E2M and its predecessor funds have actively invested in real estate since 1992. Collectively, these entities have formed four investment programs. Three of these programs, Eiger Fund I, Rosewood Sammons Investment Program and 2M Real Estate Investment Program are fully invested. The following are representative investments from these funds.
Aureus Group, LLC
Aureus Group, LLC is an operating company formed to acquire, develop and own assisted–living facilities, operated by high quality national or regional managers.
To date, Aureus has acquired four Sunrise Assisted–Living Projects and eleven Brighton Gardens by Sunrise (formerly Marriott) projects. Sunrise Senior Living, the operator of all fifteen assets, is the nation’s leading operator of assisted–living facilities. All of the projects have been sold, and Aureus currently owns interests in six assets and in one development site and is actively seeking new project investments.
Hammock Dunes
Hammock Dunes is a 1,000 acre master–planned, private, gated oceanfront golf community located on the Atlantic Ocean midway between Daytona Beach, Florida and St. Augustine, Florida.
The investment was made in 1999, at which time the community’s amenity package and infrastructure were complete and the 1,387 residential units were approximately 40% sold. The assets were acquired at a significant discount.
Today, approximately 99% of the lot inventory, the marina and 100% of the condominium sites have been sold.
Marriot Hotel Portfolio
The team invested in the development of 23 Marriott International hotels. The development partner in each of the transactions was a Dallas–based hotel developer with over 40 years of hotel development experience.
The objective of the program was to develop, stabilize and sell Marriott–branded hotels. The team also invested in a hotel lessee and hotel development site. Each of the 23 hotels has been sold and the lease completed. The development site as been sold.
RC Retail, L.P.
RC Retail, L.P. was formed to develop, operate and sell a 34,250 square foot retail project in Dallas, Texas. The operating partner for RC Retail was a Dallas–based retail developer with over 35 years of experience in the market.
The development is located on one of the last available sites in the uptown market across from the Crescent Office Buildings, the leading office complex in Dallas. In 2005 the property was sold to a national real estate investment trust.
Ski Partners LLC
Ski Partners LLC was formed to invest in a high yield, subordinate debt tranche of a loan made to American Skiing Company Resort Properties, Inc. (“American Ski”), a subsidiary of American Skiing Company — the largest operator of alpine ski and snowboard resorts in the United States.
The loan was secured by certain real estate assets owned by American Ski. In 2003, a deed in lieu transaction occurred, resulting in:
- SP Land Company, LLC (“SP Land”) was formed to accept certain assets transferred from American Ski.
- American Ski and certain of its affiliates contributed to SP Land approximately 470 acres of real estate in and around the Killington Resort, in Killington, Vermont in return for a minority interest in SP Land.
- Ski Partners 2000 contributed its interest in the loan to SP Land in exchange for a controlling interest in SP Land Company.
In 2007, American Ski agreed to sell the entire Killington Resort and its adjacent Pico Resort to SP Land. SP Land and Powdr Corp., a Utah ski resort company, have entered into a joint venture to own and operate the two resorts.
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