Press Release
Key Real Estate Company Announces up to $400 Million Capital Commitment from Almanac Realty Investors
Investment will facilitate Key’s growth strategy and portfolio expansion in Sunbelt Markets
July 17, 2023, New York, NY – Key Real Estate Company (“Key”), a vertically integrated acquisitions, development, redevelopment, asset, and property management company, announced today that Almanac Realty Investors (“Almanac”), a business unit of Neuberger Berman, has committed up to $400 million of capital to further Key’s growth strategy. This investment will allow Key to pursue new and existing development and acquisition opportunities while the firm continues its strategic expansion throughout the Southeastern United States.
Led by Managing Principal and CEO Anthony “TJ” Iarocci and headquartered in New Orleans, Key benefits from its vertically integrated platform that has both in-house development and acquisition capabilities. Founded in 2005, Key has developed or acquired 5,100+ multifamily units, has an existing portfolio of 4,500+ multifamily units and additional development sites with the potential to add another 2,500+ units to the portfolio.
“Partnering with a world-class real estate investor like Almanac combines capital, strategic guidance, and industry expertise as we begin the next phase of growth,” said TJ Iarocci, CEO of Key. “This partnership empowers us and our stakeholders to continue to grow our portfolio and further invest in communities across the Sunbelt region. We are thrilled to partner with Almanac.”
Based in New York, Almanac is the private real estate investment arm of Neuberger Berman and one of the leading private equity firms focused on providing growth capital to real estate operating companies and investment managers. Almanac works alongside proven management teams, providing capital and resources to protect value, generate ongoing yield, and target significant portfolio growth.
Madeline Wick, a Managing Director at Almanac added, “Key is a proven organization with a successful track record investing in multifamily real estate. The company’s strong leadership and in-house acquisition and development teams make it well positioned to take advantage of the current economic environment. We are pleased to partner with Key and support its next phase of growth.”
Morris, Manning & Martin, LLP served as legal counsel to Almanac. Jones Walker, LLP served as legal counsel to Key. Stifel, Inc. was exclusive advisor to Key Real Estate Company on the transaction.
About Key Real Estate
Key Real Estate Company is a New Orleans-based real estate development, acquisition, redevelopment, asset, and property management company. With more than $700 million in multifamily assets under management, Key strives to create a living experience that not only provides exceptional housing for our residents, but also strengthens the surrounding community. For more information on Key Real Estate Company, please visit www.keyrealestateco.com/.
About Almanac Realty Investors
Almanac Realty Investors, a business unit of Neuberger Berman, is a leading provider of growth capital to private and public real estate companies. Originally founded in 1981 under the name Rothschild Realty, Almanac Realty Investors partners with established owner-operators in all sectors of the real estate market to accelerate company growth and has committed more than $7.5 billion in capital to 52 real estate companies, both private and public, throughout North America. For more information, visit www.almanacrealty.com.
About Neuberger Berman
Neuberger Berman, founded in 1939, is a private, independent, employee-owned investment manager. The firm manages a range of strategies—including equity, fixed income, quantitative and multi-asset class, private equity, real estate, and hedge funds—on behalf of institutions, advisors, and individual investors globally. Neuberger Berman’s investment philosophy is founded on active management, engaged ownership and fundamental research, including industry-leading research into material environmental, social and governance factors. Neuberger Berman is a PRI Leader, a designation awarded to fewer than 1% of investment firms (ESG). With offices in 26 countries, the firm’s diverse team has over 2,700 professionals. For nine consecutive years, Neuberger Berman has been named first or second in Pensions & Investments Best Places to Work in Money Management survey (among those with 1,000 employees or more). The firm manages $436 billion in client assets as of March 31, 2023. For more information, please visit our website at www.nb.com.
Media Contacts:
Alex Samuelson, 212 476 5392, Alexander.Samuelson@nb.com