Sponsored by Encore Capital Management (“Encore”), a vertically integrated real estate development and investment firm headquartered in Boca Raton, FL.
Rescore is an opportunistic $500M private equity development fund structured as a private REIT. Restore will develop, stabilize, and hold new Class A apartment projects in infill locations within high job-growth and high household formation urban markets such as Los Angeles, San Francisco, Dallas, Miami, Orlando, and select other metros. Rescore has already acquired 2 land parcels representing $60M of equity, and have over $250M in acquisition pipeline identified. Through its distressed / opportunistic sourcing, Rescore anticipates a 150 – 200 bps spread between development yield and exit cap rate in its current multifamily development projects.
Rescore has the ability to build new apartments to a 7% cap rate in markets where 10 year-old properties are currently trading to 5% or lower cap rates. This 7% cap rate is achieved through off-market sourcing of under-utilized land and it’s at-cost, in-house planning, development, and construction capabilities. Importantly, as with Encore Fund I and Fund II, Rescore is a sponsor not an allocator. The private REIT structure established up front will provides tax efficiency and the opportunity to exit via an IPO if market conditions warrant. Net returns are targeted at 20% IRR and 2x equity multiple.
Since its formation in 2009 Encore has successfully deployed over $600M in equity towards distressed and opportunistic residential real estate projects and has acquired and developed (or is in the process of developing) 4,900+ homes, 2,900+ apartments, and 7,500+ lots representing over $1.3B in total project costs. Encore has offices in Boca Raton, Miami, and Orlando, Florida, as well as San Francisco and Los Angeles, California, and has deployed approximately 80% of its capital to investments in these thriving markets.
Executive Bios:
Arthur J. Falcone
Arthur J. Falcone has over 35 years of executive land development and homebuilding experience. Art is also the founder and Managing Principal of Miami Worldcenter, one of the largest master-planned urban environments in the United States. Spanning more than 30 acres across nine blocks in the heart of downtown Miami, the already-approved project allows for more than 15 million square feet of mixed-use multi-billion dollar development, including retail, restaurant and entertainment, hotel, residential, and office.
As Chief Executive Officer and Chairman from 2004 to the present of Falcone Group, a vertically-integrated real estate and land development organization, Mr. Falcone successfully established the company as an internationally recognized real estate corporation. Under his leadership, The Falcone Group owned development companies specializing in residential, retail and apartment assets.
Tony Avila
Mr. Avila is founder and Chief Executive Officer of Builder Advisor Group, a boutique investment banking firm that focuses on advising real estate and development companies on financial transactions including capital raising, debt restructuring and mergers and acquisitions.
Over the past 15 years, Mr. Avila has served as an advisor in over 50 homebuilding merger and acquisition transactions valued at over $6 billion in the aggregate and helped to raise approximately $10 billion in over 50 debt and equity issuances for publicly-traded and private apartment homebuilding and land development companies. In 1999, Mr. Avila represented the Irvine Company in its acquisition of Irvine Apartment Communities.
Bill Powers
Bill Powers resigned from PIMCO in 2010 after a 19 year career as a fixed income portfolio manager and managing director. He was a member of its investment and executive committees. He oversaw PIMCO’s global portfolio operations in Tokyo, Singapore, Sydney, London, and Munich. Prior to joining PIMCO in 1991, he was with Salomon Brothers and before that, with Bear Stearns as senior managing director specializing in mortgage-backed securities.
Mr. Powers leverages his expertise in the debt and capital markets and distressed debt investing to assist in identifying and assessing investment opportunities for the Fund. Mr. Powers is also responsible for relationships with institutional investors and the capital markets.
Oscar Vasquez
Oscar Vasquez is the Chief Operating Officer and is responsible for firm operations and investor relations. Prior to Encore, Mr. Vasquez led the Management Consulting organization in California for EMC, one of the world’s largest technology companies. In this role he had full operational, profit/loss, and business development responsibility for the unit, and presided over 30% year-on-year growth of revenue. Prior to EMC, he worked for Accenture/Andersen Consulting and Deloitte Touche.
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