Berkshire Property Advisors, L.L.C. (“BPA” or the “Adviser”) is a Delaware limited
liability company established in 2002. The Adviser is a wholly owned subsidiary of
Berkshire Group L.L.C., (d/b/a “Berkshire Residential Investments” or “Berkshire”), a
Delaware limited liability company (f/k/a Berkshire Property Advisors, L.P.). Berkshire
is the sole owner of the member interests in the Adviser.
Berkshire, founded in 1966, is a privately held U.S. real estate investment management
company known for its innovative, vertically-integrated operating platform and over one-
half of a century of experience in U.S. residential real estate. Berkshire makes investments
throughout the capital stack and across the risk spectrum. Since the Firm’s inception,
Berkshire’s team has gained a reputation for being able to identify opportunities and
effectively manage through various economic environments, establishing a long-term
history of consistent performance based on diligent and entrepreneurial investment and
operational strategies that are adaptable to changing market environments.
Berkshire is headquartered in Boston, Massachusetts, and has regional offices located in
Atlanta, Georgia; Dallas, Texas; and San Francisco, California. Berkshire is led by 11
senior executives (the "Partners") who have an ownership interest in the Firm and have an
average of 26 years of real estate experience and 11 years with Berkshire. The Partners are
supported by the broader Berkshire Leadership Team (the “Leadership Team”), of which
they are also members, with an average of 25 years of real estate experience and 12 years
with Berkshire. Berkshire's vertically integrated platform supports all of the Firm's activity
and includes a property management team dedicated to the Firm’s portfolio and dedicated
teams for portfolio management; acquisitions; multifamily investments; development and
construction investments; senior housing investments; debt investments; debt financing;
research; reporting; operations; capital markets and enterprise risk management.
BPA’s advisory business primarily provides advisory services to multiple privately offered
pooled investment vehicles, co-investment vehicles and separately managed accounts
(each, a “Fund” or “Client”, or collectively the “Funds or the “Clients”), specializing in
residential equity and debt investments throughout the U.S. An affiliate of the Adviser
also provides property management, construction management, and development
management services for residential real estate developments and other properties. The
Adviser may provide advisory services to additional pooled investment vehicles and other
types
of clients in the future.
The primary focus of BPA’s advisory business is managing its Funds’ portfolios of
residential real estate and real-estate related investments through acquisitions, financing,
portfolio management and dispositions in accordance with the strategies set forth in each
Fund’s applicable offering documents and/or governing documents and agreements
(collectively, “Governing Documents”). These activities are complemented by other
services the Adviser, or its affiliates provide, including property management, construction
management and development management services. For a further description of the
investment strategies the Adviser uses in formulating investment advice and managing its
Funds’ assets, please see Items 7 and 8 of this Brochure.
The Funds do not impose restrictions on the Adviser in relation to investing in certain
securities or types of securities, except as may be set forth in their respective Governing
Documents. If provided in a Fund’s Governing Documents, the application of certain such
restrictions may be waived, generally only with the approval of an “Advisory Committee”
of the relevant Fund, if applicable. A Fund’s Advisory Committee, if applicable, is
generally composed of representatives (unaffiliated with Berkshire) of a number of the
underlying investors (each, an “Investor”) of the applicable Fund.
The Adviser tailors its investment advisory activities to comply with the investment
objectives, guidelines and restrictions set forth in each Fund’s Governing Documents.
However, in accordance with common industry practice, a Fund or its general partner may
from time to time enter into a “side letter” or similar agreement with an investor pursuant
to which the Fund or its general partner grants the investor specific rights, benefits or
privileges that are not generally made available to all investors. See “
Item 8 – Methods of
Analysis, Investment Strategies and Risk of Loss” for additional information
.
As of December 31, 2023, the Adviser managed approximately $12,751,000,000 of
regulatory assets under management on a discretionary basis, and approximately
$1,094,000 of regulatory assets on a non-discretionary basis, for a total of approximately
$12,752,000,000 in regulatory assets under management. In addition, the Adviser manages
approximately $11,396,000,000 of investments in vehicles not primarily investing in
securities (e.g., real estate), which do not count toward “regulatory asset under
management” under applicable SEC regulations, for a total assets under management of
$24,148,000,000
1.