Multifamily investment firm Red Summit Partners launched in the Dallas/Fort Worth market with five acquisitions in the metroplex since November 2021, with a total capitalization of $215 million. The acquisitions included four multifamily assets and one portfolio of 82 single family rental homes. The company targets acquisitions that have the potential for improvement in both renovations and improved institutional asset management.
Ryan Akins, co-founder of Red Summit, summarizes the firm's philosophy. "The pandemic and its aftermath created disruption to the housing industry, from the standpoint of both regional trends and global capital markets. It created some unique opportunities. We're excited about the disruption that the current interest rate environment is creating." Red Summit currently has over $200 million of acquisitions in its pipeline.
The company currently focuses on acquisitions in the major Texas Cities and will expand to other markets in the next 18 months. Red Summit's equity partners include both institutional groups and family offices. Red Summit's principal team includes industry veterans, including KC Kronbach, co-founder of Knightvest Residential, JR Bolos, former President and co-founder of United Renovations, and Ted Broadfoot, formerly Executive Vice President with Pinnacle.