What Alterra Property Group does

Alterra Property Group, LLC is a Philadelphia-based, privately held real estate investment, development, and management firm operating two core platforms. The first, APG Living, runs a residential and mixed-use development and property management business that has acquired and managed more than 2,500 units since inception and currently operates 2,000+ upscale apartments under the APG Living brand, anchored geographically in the Philadelphia market with strategic expansion into transit-oriented and office-to-residential conversion projects including 17 Market West (299 units at 1701 Market Street), the Wanamaker Building, and a SEPTA Conshohocken partnership. The second, Alterra IOS (Industrial Outdoor Storage), is a vertically integrated platform dedicated to acquiring, developing, managing, and leasing low-coverage outdoor storage properties (3+ acres, $3MM-$500MM per deal) for transportation, logistics, equipment rental, and building materials tenants across 35+ U.S. states and Canada.

The firm makes money through a combination of closed-end real estate fund management fees and carried interest (most notably the $925M Alterra IOS Venture III and predecessor $524M Venture II), recurring residential and commercial property management fees under APG Living and direct IOS leasing, acquisition/disposition and construction oversight fees on development transactions ($2B+ of cumulative transaction volume), and capital recycling through targeted asset sales. Distribution is enterprise B2B: institutional fundraising is intermediated by placement agents such as Park Madison Partners, while tenant-side leasing is conducted directly or through the firm's in-house acquisitions and asset management teams. The platform is led by co-founders Leo Addimando (Managing Partner) and Jeff Pustizzi (General Counsel), alongside Managing Partner Matt Pfeiffer, with a senior team drawn from Prologis, Liberty Property Trust, EQT Exeter, Rubenstein Partners, Blackstone, JLL, and other institutional owners and operators.

Name

Alterra Property Group

Legal name

Alterra Property Group, LLC

Website

https://alterraproperty.com

Company type

Private

Founded year

2010

Operating status

Operating

Headcount range

51–100 employees

Short description

Alterra Property Group is a Philadelphia-based, privately held real estate firm operating two integrated platforms: APG Living, which manages 2,000+ upscale residential apartments and pursues office-to-residential conversion development in the Mid-Atlantic, and Alterra IOS, an industrial outdoor storage platform with $2B+ in cumulative transaction volume that raises closed-end funds from institutional investors.

Ownership category

akta.pro rank

Product category

Commercial Real Estate Investment & Management

NAICS

Portfolio Management and Investment Advice (523940), Real Estate Property Managers (53131), Nonresidential Property Managers (531312)

SIC

Real Estate Agents & Managers (For Others) (6531), Real Estate Dealers (For Their Own Account) (6532), Investment Advice (6282)

akta.pro primary industry

Real Estate Investment Management (Acquisitions & Dispositions) (BPAJAMAK)

akta.pro secondary industries

Residential Real Estate Asset Management (BPAJAMAA), Real Estate Investment Advisory (Acquisitions/Dispositions, Capital Allocation) (BPAJANAA)

Keywords

• Commercial real estate investment
• Industrial outdoor storage
• Residential property management
• Mixed-use real estate development
• Closed-end real estate funds

Headquarters

HQ city

Philadelphia

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Supply Chain, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Property Management Fees: APG Living division manages 2000+ upscale residential apartments, generating recurring management fees.
2. Real Estate Fund Management: Raises closed-end funds from institutional investors for IOS investments. Alterra IOS Venture III closed at $925 million, raising management fees and carried interest from $2B+ AUM.
3. Property Development and Value Creation: Vertically integrated development generates revenue through acquisition, entitlement, construction oversight, and disposition of residential, mixed-use, and industrial properties.
4. Industrial Outdoor Storage Leasing: IOS platform generates rental income from industrial outdoor storage tenants across 190+ properties in 35+ states.

Pricing tiers

Go-to-market motion3 records

Distribution channels4 records

Marketing channels4 records

Core offering

Alterra Property Group is a Philadelphia-based real estate investment, development, and management firm that runs two operating platforms: APG Living, which develops, acquires, and manages 2,000+ upscale residential and mixed-use apartments, and APG IOS, an institutional Industrial Outdoor Storage platform that has acquired 400+ outdoor storage properties across 38 U.S. states. The firm is vertically integrated, handling acquisition, entitlement, project/construction management, asset management, leasing, property management, accounting, and investor reporting in-house, and raises closed-end real estate funds (IOS Venture II at $524M, IOS Venture III at $925M) for institutional investors.

Product overview

Alterra Property Group operates a dual-platform real estate investment and development model consisting of APG Living (residential management and mixed-use development) and Alterra IOS (Industrial Outdoor Storage). The company handles the full real estate value chain from acquisition and entitlement through construction management, asset management, leasing, property management, and investor reporting. The IOS platform recently closed its third fund at $925 million and manages industrial outdoor storage properties across 38+ states.

Differentiator

Problem solved

Functional benefit

Brands

• APG Living: Residential management division managing upscale residential apartments, with expertise in residential/mixed-use development.
• APG IOS

Products and services

• APG Living (Residential & Mixed-Use Property Management) Full-service residential and mixed-use property management under the APG Living brand for upscale urban apartments, including leasing, tenant services, rent collection via the securecafe resident portal, and on-site property management across multiple Philadelphia-area and mid-Atlantic properties.
• Alterra IOS (Industrial Outdoor Storage Platform) Vertically integrated industrial outdoor storage real estate platform that acquires, develops, manages and leases low building-coverage sites with large stabilized yard space for tenants in transportation, logistics, equipment rental, and building materials. Operates across 38 U.S. states with 400+ properties acquired and $2B+ in transaction volume.
• 17 Market West (1701 Market Street Office-to-Residential Conversion) Luxury apartment community created by Alterra Property Group and partner Wind River Holdings through the conversion of a former office building; offers 299 upscale apartment units with amenities including fitness center, rooftop pool, and golf simulator, located in Center City Philadelphia.
• Alterra IOS Venture III Closed-End Real Estate Fund $925 million closed-end fund targeting US industrial outdoor storage assets, raised in 2023–2024 from public and private pensions, endowments, foundations, sovereign wealth funds, asset managers, family offices, HNW individuals, international investors, and the New Mexico State Investment Council ($100M). Used to acquire and develop infill industrial outdoor storage properties in the US and Canada.
• Mixed-Use Real Estate Development End-to-end mixed-use and residential development service covering acquisition, entitlement, project/construction management, asset management, leasing, and investor reporting, with in-house project design and construction oversight; exemplified by projects like 17 Market West, the Wanamaker Building redevelopment (with TF Cornerstone), and the Conshohocken Transit Oriented Communities project (with SEPTA).

Quantifiable outcome

• 190+ successful IOS transactions across 35+ states
• +3 more outcomes

Named customers5 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

Six partnerships are on record, tiered minor and core.

• TF CornerstoneminorStrategic or Co-development Partner · 1 April 2026Wanamaker Building redevelopment partnership with Alterra Property Group - converting office building into 600 loft-style apartments, one of notable Philadelphia office-to-apartment conversion projects.
• SEPTAcoreStrategic or Co-development Partner · 1 April 2026Transit Oriented Communities program partnership for development near Conshohocken station. Alterra planning 300-unit apartment building as part of SEPTA's strategy to develop land near transit stations to boost ridership and generate revenue.
• Foundry CommercialminorStrategic or Co-development Partner · 1 August 2024Joint venture with Manulife Investment Management to acquire, develop and lease industrial outdoor storage areas in the Southeast US.
• Eco MaterialscoreStrategic or Co-development Partner · 1 January 2024Joint venture between Alterra IOS and Eco Materials for $40 million soil recycling facility at 6110 Passyunk Ave, Southwest Philadelphia. Eco Materials provides environmentally friendly alternative for disposal of construction waste. Project expected to recycle up to 250 tons per hour.
• Wind River HoldingscoreStrategic or Co-development Partner · 1 September 2023Partner with Alterra Property Group in conversion of 1701 Market Street (17 Market West) - 299-unit office-to-residential conversion, largest post-pandemic conversion in Philadelphia.
• Heniff Transportation SystemscoreOthers · 1 February 2023Alterra acquired 14-property portfolio totaling $86 million across eight states on behalf of private equity real estate client. Properties leased by Heniff Transportation, a bulk transportation provider serving terminals, maintenance shops, and transload facilities in outdoor storage markets.

Scale indicators15 records

Recent moves9 records

Expansion highlights6 records

Direct peers

• Foundry Commercial: Foundry Commercial is Alterra's JV partner on Southeast US industrial outdoor storage acquisitions (with Manulife). Both firms specialize in industrial investment and development across the Sun Belt, with comparable acquisition criteria and tenant focus.
• Independence Realty Trust: Independence Realty Trust (NYSE: IRT) is a multifamily REIT focused on middle-class residential. SVP of Asset Management Jeff Schaeffer was previously VP of Asset Management at IRT, and Alterra's APG Living division is comparable in scale and operating model to mid-cap residential operators.
• EQT Exeter: EQT Exeter is a major industrial real estate investment platform. Multiple Alterra team members (Scott Whittle, Mark Gannon, Liam Loftus, Kate Mooney, Morgan Specht) came directly from Exeter, reflecting deep operational overlap in industrial acquisitions and asset management.
• NorthPoint Development: Industrial-focused developer with similar small- to mid-size infill strategy. Lauren Wagner (Alterra Development Manager) previously served as Regional Administrator/Compliance Manager at NorthPoint, indicating directly overlapping operating know-how.
• Rubenstein Partners: Rubenstein Partners is an investment manager specializing in real estate operating companies and funds. Several Alterra team members (Gavin Weaver, Rory O'Connor, Gillian Zhao, Scott Whittle) came from Rubenstein, indicating overlapping fund-management and asset management capabilities.

Broad incumbents

• Liberty Property Trust: Liberty Property Trust was a major industrial REIT acquired by Prologis in 2020. Alterra's senior advisor William Hankowsky is Liberty's former Chairman/CEO, and several Alterra team members (Carolyn Barr, Jim Freeman, Kristin Schmidt, Scott Whittle) came from Liberty, making it a directly comparable institutional industrial platform.
• JLL Capital Markets: JLL is a global real estate services and investment firm with major industrial capital markets activity. Alterra team members (Sean Christman, Liz Scott, Morgan Specht) came from JLL, and JLL serves a comparable role as both an acquirer/manager of capital and a capital-raise intermediary.
• Greystar: Greystar is the largest residential property management and investment firm in the US. VP of Risk Management Lesli Rice previously served as Senior Director of Risk Management at Greystar, and Greystar's vertically integrated residential management platform is directly comparable to APG Living.
• Prologis: Prologis is the world's largest industrial REIT. Deputy General Counsel Jim Freeman was previously lead transactional counsel for Prologis' East Region, and the firm's industrial investment approach overlaps directly with Alterra's IOS strategy.
• Blackstone Real Estate: Blackstone is the world's largest alternative asset manager and a leading industrial outdoor storage acquirer. Managing Partner Matt Pfeiffer began his career at Blackstone (2007-2012), and Blackstone's institutional industrial investment strategy overlaps with Alterra's IOS platform at scale.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Subsidiaries2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Alterra Property Group