What Cross Lake Partners does

Cross Lake Partners is a privately held, partner-owned U.S. real estate investment firm founded in 2018 by Michael Barr and Jonathan Shumaker, headquartered at 12 East 49th Street, New York. The firm manages approximately $1 billion in assets under management and pursues a value-driven, opportunistic approach investing in the top 30 U.S. growth markets, with a strategic emphasis on the Sunbelt. Its investment platform was established to continue the real estate business formerly managed at Paulson & Co., where the founders previously oversaw more than $20 billion of aggregate real estate transactions across residential land, multifamily, and special situations.

The firm's core investment verticals span residential land development, single-family and townhome communities, condominium and apartment communities (including build-to-rent), mixed-use waterfront districts, upper-upscale hospitality, and special situations involving operational or capital-structure distress. Cross Lake typically operates as the equity partner alongside established operating developers — including GreenPointe Developers, Raintree Investment Corporation, Tishman Realty, Blaze Capital Partners, and Wharton Equity Partners — providing capital and investment oversight while operating partners handle development management. The business model follows a standard private equity real estate structure: management fees on AUM from institutional limited partners (pension funds, endowments, family offices) plus carried interest on realized gains, with capital raised through a dedicated Investor Relations team and the Juniper Square investor portal. The firm does not develop proprietary technology; its edge rests on underwriting discipline, an institutional talent pedigree (Paulson, Lehman Brothers, Marathon, Blackstone alumni), and a deep co-investment operating-partner network built across more than 40,000 home sites since 2010.

Name

Cross Lake Partners

Legal name

Cross Lake Partners LP

Website

https://crosslakepartners.com

Company type

Private

Founded year

2018

Operating status

Operating

Headcount range

11–50 employees

Short description

Cross Lake Partners is a privately held, New York–based real estate investment firm founded in 2018 that manages approximately $1 billion in AUM, investing alongside operating partners in residential land, multifamily, mixed-use, hospitality, and special-situation assets across U.S. Sunbelt growth markets on behalf of institutional limited partners.

Ownership category

akta.pro rank

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Real Estate Investment Management Fees: Cross Lake Partners earns management fees (typically a percentage of assets under management) from its institutional investor limited partners. The firm also earns carried interest (performance-based profit participation) on realized gains from its investment portfolio, aligned with the private equity model.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels3 records

Core offering

Cross Lake Partners is an independent, privately held real estate investment firm managing approximately $1 billion in assets under management. Founded in 2018, the firm pursues a value-driven, disciplined approach to investing in the top 30 U.S. growth (sunbelt) markets across residential land, multifamily, mixed-use, hospitality, and special situations/distressed assets. The firm raises capital from institutional investors and deploys it alongside operating partners in co-developed real estate projects.

Product overview

Cross Lake Partners is a real estate investment management firm that offers a unified investment platform focused on opportunistic and value-oriented real estate investing across U.S. growth markets. The firm's core products encompass residential land development, single-family homes, townhome communities, condominiums, apartment communities (including build-for-rent), special situations/distressed assets, and mixed-use waterfront developments. These offerings work together as an integrated investment approach targeting sunbelt markets with a focus on residential real estate across multiple asset types and risk profiles.

Differentiator

Problem solved

Functional benefit

Products and services

• Residential Land Development Investments Acquisition and development of residential land in sunbelt markets, including single-family lots, townhome sites, and master-planned community development for institutional investors.
• Multifamily Apartment Investments Multifamily apartment development and acquisition, including build-to-rent single-family rental communities, in target U.S. growth markets.
• Hospitality and Hotel Investments Acquisition and operational repositioning of institutional-quality, full-service hotels in major leisure and convention markets such as Orlando.
• Special Situations and Distressed Asset Investments Value-add and opportunistic investments in assets with operational or capital structure distress, targeting returns through hands-on asset management and restructuring expertise.
• Mixed-Use Development Investments Large-scale mixed-use district developments combining residential, retail, hotel, and office components in high-growth markets.
• Real Estate Private Equity Funds Privately offered real estate investment funds raising capital from institutional limited partners (pension funds, endowments, family offices) to deploy into U.S. growth market real estate opportunities.

Quantifiable outcome

• Over $20 billion in aggregate real estate transactions executed by the managing partners over their careers
• +4 more outcomes

Named customers6 records

Segments4 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Eleven partnerships are on record, tiered ancillary, core, major and minor.

• Cameron Mitchell RestaurantsancillaryGTM or Marketing Partner · 1 January 2023Cameron Mitchell Restaurants' Ocean Prime brand will open its first Sarasota location at Quay Sarasota in late 2024. The upscale seafood and steak restaurant (9,500+ sf, 350+ seats, two stories) will be a key F&B amenity at the mixed-use waterfront development co-developed by Cross Lake Partners and GreenPointe Developers, enhancing the destination appeal for residents and visitors.
• Tishman RealtycoreStrategic or Co-development Partner · 1 January 2022Tishman Realty and Cross Lake Partners co-acquired the Wyndham Grand Orlando Bonnet Creek (a 400-room hotel near Walt Disney World) in April 2022. Tishman Realty brought over 40 years of Orlando hotel market experience and a portfolio of over 4,100 hotel keys in the market; Cross Lake contributed capital and its investment platform.
• HEI Hotels & ResortscoreImplementation/ SI/ Consulting Partner · 1 January 2022HEI Hotels & Resorts assumed property management of the Wyndham Grand Orlando Bonnet Creek following its acquisition by Tishman Realty and Cross Lake Partners. HEI is one of the top hospitality management companies in the U.S., managing over 85 hotels, and brings operational expertise to the asset.
• Blaze Capital PartnersmajorStrategic or Co-development Partner · 1 January 2021Blaze Capital Partners (Charleston, SC) and Cross Lake Partners co-developed Chamberlain Pines, a 132-unit townhome rental community in Summerville, SC (suburb of Charleston). Blaze served as developer and regional operator, with Cross Lake providing equity capital. The sale of Chamberlain Pines closed in October 2022.
• Rivers ResidentialmajorStrategic or Co-development Partner · 1 January 2021Rivers Residential collaborated with Cross Lake Partners and GreenPointe Developers on The Easton Riverview, a 300-unit luxury multifamily complex in Riverview, FL (Tampa metro). Rivers Residential served as property manager and operator. The project began leasing in October 2022 and was over 95% leased by August 2023.
• Wharton Equity PartnersmajorStrategic or Co-development Partner · 1 January 2020Wharton Urban (an operating platform of Wharton Equity Partners) and Cross Lake Partners co-acquired and developed the Burdines Site, a 2.2-acre development parcel in downtown Miami, sold in June 2021 for $46 million. Cross Lake and Wharton acquired the distressed note for $16.25 million, negotiated a deed-in-lieu-of-foreclosure, and gained title to the site zoned for a 2-million-square-foot mixed-use development.
• Lennar Multifamily CommunitiescoreChannel Partner/ Reseller/ Distributor · 1 January 2020Lennar Multifamily Communities acquired 1.65 acres at Quay Sarasota from GreenPointe/Cross Lake Partners to develop a 12-story, 240-unit luxury multifamily tower with 13,000+ sf of ground-floor retail. Construction began in 2021 with expected completion in Fall 2023. A separate Lennar affiliate (PulteGroup) also re-entered the Salt Lake City market through Jordanelle Ridge in early 2024.
• Kolter UrbancoreChannel Partner/ Reseller/ Distributor · 1 January 2020Kolter Urban acquired 1.15 acres at Quay Sarasota from GreenPointe/Cross Lake Partners for Bayso Sarasota, an 18-story, 149-unit luxury condominium project priced from $800,000. Kolter also previously acquired a tract for The Ritz-Carlton Residences Sarasota (73 units, completed late 2020). Both transactions generated over $40 million for the seller partnership.
• JLL Capital MarketsminorImplementation/ SI/ Consulting Partner · 1 January 2020JLL Capital Markets (team led by Manny de Zarraga, Maurice Habif, and Simon Banke) represented Cross Lake Partners and GreenPointe in completing the sale of a parcel at Quay Sarasota to Lennar Multifamily Communities.
• Raintree Investment CorporationcoreStrategic or Co-development Partner · 1 January 2018Raintree Investment Corporation is a co-developer with Cross Lake Partners on multiple large-scale projects, including Lake Las Vegas (a 3,600-acre master-planned community in Henderson, NV) and the Marcella Club near Park City, UT (a ski-golf master-planned community anchored by a Tiger Woods-designed golf course). Both entities have partnered on land acquisition, entitlements, and development execution across multiple sunbelt markets.
• GreenPointe DeveloperscoreStrategic or Co-development Partner · 1 January 2018GreenPointe Developers and Cross Lake Partners are co-developers of Quay Sarasota (a 14-acre mixed-use waterfront district in Sarasota, FL) and have collaborated on The Easton Riverview multifamily project in Tampa, FL. GreenPointe is the primary operating partner handling development management, while Cross Lake provides equity capital and investment oversight.

Scale indicators5 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• Rockpoint Group: Rockpoint Group is a real estate private equity firm pursuing opportunistic and value-add investments across U.S. real estate. Its strategy and institutional LP base closely parallel Cross Lake's.
• Crow Holdings Capital: Crow Holdings Capital is the investment management affiliate of Crow Holdings, focused on U.S. commercial real estate across multiple strategies and geographies. It competes with Cross Lake for institutional real estate allocations.
• Westbrook Partners: Westbrook Partners is a real estate private equity firm where Cross Lake co-founder Michael Barr previously served as a principal and Investment Committee member. It pursues a comparable opportunistic/value-add real estate strategy with institutional capital partners.
• Raintree Investment Corporation: Raintree is Cross Lake's primary co-developer on master-planned communities such as Lake Las Vegas (3,600 acres) and Marcella Club in Utah. It operates a virtually identical land-development and co-investment model in sunbelt and mountain markets, making it the most directly comparable peer.
• Stockbridge Capital Group: Stockbridge Capital is a real estate investment manager offering value-add, opportunistic, and core strategies. Like Cross Lake, it works with institutional investors and pursues differentiated sector theses across U.S. real estate.
• Clarion Partners: Clarion Partners is a long-established real estate investment manager pursuing value-add and opportunistic strategies across U.S. real estate. Cross Lake's CFO Richard Itskov previously served as Assistant Fund Controller at Clarion, reflecting shared institutional real estate investment DNA.
• Paulson & Co. (Real Estate Funds): Paulson's real estate funds are the predecessor platform from which Cross Lake's managing partners spun out in 2018. Both pursue opportunistic, value-driven real estate investing through a small team with institutional LPs, providing a near-identical model benchmark.
• Pretium Partners: Pretium is a real estate investment manager with a strong residential and single-family rental focus, similar to Cross Lake's residential land and build-to-rent emphasis. Both target U.S. growth markets with institutional capital.

Broad incumbents

• Marathon Asset Management: Marathon Asset Management is a large alternative investment manager with a real estate platform that overlaps Cross Lake's opportunistic value-add approach. Gloria Viniar (Cross Lake's Director of IR) previously worked at Marathon, indicating direct personnel and strategy overlap.
• Brookfield Real Estate: Brookfield Real Estate is one of the world's largest real estate investment managers with a broad, multi-strategy platform. While much larger, it is a relevant comparable for Cross Lake's institutional capital-raise and sunbelt deployment model.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles13 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 Cross Lake Partners