Windsor Columbia Realty Fund LLC (“WCRF”), a discretionary equity co-investment joint venture between affiliates of GID and the Oregon Public Employees Retirement Fund (“OPERF”), was formed in 2004. In the fall of 2004, OPERF selected GID as a replacement partner/adviser when it decided to terminate and remove the general partner of an existing multi-family co-investment joint venture that owned 1,897 units in 12 properties plus two land development sites. GID handled the transition, assessed the existing properties owned by the partnership and formed a new co-investment partnership with certain of the existing assets. GID provided asset management and disposition services of the properties not retained by the partnership.
WCRF’s objective is to achieve superior risk-adjusted investment returns for its partners through the active portfolio management of its existing apartment communities and the investment and development of apartment communities throughout the United States.
As of December 31, 2011, WCRF owns 12 existing properties totaling 2,428 units in downtown Manhattan, the Washington, D.C. metro area, Austin, Charlotte, Denver, and Rohnert Park, CA. In addition, WCRF is developing 556 units in three projects in Denver, Cambridge and Fort Lee, NJ. GID continues to seek acquisition and development opportunities on behalf of WCRF that meet its investment criteria.
GID, which makes a significant equity co-investment in WCRF, serves as portfolio and asset manager, and through Windsor Property Management Company, its property management affiliate, as property manager.