Penwood Real Estate Investment Management

What Penwood Real Estate Investment Management does

Penwood Real Estate Investment Management, LLC is a Connecticut-based, SEC-registered investment adviser founded in 2003 by Richard Chase, John Hurley, and Karen Nista, all former CIGNA institutional real estate executives. The firm manages value-added real estate investments exclusively for qualified institutional investors, structuring exposure through individual or commingled fund formats as well as a nationwide industrial separate account established in 2018 with a major state pension plan. Following Rick Chase's retirement in December 2023, ownership and operating leadership transitioned to John Hurley (CIO), Karen Nista (COO), Joseph Koziol (CFO), Christine Kubas (Head of Asset Management), and Zachary Flynn (Head of Acquisitions).

The firm's product platform consists of seven successive value-add industrial funds — CSIP (2005), PSIP II (2007), PSIP III (2011), PSIP IV (2015), PSIP V (2017), Fund VI (2021), and PSIP VII (2023) — alongside the U.S. Industrial Separate Account. Penwood targets supply-constrained industrial submarkets across five geographies: Southern California, Northern New Jersey, Central Pennsylvania, port-centric New York, and Las Vegas, Nevada. Investments span warehouse, distribution, manufacturing, cold storage, food facilities, last-mile logistics, and industrial outdoor storage assets, with typical investment sizes of $10 million to over $100 million. The firm emphasizes owner-perspective underwriting, strict risk/return discipline, and co-investment of principal capital in each partnership to align interests with LPs.

Penwood generates revenue primarily through recurring investment management fees on committed and invested fund capital, supplemented by fund performance fees (promote) tied to value-add investment returns above agreed hurdles. Distribution is entirely direct-to-institutional via personal principal relationships — no retail channels are used — supported by a password-protected investor portal and a referral-driven network of operating partners, service providers, and capital markets intermediaries. The firm is privately held by its principals, with no external parent or institutional venture backing identified.

Name

Penwood Real Estate Investment Management

Legal name

Penwood Real Estate Investment Management LLC

Website

https://penwoodre.com

Company type

Private

Founded year

2003

Operating status

Operating

Headcount range

11–50 employees

Short description

Penwood is a West Hartford, CT-based, SEC-registered investment adviser that manages value-add industrial real estate funds and a nationwide separate account exclusively for qualified institutional investors across supply-constrained U.S. submarkets.

Ownership category

akta.pro rank

Headquarters

HQ city

Hartford

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Others

Revenue model

1. Investment Management Fees: Penwood generates revenue through investment management fees charged to institutional investors for managing value-add industrial property funds and separate accounts.
2. Fund Performance Fees: The firm likely earns performance-based fees tied to investment returns, aligned with its value-add investment strategy focused on above-market returns.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels3 records

Core offering

Penwood structures and manages value-add industrial real estate investment strategies for qualified institutional investors through individual or commingled fund formats. The firm invests exclusively in supply-restricted industrial markets (warehouse, distribution, manufacturing, cold storage, last-mile logistics, industrial outdoor storage) in Southern California, New Jersey, Pennsylvania, port-centric New York, and Las Vegas, Nevada, executing rehabilitation, repositioning, redevelopment, and development of low-risk industrial properties.

Product overview

Penwood Real Estate Investment Management operates a platform of seven value-add industrial real estate funds plus a U.S. Industrial Separate Account. The funds—CSIP (2005), PSIP II (2007), PSIP III (2011), PSIP IV (2015), PSIP V (2017), Fund VI (2021), and PSIP VII (2023)—follow a consistent value-creation strategy targeting rehabilitation, repositioning, redevelopment, and development of low-risk industrial properties. The separate account provides institutional investors with a customized investment vehicle. The firm focuses exclusively on supply-restricted industrial markets including Southern California, Northern New Jersey, Central Pennsylvania, port-centric New York, and Las Vegas, Nevada, investing in warehouse, distribution, manufacturing, cold storage, food facilities, last-mile logistics, and industrial outdoor storage properties with investment sizes ranging from $10 million to over $100 million.

Differentiator

Problem solved

Functional benefit

Products and services

• Penwood Select Industrial Partners VII (PSIP VII) Seventh value-add industrial real estate fund for qualified institutional investors, focused on supply-restricted markets with diverse demand generators.
• Fund VI (Penwood Select Industrial Partners VI) Sixth value-add industrial fund closed in 2021, targeting Southern California, Northern New Jersey, and Central Pennsylvania markets.
• Penwood Select Industrial Partners V (PSIP V) Fifth value-add industrial fund, commenced acquisitions in 2017 across Southern California, Northern New Jersey, and Central Pennsylvania.
• Penwood Select Industrial Partners IV (PSIP IV) Fourth value-add industrial fund targeting Southern California, Northern New Jersey, and Central Pennsylvania, closed in 2015.
• Penwood Select Industrial Partners III (PSIP III) Third value-add industrial fund focused on Southern California and Northern New Jersey, closed in 2011.
• Penwood Select Industrial Partners II (PSIP II) Second value-add industrial fund with a Southern California focus, closed in 2007.
• California Select Industrial Partners (CSIP) Inaugural value-add industrial fund focused on the Southern California target market, closed in 2005.
• Penwood U.S. Industrial Separate Account Nationwide industrial separate account vehicle established in 2018 for a major state pension plan, providing customized institutional exposure to U.S. supply-restricted industrial markets.

Named customers2 records

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Four partnerships are on record, tiered core and minor.

• NFI Real EstatecoreStrategic or Co-development Partner · 29 January 2026JLL Capital Markets facilitated a joint venture partnership between NFI Real Estate and Penwood Real Estate Investment Management LLC, securing $54 million in construction financing for Turnpike 5 Logistics Park, a two-building, 528,478-square-foot speculative industrial development in Burlington County, New Jersey.
• Operating PartnerscoreStrategic or Co-development PartnerPenwood has established significant relationships with a select group of partners that provide local market operating expertise for development, leasing, property management, and disposition services. These partners also provide initial insight into investment opportunities before open market bidding processes.
• Service ProvidersminorOthersPenwood's service providers including legal, environmental, and engineering consultants, contractors, banks, auditors, and brokers provide expertise to support timely execution of investment strategies.
• JLL Capital MarketsminorOthersJLL Capital Markets facilitated the joint venture partnership between NFI Real Estate and Penwood, securing $54 million in construction financing for the Turnpike 5 Logistics Park development.

Scale indicators5 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• DRA Advisors: Value-add real estate investment manager with a long-standing industrial/logistics focus and a similar institutional LP base. Penwood's Head of East/West Coast Asset Management (Lauren Beuerlein) previously worked at DRA, underscoring direct comparability in strategy and talent pool.
• Clarion Partners: Diversified value-add and core-plus real estate investment manager owned by Legg Mason/Franklin Templeton, with a sizable industrial/logistics book targeting institutional LPs. Competes directly with Penwood for industrial allocations.
• Crow Holdings Capital: Real estate investment manager historically focused on industrial and logistics in supply-constrained Sun Belt and gateway markets, managing both commingled funds and separate accounts for institutions—directly comparable to Penwood's model.
• Ares Real Estate Group: Large alternative-asset manager with an industrial/logistics investment focus, pursuing value-add and opportunistic strategies. Competes for institutional capital and industrial assets in similar US submarkets.

Broad incumbents

• CBRE Investment Management: Global, multi-strategy real estate investment management arm of CBRE Group with deep industrial/logistics capabilities. Serves as a much larger, diversified incumbent against which Penwood competes for institutional separate accounts and fund mandates.
• LaSalle Investment Management: Global, multi-strategy real estate investment manager with significant US industrial exposure and separate-account capabilities. Penwood's asset management staff have previously worked at LaSalle, highlighting an overlap in LP relationships and talent.
• RREEF / Deutsche Asset Management (DWS Group): Large-scale global real estate investment manager with diversified strategies including US industrial/logistics. Competes with Penwood for institutional separate-account mandates and core/value-add industrial capital.
• Heitman: Real estate investment manager with US value-add and core strategies across multiple property types including industrial. Targets similar institutional LP base and offers competing separate-account products.
• Principal Real Estate Investors: Large, multi-strategy US real estate investment manager with institutional separate-account and fund offerings across sectors including industrial/logistics. Competes for pension-plan separate-account mandates that Penwood targets.

Regional players

• Bentall Kennedy (Sun Life Real Estate): Real estate investment management arm of Sun Life with strong North American institutional client base. Several Penwood professionals previously worked at Bentall Kennedy, evidencing comparable institutional-LP focus and fund structure.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/penwood-real-estate-investment-management-llc

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 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 Penwood Real Estate Investment Management