Office investor Rising Realty Partners is expanding into the multifamily business, as part of a larger aim to diversify its holdings.
The Downtown Los Angeles-based firm hired Sam Manoochehri to lead the expansion, according to the Los Angeles Business Journal. Manoochehri, hired on as senior vice president, comes from L.A.-based investment firm Empire USA.
Rising’s multifamily deals will focus on the Western U.S., targeting opportunistic, value-add and core multifamily investments. Last year, it said it would expand into industrial real estate, a sector that has outperformed most other property types since the coronavirus pandemic.
But Rising has predominantly focused on office properties since its founding in 2011, concentrating those deals in Downtown L.A. The firm has 5 million square feet of property under management.
In early 2019, then-newly appointed CEO Christopher Rising announced the firm was looking to invest more than $300 million in commercial properties in other Western U.S markets, including Salt Lake City, Denver and Portland. That same year, Rising partnered with BentallGreenOak to acquire the Civic Center Plaza in downtown Denver for $125 million.
It regularly partners with outside investors. Besides BentallGreenOak, Rising teamed up with Colony Northstar on the $465 million acquisition of One California Plaza in 2017. [LABJ] — Dennis Lynch