Former AECOM Capital Real Estate chief executive Warren Wachsberger has stepped out to establish his own real estate investment company, Eldridge Acre Partners. This new venture, based in Century City, is formed in partnership with Eldridge Industries, the holding firm of billionaire Todd Boehly, and is set to concentrate on opportunistic real estate investments for a global investor base. Eldridge Acre Partners will also maintain its role as a subadvisor to AECOM, Wachsberger’s previous firm, signaling a continued collaboration while embarking on this independent path.
This move comes as AECOM refocuses on its core strengths in engineering and construction. According to Wachsberger, “As AECOM was evolving to prioritize its engineering and construction competencies, we saw an opportunity to partner with Eldridge Industries. This partnership allowed us to effectively spin out the real estate investment business and continue operating with the same team and approach, but under a new entity – Eldridge Acre Partners – that is strategically positioned to capitalize on current market opportunities.” Wachsberger has successfully brought his entire team from AECOM Capital Real Estate to Eldridge Acre Partners, ensuring continuity and expertise from day one.
Wachsberger expresses strong confidence in Eldridge Acre Partners‘ ability to deliver substantial returns on investment. He highlights the firm’s unique foundation: “Our DNA is deeply rooted in a major design, engineering, and construction firm. Consequently, a significant portion of our team comprises seasoned real estate developers and construction professionals. This background is key to our investment philosophy and differentiation – we bring both crucial capital and deep industry expertise to our ventures.” This blend of financial resources and hands-on development knowledge positions Eldridge Acre Partners as a distinctive player in the real estate investment landscape.
While Eldridge Acre Partners adopts a flexible approach to asset types, their primary focus will be on multifamily developments. The firm is also keenly interested in student housing, hotels, mixed-use projects, and logistics space developments. Wachsberger points to current market conditions as particularly favorable for Eldridge Acre Partners‘ strategy: “We observe significant opportunities in the market right now, particularly with developers facing challenges with stalled projects. Eldridge Acre Partners is ideally positioned to inject both capital and our team’s expertise into these projects, offering a compelling proposition during a time when securing capital is difficult for many.”
Although projects within Los Angeles remain attractive, Eldridge Acre Partners is adopting a nationwide investment scope. The firm intends to leverage current market disruptions, with Bloomberg reporting that their anticipated investment pipeline could reach approximately $3 billion over the next five years.
Tony Minella, cofounder and president of Eldridge Industries, conveyed enthusiasm for the partnership, stating, “Warren and the Eldridge Acre Partners team’s impressive history of successfully sourcing, developing, and managing a diverse real estate portfolio provides a strong foundation for a thriving platform.”
The leadership team at Eldridge Acre Partners, under Wachsberger’s direction as chief executive, includes Josh Katzin as chief investment officer, Travis Skelton as managing partner and head of east coast operations, Paul Giorgio as chief operating officer, and Meredith Strongin as managing director and head of asset management. This experienced executive committee is poised to guide Eldridge Acre Partners in its mission to become a leading opportunistic real estate investment firm.
