By Jon Peterson
Sack Properties has hired Peter Casey as a managing director to join the company’s office in San Francisco, according to sources familiar with the company’s office operations.
Casey is an experienced operator who has worked in the San Francisco Bay Area focusing on the apartment sector. Over the last six years, Casey worked for the Los Altos-based multi-family fund operator Interstate Equities. He left the firm in January to pursue his position with Sack. Prior to Interstate, Casey also worked for J.P. Morgan.
Casey will have two main duties in his new position at Sack Properties. One part of this would be the formation on new investment funds. His other focus will be involved in finding lenders to provide debt for the company’s existing portfolio.
To date, Sack Properties has been an apartment investor in both the San Francisco Bay Area and Seattle markets. One of its main sources of capital has been the emerging manager program with the California Public Employees Retirement System (CalPERS). This program has been managed through the Canyon Catalyst Fund managed by Los Angeles-based Canyon Partners.
CalPERS recently made a new $375 million commitment to the emerging manager program, and Sack Properties will be one of three beneficiary managers that will have access to this capital. The other two are San Francisco-based Rubicon Point Partners and Newport Beach-based BKM Capital Partners.
Sack Properties is known as an apartment investor that considers investing in three types of risk strategies, according to its website. This would be core plus, value-add and opportunistic. The real estate investment firm typically looks for properties that can range anywhere from 40 to 300 units.