North Colony Asset Management

What North Colony Asset Management does

North Colony Asset Management, LLC is a privately held, Boston-based real estate investment firm founded in 2017 by Mario Valdivia Bernstein, Brian Antonellis, and Chip Palumbo. The firm acquires and manages commercial real estate directly, targeting markets in the Greater Boston and broader New England area — with selective expansion into Long Island City, New York — and constructs its portfolio around office, multifamily, retail, industrial, lab/flex, and mixed-use assets with stable cash flow acquired at discounts to replacement cost. The firm explicitly co-invests its own capital alongside investor capital across its vehicles, positioning alignment of interests as a core value proposition to LPs.

The team of roughly ten professionals combines backgrounds at Credit Suisse First Boston, Iron Mountain, Harvard, JLL, Spaulding & Slye Investments, and Grupo ICOM, with senior leadership additions through 2025 (Nicolas Lopez Huneeus, Jose Ignacio Amenabar, Tim Bender). The portfolio comprises approximately 25 currently-held properties across Massachusetts, Connecticut, Rhode Island, Vermont, and New York, with one disclosed disposition (200 Inner Belt Road, Somerville, October 2021). North Colony markets itself to high-net-worth individuals and institutional investors seeking direct, professionally managed commercial real estate exposure in markets where the team has extensive local knowledge.

The firm's revenue model rests on real estate investment management — asset management fees, acquisition and disposition fees, and promote / carried interest on exits — with terms negotiated individually with investors through an AppFolio-powered investor portal rather than via publicly disclosed fund vehicles. There are no public funding rounds, no disclosed external institutional LPs, no licensing or regulatory milestones, and no proprietary technology platform; operations are lean and direct-investment focused.

Name

North Colony Asset Management

Legal name

North Colony Asset Management, LLC

Website

https://northcolony.com

Company type

Private

Founded year

2017

Operating status

Operating

Headcount range

1–10 employees

Short description

North Colony Asset Management is a privately held Boston-based commercial real estate investment firm that directly acquires and manages office, multifamily, retail, industrial, and lab/flex properties across New England and selective New York submarkets, co-investing its own capital alongside high-net-worth and institutional investor capital.

Ownership category

akta.pro rank

Product category

Commercial Real Estate Investment Management

NAICS

Lessors of Real Estate (5311), Portfolio Management and Investment Advice (523940)

SIC

Investors, Nec (6799), Real Estate Dealers (For Their Own Account) (6532)

akta.pro primary industry

Real Estate Portfolio & Fund Management (Institutional/REIT/PE) (BPAJAMAJ)

Keywords

• Commercial real estate investment
• Real estate asset management
• Direct property investment
• Co-investment opportunities
• Real estate portfolio management

Headquarters

HQ city

Maussane

HQ country

France

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Real Estate Investment Management: Generates returns through direct investment in commercial real estate assets, including acquisition, management, and eventual disposition of properties. The firm invests its own capital alongside investor funds.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels1 record

Core offering

North Colony Asset Management is a privately held real estate investment firm that directly invests in commercial real estate assets throughout the North Eastern United States, with a focus on New England and the Greater Boston market. The firm provides opportunities for institutional and high-net-worth investors to co-invest alongside the firm in well-located commercial assets acquired at discounts to replacement cost. It manages a portfolio of approximately 26 properties spanning office, multifamily, retail, industrial, lab/flex, and mixed-use categories, and operates an investor portal for portfolio information access.

Product overview

North Colony Asset Management is a privately held real estate investment firm headquartered in Boston, MA that directly invests in real estate across the Greater New England area. The company operates as a single investment platform focused on acquiring commercial real estate assets at discounts to replacement cost, targeting markets with extensive local knowledge. North Colony's portfolio consists of 26 distinct real estate assets spanning multiple property types and geographic markets, primarily in the Northeast United States with a concentration in New England and Greater Boston. The investment strategy focuses on acquiring well-located commercial assets with stable cash flow and upside potential, providing good risk-adjusted returns. The portfolio includes diverse property types: office buildings (250 Summer Street, 222 Third Street, 343 Congress Street, Gateway Center, 306 Belmont Street, 625 Mount Auburn Street), office/retail mixed-use (226 Causeway Street), lab/flex/industrial properties (The Bindery, 554 Clark Road), industrial buildings (39 Olympia Avenue, TA Travel Plaza, 48-49 35th Street), retail centers (Saugus Plaza, 111 Speen Street), multifamily/residential (Union Court Apartments, Heritage Point), office parks (Harbour Pointe Portfolio), and mixed-use commercial (200 Dan Road, 10-20 Channel Center, 33-20 48th Avenue, 1946 & 1960 Post Road), plus assets in secondary markets (40 IDX Drive in Vermont, Gateway Center in Rhode Island). The company also provides an Investor Portal service for investors to access investment information.

Differentiator

Problem solved

Functional benefit

Products and services

• Co-investment opportunities in commercial real estate

Segments1 record

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Scale indicators5 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Independencia Asset Management: Chile-based asset manager where North Colony co-founders previously worked. Operates a similar co-investment real estate strategy across the Americas, making it the most directly comparable peer in business model and origination approach.
• Spaulding & Slye Investments: Historic Boston-based commercial real estate investment manager where North Colony partner Drew Pepoli previously served as Managing Director of Asset Management. Comparable as a New England-focused CRE manager operating multi-million SF portfolios across office, multifamily, and industrial.
• The Grossman Companies: New England-based real estate investment and management firm with a portfolio spanning multifamily, office, and mixed-use assets. Drew Pepoli worked at Grossman before joining North Colony, making it a directly comparable regional operator.
• Bulfinch Companies: Boston-based private real estate investment and development firm focused on commercial assets across Greater Boston and the Northeast. Directly comparable as a regional boutique pursuing a similar market and asset class focus.
• Berkeley Investments: Boston-based private real estate investment manager that acquires, develops, and operates multifamily and mixed-use assets in Greater Boston and the Northeast. Directly comparable in size, geography, and direct-investment strategy.
• Nordblom Company: New England real estate investment and development firm with a multi-decade track record of acquiring and managing commercial properties across Greater Boston. Comparable as a family-controlled private CRE manager with overlapping product types.
• Boston Realty Advisors: Boston-based boutique commercial real estate advisory and investment firm serving institutional and private clients across Greater Boston and New England. Directly comparable in scale, geography, and client base (HNI / institutional investors).
• The Beal Companies: Boston-based privately held commercial real estate investment and development firm operating across office, multifamily, industrial, and mixed-use assets. Comparable as a long-standing New England real estate operator with a direct-investment model.

Broad incumbents

• JLL (Jones Lang LaSalle) - New England Capital Markets: Global commercial real estate services firm with significant presence in Boston and New England capital markets, brokerage, and asset management. Comparable as a destination for North Colony partners (Drew Pepoli came from JLL) and as a broader incumbent offering overlapping services.
• Cushman & Wakefield - New England: Global commercial real estate services firm with a strong Boston / New England practice spanning investment sales, capital markets, and asset management. Comparable as a broader incumbent that intermediates capital and manages assets in the same geography.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/north-colony-asset-management

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 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 North Colony Asset Management