CREC

What CREC does

CREC Real Estate, LLC is a private equity real estate investment management firm founded in 2001 by Jeff Coopersmith and headquartered in Columbus, Ohio. The firm focuses on value-add and core-plus multifamily acquisitions in secondary U.S. markets characterized by job and population growth, sourcing capital through closed-end private equity funds (CREC Real Estate Fund I L.P. and CREC Real Estate Fund II L.P., which closed at $80 million in March 2022) and direct private placement vehicles. CREC manages $800 million of real estate as of December 1, 2024, across 59 investments in 19 states and over 40 markets, delivering a 17.50% weighted average IRR and 1.94x weighted average MOIC on realized transactions since 2005.

The firm operates a vertically integrated model: securities are distributed through Core Financial LLC, an SEC-registered broker-dealer (FINRA/SIPC member); investment management is performed by Core Investment Advisors LLC, an SEC exempt reporting adviser; and property operations are handled by Fourth Street Residential, CREC's wholly owned property management affiliate. The Juniper Square platform supports investor onboarding, capital calls, and reporting. The investment process follows a five-stage model (Identify, Structure, Acquire, Improve, Monetize) centered on conservative capital stacks and value-add renovation programs that drive NOI growth prior to exit. CREC targets institutional investors (pension funds, endowments, foundations), family offices, and high net worth accredited investors, with Seth Porter and Mary Heidorn serving as primary investor-relationship contacts.

In February 2025 the firm announced an ownership change, signaling a potential transition event. Leadership includes founder/Chairman Jeff Coopersmith, President Aaron Dixon (promoted December 2020 from COO), Chief Legal Officer Christopher Montgomery, Managing Director of Capital Markets Seth Porter, and Chief Compliance Officer Tom Sarko. Recent senior hires (Bryan Henderson as Director of Asset Management in August 2024) and ongoing acquisitions indicate the firm is rebuilding its acquisition pipeline after a multi-year period in which CREC was a net seller of over $840 million of real estate across 13 properties.

Name

CREC

Legal name

CREC Real Estate, LLC

Website

https://crecrealestate.com

Company type

Private

Founded year

2001

Operating status

Operating

Headcount range

1–10 employees

Short description

CREC Real Estate, LLC is a Columbus, Ohio-based private equity real estate manager focused on value-add multifamily acquisitions in secondary U.S. markets, raising capital from institutions, family offices, and accredited investors through closed-end funds and private placements.

Ownership category

akta.pro rank

Product category

Real Estate Investment Management

NAICS

Portfolio Management and Investment Advice (523940), Other Investment Pools and Funds (5259)

SIC

Real Estate Agents & Managers (For Others) (6531), Investment Advice (6282)

akta.pro primary industry

Commercial Real Estate Asset Management (BPAJAMAB)

Keywords

• Real estate investment management
• Private equity real estate
• Multifamily value-add investing
• Apartment acquisitions
• Real estate fund management

Headquarters

HQ city

Columbus

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Asset Management & Performance Fees: CREC generates returns through value-add multifamily real estate investments, delivering cash flow distributions to investors throughout the hold period and capital appreciation at disposition. As sponsor, CREC earns management fees, promote/carry, and transaction fees aligned with investor returns.
2. Realized Investment Returns to Investors: Track record shows CREC distributing realized proceeds to investors upon property sales. Total investor distributions of $397,961,184 on $205,085,811 of CREC capital contribution across realized transactions since 2005.

Go-to-market motion2 records

Distribution channels3 records

Marketing channels5 records

Core offering

CREC is a boutique private equity real estate investment manager that raises capital from institutions, family offices, and accredited investors through private fund offerings and private placement memorandums, then invests in value-add multifamily apartment acquisitions and select ground-up development in secondary U.S. markets. The firm manages two flagship funds (CREC Real Estate Fund I L.P. and CREC Real Estate Fund II L.P.), supplements them with direct property-level investment vehicles, and operates portfolio assets through its wholly-owned property management affiliate, Fourth Street Residential.

Product overview

CREC is a private equity real estate investment management firm offering a structured portfolio of investment products. The firm operates two closed-end private equity real estate funds (Fund I and Fund II) targeting value-add multifamily acquisitions, supplemented by direct private investment vehicles for individual property investments. Fourth Street Residential serves as the property management affiliate handling portfolio operations. The investor experience is supported by the Juniper Square investor portal for reporting, document access, and capital call management. Securities are distributed through affiliated broker-dealer Core Financial LLC (FINRA/SIPC member) with investment advisory services through Core Investment Advisors LLC.

Differentiator

Problem solved

Functional benefit

Products and services

• CREC Real Estate Fund I L.P. CREC's first private equity real estate fund focused on value-add multifamily acquisitions in secondary U.S. markets, with multiple realized exits including Orchard Meadows, Columbia Pointe, and Los Portales.
• CREC Real Estate Fund II L.P. Second private equity real estate fund closed with $80 million in investor commitments in March 2022, focused on value-add multifamily properties in dynamic secondary markets including Tucson AZ, Atlanta GA, Cincinnati OH, Hilton Head SC, Charlotte NC, Seattle WA, and Phoenix AZ.
• Direct Private Investment Vehicles Individual property-level private investment vehicles managed by CREC that offer direct investment opportunities in specific multifamily assets alongside institutional and private clients, with minimum investment thresholds set per offering.
• Fourth Street Residential (Property Management Affiliate) CREC's wholly-owned property management affiliate managing day-to-day operations, tenant relations, leasing, maintenance, and value-add renovation programs across CREC's multifamily portfolio nationwide.
• Investment Advisory Services (Core Investment Advisors LLC) SEC exempt reporting adviser providing investment management to fund offerings sponsored by CREC Real Estate, LLC, operating in conjunction with affiliated Core Financial LLC.
• Investor Portal (via Juniper Square) Online investor portal at investors.corerecap.com providing access to investment offerings, tax documents, performance reports, property reports, capital call notices, and financial statements, accessible via computer or mobile device.

Quantifiable outcome

• 17.5% weighted average IRR on realized transactions since 2005
• +4 more outcomes

Named customers3 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration2 records

Partnerships

Nine partnerships are on record, tiered core and minor.

• BKE Capital LLCcoreStrategic or Co-development Partner · 1 April 2022BKE Capital LLC is a vertically integrated multifamily company headquartered in Plano, Texas. Allied Property Management, BKE's affiliated property management company, manages in excess of 5,000 units in the Dallas-Fort Worth metroplex. Joint venture with CREC on Prairie Court Apartments (123-unit) in Grand Prairie, TX.
• Westland InvestorscoreStrategic or Co-development Partner · 1 December 2021Westland Investors, based in Portland, OR, is a leading multifamily operator and developer with over 40 years of focus in the US Pacific Northwest. Jointly acquired Terra Verde Apartments (73-unit) in Everett, WA with CREC in December 2021. Westland/its affiliate Centro Management provides property management.
• McDowell PropertiesminorStrategic or Co-development Partner · 1 July 2021McDowell Properties is a leading multifamily company that specializes in acquiring, repositioning, and asset managing apartment projects across the country. Partnered with CREC on Somerset at the Crossings Apartments (264-unit) in Tucker, GA (Atlanta metro).
• Sterling GroupminorStrategic or Co-development Partner · 1 November 2020Sterling Group, an Indiana-based real estate company, partnered with CREC on the acquisition of Icon Avondale (374-unit) in Decatur, GA, marking CREC's 50th real estate investment.
• PM Realty Group (PMRG)coreStrategic or Co-development Partner · 1 December 2018PMRG is a national real estate developer that partnered with CREC to form a joint venture for the development of Hidden Springs, a 200-unit senior living community in McKinney, Texas. PMRG served as development and operating partner on the senior housing project.
• Rincon Capital PartnerscoreStrategic or Co-development Partner · 1 November 2018Rincon Capital Partners is a Phoenix-based vertically integrated real estate investment firm with acquisition offices in Atlanta and Dallas. CREC and Rincon have collaborated on multiple joint ventures including acquisitions in Tucson, AZ (Los Portales/Alterra, Woodridge), Phoenix, AZ (Ascent 1829), Hilton Head/Bluffton, SC (NEXTLoft), and Charleston, SC (Planters Trace). Rincon serves as operating partner on value-add multifamily acquisitions.
• Flaherty & CollinscoreStrategic or Co-development Partner · 1 April 2016Flaherty & Collins is an accomplished developer that partnered with CREC on The Boulevard at Oakley Station, a 150-unit Class A multifamily development in Oakley, Ohio (Cincinnati suburb). Flaherty & Collins was the development partner while CREC provided capital. CREC also engaged Flaherty & Collins as property management for The Vue 180 in Newport, KY.
• Barrett & StokelyminorStrategic or Co-development Partner · 1 March 2012Barrett & Stokely served as joint venture partner on CREC's acquisition of Brockton Apartments, a 284-unit multifamily community in Indianapolis (Broad Ripple).
• Fourth Street ResidentialcoreOthers · 1 March 2012Fourth Street Residential is CREC's affiliate property management company that oversees day-to-day operations of CREC's multifamily portfolio. Led by Director of Operations Charity Jacobs. Provides property management, maintenance, and leasing services across the portfolio nationwide.

Scale indicators7 records

Recent moves8 records

Expansion highlights5 records

Direct peers

• Waterton: Chicago-based multifamily-focused real estate investment manager executing value-add and core-plus apartment strategies in secondary and select primary U.S. markets. Closely comparable to CREC by asset class focus, fund structure, and investor base (institutions, family offices, HNW).
• Hamilton Zanze: Boutique private equity real estate firm focused exclusively on value-add multifamily investments across U.S. secondary markets. Direct comparable to CREC in strategy, asset class, geographic focus, and institutional LP/family office investor base.
• Berkshire Residential Investments: Boston-based multifamily investment manager combining fund sponsorship with vertically integrated property management. Comparable to CREC's sponsor-plus-Fourth Street Residential integrated model, with similar value-add multifamily investment focus.
• Virtus Real Estate Capital: Austin-based boutique real estate private equity firm focused on value-add multifamily investments. Closely matches CREC's fund structure, asset class concentration, and target geographies (secondary and Sunbelt markets).
• FCP Real Estate: Chevy Chase-based private equity real estate investment firm investing in multifamily and other asset classes through commingled funds and joint ventures. Comparable to CREC in fund sponsorship, value-add multifamily focus, and institutional/family office LP base.
• Mill Creek Residential: Boca Raton-based multifamily investor, developer, and operator with value-add and ground-up strategies across U.S. markets. Comparable to CREC's value-add multifamily focus, vertically integrated operating model, and JV-driven deal sourcing approach.
• Bluerock Real Estate: New York-based institutional real estate investment manager sponsoring closed-end private equity multifamily funds. Comparable to CREC's product structure (multi-fund PE series), institutional LP base, and multifamily concentration.

Broad incumbents

• Harrison Street Capital: Chicago-based alternative real estate investment manager with diversified strategies across multifamily, student housing, senior living, and more. Broader incumbent with similar institutional LP base and value-add orientation; meaningfully larger AUM than CREC.
• GTIS Partners: New York-based real estate private equity firm investing across U.S. multifamily, industrial, office, and residential strategies. Broader real estate PE incumbent with overlapping multifamily value-add activity and similar institutional LP channels.
• AEW Capital Management: Boston-based global real estate investment manager with core, value-add, and opportunistic strategies across multiple property types. Broader incumbent that competes for institutional LP capital with overlapping multifamily value-add capabilities.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/core-real-estate-capital-llc

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Subsidiaries1 record

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 CREC