets in private and public real estate equity and debt investments as of Q4 2023. LaSalle’s diverse client base includes public and private pension funds, insurance companies, governments, corporations, endowments and private individuals from across the globe. LaSalle sponsors a complete range of investment vehicles including separate accounts, open- and closed-end funds, public securities and entity-level investments. For more information please visit www.lasalle.com, and LinkedIn.
NOTE: This information discussed above is based on the market analysis and expectations of LaSalle and should not be relied upon by the reader as research or investment advice regarding LaSalle funds or any issuer or security in particular. The information presented herein is for illustrative and educational purposes and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy in any jurisdiction where prohibited by law or where contrary to local law or regulation. Any such offer to invest, if made, will only be made to certain qualified investors by means of a private placement memorandum or applicable offering document and in accordance with applicable laws and regulations. Past performance is not indicative of future results, nor should any statements herein be construed as a prediction or guarantee of future results.
LaSalle Investment Management (“LaSalle”) today announced that its US value-add fund series, LaSalle Income & Growth, has bolstered its investment team with the hiring of Jeff Shuster as Managing Director and Senior Acquisitions Officer. Jeff joins LaSalle from Starwood Capital Group, where he worked in a variety of roles of increasing responsibility since 2008.
In his new position at LaSalle, Jeff will help develop insightful and actionable investment themes and topics that will set the direction for the Fund’s investment activities and portfolio construction. He will directly source transactions and will also collaborate with LaSalle’s US Transactions Group for any investments being pursued on behalf of Income & Growth. He will ultimately be responsible for helping the Fund team continue to deliver consistently strong investment performance while also mitigating risk. Jeff will be based in New York.
Jeff brings expertise investing across a range of property sectors and US markets, having held roles within both acquisitions and asset management. Over the course of his 12 years at Starwood, Jeff completed transactions spanning the risk spectrum, including value-add and opportunistic equity as well as performing and non-performing real estate debt. Prior to Starwood, Jeff began his career with Bear Stearns in the Commercial Mortgages group where he underwrote over $2 billion of CMBS debt. He holds a BS in Economics with a concentration in Real Estate and Finance from the Wharton School at the University of Pennsylvania.
Joe Muñoz, Chief Investment Officer for LaSalle’s Income & Growth Funds, commented, “We are pleased to welcome Jeff to the Income & Growth team and look forward to his contribution and insight as we deploy capital on behalf of our limited partners. His wide range of transactional experience and deep network of industry contacts will help meaningfully expand the Fund’s investment capabilities.”
Jeff Shuster, Managing Director and Senior Acquisitions Officer for LaSalle’s Income & Growth Funds, added, “I am excited to join LaSalle’s Income & Growth team, to build on the Fund’s substantial multi-decade track record. I look forward to leveraging my experience to help advance the Fund’s growth and performance, as well as to taking advantage of opportunities that emerge from the market’s current dislocation.”
About LaSalle Income & Growth Funds
The LaSalle Income & Growth funds are the firm’s flagship closed-end US value add fund series, with the first fund in the series launched in 1996. Aggregate fund series capital commitments total $3.4 billion, with approximately $12 billion in total transactional volume across all funds in the US series. The fund seeks to acquire under-managed, under-capitalized, or mispriced assets to be repositioned as core assets. Property level-investment strategies include lease-up, renovation/repositioning and selective ground-up development.
About LaSalle Investment Management
LaSalle Investment Management is one of the world’s leading real estate investment managers. On a global basis, we manage approximately $77 billion of assets in private equity, debt and public real estate investments as of Q4 2021. The firm sponsors a complete range of investment vehicles including open- and closed-end funds, separate accounts and indirect investments. Our diverse client base includes public and private pension funds, insurance companies, governments, corporations, endowments and private individuals from across the globe. For more information please visit www.lasalle.com and LinkedIn.
NOTE: This information discussed above is based on the market analysis and expectations of LaSalle and should not be relied upon by the reader as research or investment advice regarding LaSalle funds or any issuer or security in particular. The information presented herein is for illustrative and educational purposes and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy in any jurisdiction where prohibited by law or where contrary to local law or regulation. Any such offer to invest, if made, will only be made to certain qualified investors by means of a private placement memorandum or applicable offering document and in accordance with applicable laws and regulations. Past performance is not indicative of future results, nor should any statements herein be construed as a prediction or guarantee of future results.
LaSalle Investment Management (“LaSalle”) today announced that its U.S. value-add fund, LaSalle Income & Growth Fund VII (“Fund VII”), has acquired Rienzi at Turtle Creek, a 152-unit high-rise rental apartment community in the affluent Turtle Creek submarket of Dallas, Texas. LaSalle identified this as a unique opportunity for Fund VII to acquire a high-quality multifamily asset in a strategic market known for its strong population and job growth.
Joe Munoz, Chief Investment Officer for LaSalle’s Income & Growth Funds, commented, “Rienzi at Turtle Creek aligns well with the investment strategy of our U.S. value-add fund series, and we’re thrilled to add this property to the Fund VII portfolio. This transaction offers a compelling opportunity for us to acquire a well-located, high-quality multifamily asset at a discount to replacement cost and execute a thoughtful capital improvement plan to realize upside potential.”
Summit Walia, Managing Director of Acquisitions at LaSalle, stated, “Rienzi at Turtle Creek was particularly attractive to us in that it was originally constructed as a condominium, offering condo-level finishes and amenities at competitive rental rates. By addressing deferred maintenance and completing renovations to the common areas and unit interiors, we believe we can deliver a desirable product that drives rent growth while offering rates that represent a significant discount to those at comparable new construction high rises in the area.”
Built in 2002, Rienzi at Turtle Creek features large floor plans averaging 1,300 square feet and boasts attractive finishes including 10- to 12-foot ceilings, extra-large walk-in closets, granite countertops, recessed lighting, hardwood flooring, crown molding and balconies in the majority of units. Community amenities include a swimming pool and spa; a fully equipped 24-hour fitness center; a garden terrace with grilling area; an on-site dog park; concierge services; controlled garage access; and valet parking. The property is located in close proximity to major employment centers – including Uptown and Downtown Dallas, Medical District, Baylor University Medical Center and Dallas Love Field – as well as abundant entertainment and retail options including Reverchon Park, Knox Henderson and The Shops at Park Lane. The adjacent Uptown neighborhood has also seen significant development in recent years, with an additional 2.3 million square feet in office development due to deliver by 2020, which has resulted in an influx of new retail and restaurant amenities.
The Dallas-Fort Worth (“DFW”) Metroplex is a thriving metropolitan area with a population of 7.4 million, that boasted a gross metro product (“GMP”) of $535 billion in 2017, marking a 6.3 percent increase on its GMP in 2016, according to Federal Reserve Economic Data. The DFW Metroplex boasts strong job growth, having added 109,400 jobs between October 2017 and October 2018, and the metro is home to several Fortune 500 companies including Exxon Mobil, AT&T, American Airlines, Tenet Healthcare, Southwest Airlines, Kimberly-Clark, Texas Instruments, D. R. Horton, Dean Foods and Dr. Pepper Snapple, among others. The robust population size combined with sustained job growth and strong presence of top corporations support Dallas’ multifamily market and drive consistent demand for high-quality product.
About LaSalle Income & Growth Funds
The LaSalle Income & Growth funds are the firm’s flagship closed-end U.S. value add fund series, with the first fund in the series launched in 1996. Aggregate fund series capital commitments total $3.4 billion, with approximately $6 billion invested in over 100 investments across all funds in the U.S. series. Fund VII seeks to acquire under-managed, under-capitalized, or mispriced assets to be repositioned as core assets. Property level-investment strategies include lease-up, renovation/repositioning and ground-up development. Fund VII began acquiring assets in 2016.
About LaSalle Investment Management
LaSalle Investment Management is one of the world’s leading real estate investment managers. On a global basis, we manage approximately $77 billion of assets in private equity, debt and public real estate investments as of Q4 2021. The firm sponsors a complete range of investment vehicles including open- and closed-end funds, separate accounts and indirect investments. Our diverse client base includes public and private pension funds, insurance companies, governments, corporations, endowments and private individuals from across the globe. For more information please visit www.lasalle.com and LinkedIn.
NOTE: This information discussed above is based on the market analysis and expectations of LaSalle and should not be relied upon by the reader as research or investment advice regarding LaSalle funds or any issuer or security in particular. The information presented herein is for illustrative and educational purposes and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy in any jurisdiction where prohibited by law or where contrary to local law or regulation. Any such offer to invest, if made, will only be made to certain qualified investors by means of a private placement memorandum or applicable offering document and in accordance with applicable laws and regulations. Past performance is not indicative of future results, nor should any statements herein be construed as a prediction or guarantee of future results.
