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Charleston private equity firm reaches $1 billion in assets

Jason Thomas //September 14, 2023//

Charleston private equity firm reaches $1 billion in assets

Jason Thomas //September 14, 2023//

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TMGOC Ventures, a joint venture partnership between The Montford Group and Opterra Capital, a real estate and development private equity firm headquartered in Charleston and Boca Raton, Fla., has reached $1 billion under ownership and development.

Since its inception in 2019, TMGOC has grown rapidly amassing $1 billion in existing and development pipeline investments, according to a news release. The portfolio boasts partnerships with national hotel brands including Ritz-Carlton, Thompson by Hyatt, Autograph Collection, Tapestry Collection by Hilton and Moxy by Marriott.

TMGOC prides itself on its ability to identify high-potential lodging and multi-family projects ripe for either value-add opportunity or ground-up development in markets characterized by high barriers to entry and diverse demand drivers, the release stated.

“Since our founding, we have been intentional and deliberate in choosing our partners and our projects with a  focus on opportunities that deliver long-term value to our stakeholders,” said co-founders and managing members Sunju Patel and Glenn Alba in the release. “This milestone is a testament to our shared vision and we’re eager to continue our expansion into new markets and opportunities.”

 Glenn Alba and Sunju Patel are co-founders of TMGOC Ventures, based in Charleston. (Photo/Provided)TMGOC is the brainchild of industry veterans Patel and Alba, who sought to create a firm that would best serve investors, capital markets and debt partners, the release stated.

Together, they’ve built a portfolio boasting 2,620 hotel keys in existing hotels and ground-up development pipeline across the country, along with opportunistic multi-family, office and retail investments, the release stated.

Alba, with his expertise in financing, asset management, valuations, and real estate disposition, has personally overseen more than $4 billion in hotel asset sales, the release stated. His career includes a 20-year tenure with Blackstone Real Estate, where he served as head of global portfolio management and led the asset management of the firm’s hotel investments in the United States.

Patel, an entrepreneur and visionary real estate leader, boasts more than 20 years of experience in investments, acquisitions, dispositions and both horizontal and vertical development, the release stated. He has a deep knowledge of the hospitality industry, honed by rising through the hotel ranks in Charleston.

TMGOC is also a magnet for top talent, as evidenced by the recent appointment of former Canyon Partners Real Estate executive Krystal England as the first chief investment officer, the release stated. Since joining, England has already helped double the firm’s portfolio and introduced new preferred equity and rescue capital offerings to its capabilities. Before joining TMGOC, England served as a Managing Director at Canyon Partners Real Estate in Los Angeles where she structured and deployed nearly $500 million and oversaw a $1.5 billion hospitality portfolio comprising both debt and equity positions.

Recent TMGOC developments include the recently opened Moxy Charleston Downtown, the first Moxy by Marriott in South Carolina. Additional projects underway include a 208-key Moxy by Marriott under construction in the heart of Uptown Charlotte, a 162-key Tapestry Collection by Hilton and 233-unit multi-family mixed-use development in Macon, Ga., a 191-key Thompson by Hyatt in Charleston, a 150-key and 20 residences Autograph Collection in Charleston, and a 100-key and 20 residences Ritz Carlton in Savannah.

TMGOC’s existing portfolio currently consists of properties primarily located in the Southeastern U.S., with plans to expand to additional key markets in Arizona, Colorado and Utah.