Argent Management and Colony Capital to Manage $1.2 Billion Land Portfolios
Argent Management LLC, a provider of real estate services to institutional investors, private owners, developers, and financial institutions, has agreed to partner with Colony Capital, a global real estate investment and advisory firm, to manage $1.2 billion of land portfolios.
The first portfolio the two companies will manage is an $800 million real estate acquisition, development and construction loans that Colony acquired from the Federal Deposit Insurance Corp. Another piece of real estate acquired in the partnership is a $400 million portfolio that Colony was already working and managing.
“We are pleased to partner with Argent on this portfolio,” said Paul Fuhrman, a principal at Colony Capital, Santa Monica, Calif. “Argent is the best in class, and it made sense for Colony and Argent to collaborate in managing these portfolios because of the diverse characteristics of the land assets.”
Secured by land assets throughout the United States from a consortium of investors, the two firms decided to partner and purchase the FDIC offering of loans, which was seized from failed banks. The land assets include several residential and commercial developments located in Florida, Michigan, Utah and more than 15 other states.
“We are pleased that Colony chose Argent to partner with in acquiring and managing this portfolio,” said Dale Strickland, senior vice president of Argent Management, Irvine, Calif. “Colony is one of the largest participants in the FDIC’s structured transaction program, and we are honored that our expertise is being called on to maximize the returns on this collection of assets.”