Downtown-based Rising Realty Partners, which for years was focused on office buildings, plans to start acquiring and managing multifamily properties in the Western U.S.
The company has hired Sam Manoochehri as senior vice president to lead multifamily acquisitions.
“Diversification of our investments through opportunistic acquisitions will be a key tenet of our company’s impact strategy moving forward," Christopher Rising, co-founder and chief executive of Rising Realty Partners, said in a statement.
"We are pleased we could find an executive with Sam’s experience — having acquired and developed more than $225 million in multifamily properties over the past four years — to help lead our platform," he added.
The news follows Rising Realty’s announcement last year that it would start investing in industrial assets. Now it plans to target both value-add and core multifamily opportunities as well.
Manoochehri was previously the manager of acquisitions and finance at multifamily investment and development firm Empire USA. The Century City-based company’s assets include a portfolio of five apartment buildings in Valley Village and the Summerview apartments in Sherman Oaks.
Since its founding in 2011, Rising Realty Partners has grown its portfolio to more than 5 million square feet under management.
While it has assets elsewhere, its stronghold is in downtown.
Rising Realty properties in the area include One California Plaza, the California Edison Building and the Trust Building.
In the past, the company had been focused on adaptive reuse projects and on L.A.
But in 2019 Rising Realty purchased its first property outside of L.A., the Civic Center Plaza in downtown Denver, partnering with BentallGreenOak on the acquisition for a reported $125 million.
In early 2020, Rising Realty announced plans to invest $300 million in the Western U.S. in the next few years, which Rising later said could change due to uncertainty caused by the Covid-19 pandemic.
The company is now looking at acquisitions across various asset types and expanding its third-party property management business.