A Story of Growth
Pensam Residential is the product of an acute understanding of the value of integration. The story begins when Michael Stein, Founding Partner of Pensam Residential, began his real estate career as a multihousing investment sales broker at CB Richard Ellis. After nearly a decade with CBRE, Michael joined Aztec Group, where he invested in a diverse portfolio of commercial, multihousing, and hospitality transactions. In 2009, Michael founded Pensam Capital with Gavin Beekman and Joe Ackerman, and grew the firm into one of the country’s largest private real estate investors and capital providers.
Drawing upon Michael Stein’s over 25 years of industry experience, the case for integration was clear: by encompassing all facets of property ownership and investment, Pensam Residential would create value through strategic acquisitions, creative financing, renovations, and property management. With a clear philosophy of acquiring properties below replacement cost, obtaining favorable financing, and making carefully-calculated property enhancements, Pensam Residential’s Multihousing investment program began to grow. Currently, the Multihousing program encompasses nearly 50 investments, totaling approximately 15,000 units.
Due to its strong performance, Pensam Residential developed a national reputation as a real estate investor, and also noticed a gap in the capital markets for multihousing projects that would lead to the creation of the Preferred Equity program.
Leveraging insights from Pensam Residential’s multihousing portfolio, the Preferred Equity program is focused on offering flexible financing alternatives to sponsors looking to purchase new multihousing assets, make capital improvements, or supplement existing financing. This program distinguishes itself by providing flexibility in capital positions, and enabling sponsors’ quick execution due to Pensam Residential’s experience in underwriting debt and alternative financing for multihousing assets. Pensam Residential has closed over thirty Preferred Equity transactions, including a portfolio of over 9,000 units.
Through its multihousing investments and Preferred Equity program, Pensam Residential has invested in over 110 multihousing properties across the United States representing over 33,000 units.