$1.4BN
in completed transactions
5,800
residential multi-family units
completed by team
New York City Metro region
of NY, NJ & CT
About Us
Core Values & Mission
Trust, Integrity, Transparency and Alignment of Interests
Avenue Realty Capital (“ARC”) aims to be the preeminent investment firm focused on middle-market multi-family housing in the New York City metropolitan area, while generating superior and consistent risk adjusted returns for our globally diversified investor base.
“As an integrated platform, being reliable, flexible and entrepreneurial uniquely positions us to deliver off market investments as well as meet the distinct goals of our investors and operating partners.”
Udi Kore
Founding Partner
History
Reliable, Flexible and Entrepreneurial
ARC was established in 2012 by its founding partners along with the guidance of two global family offices to develop an investment platform that focuses on the needs of family offices and institutional investors. The firm has since grown to manage capital on behalf of a globally diversified investor base.
The team has exceptional access to off-market investments, is skilled at executing complex transactions and has the ability to identify and unlock value drivers that shape outcomes.
Team
Industry Experts
Our team members are experts at developing and executing the business strategy. We are valued partners to our joint ventures, known for speed, flexibility and certainty of execution.
Each member of our leadership team has 15+ years of experience in real estate, investment, finance, construction, and asset management.
Founding Partners
Mr. Kore Co-Founded Avenue Realty Capital in 2012 and is responsible for originations and structuring of ARC’s investment activities as well as overseeing fund raising and investor relations. Mr. Kore serves on ARC’s investment committee.
Prior to forming ARC, Mr. Kore served as Senior Vice President of Investments for the Northeast U.S. at Phoenix Realty Group, an institutional private equity real estate fund manager in New York City that manages more than $1.35 billion in assets and nearly 10,000 apartment units across the U.S. Mr. Kore was responsible for the origination, acquisitions and joint venture structuring of urban and suburban residential investments, as well as fund portfolio management.
Previously, Mr. Kore was responsible for acquisitions and development at Colgate Development, a prominent mixed-use development company, where he led site evaluation, acquisition and the initial design phase of residential, hotel and mixed-use projects. Additionally, Mr. Kore served as Manager at Ernst & Young’s Transaction Advisory Services Private Equity group New York office.
Mr. Kore earned his Master of Science in Real Estate Development and Finance from Columbia University, and his Bachelor of Business Administration with honors from Baruch College at the City University of New York. Further, he is a Certified Public Accountant (CPA) in New York State.
Mr. Scioscia Co-Founded Avenue Realty Capital in 2012 and is responsible for legal structuring of ARC’s equity investments, property level loans and fund vehicles as well as overseeing asset management activities. Mr. Scioscia serves on ARC’s investment committee.
Prior to forming ARC, Mr. Scioscia served as Managing Director of Investments at Phoenix Realty Group, an institutional private equity real estate fund manager in New York City that manages more than $1.35 billion in assets and nearly 10,000 apartment units across the U.S. Mr. Scioscia was responsible for the origination, acquisitions, joint venture structuring, debt financing and value-add business plan execution of suburban and urban multifamily and mixed-use investments in the East Coast U.S. Additionally, Mr. Scioscia set and monitored the fund portfolio risk, return, and diversification goals used for asset acquisition and disposition.
Previously, Mr. Scioscia served at K. Hovnanian, a national, publicly-traded (NYSE:HOV), residential development company as Acquisitions Manager for the company’s Metro NY/NJ/CT division, where he led the acquisition and development of approximately 2,000 residential units. Prior to K. Hovnanian, Mr. Scioscia oversaw the development and operation of approximately $50 million in development through private ventures in the urban metropolitan New York area and Florida.
Mr. Scioscia earned his Master of Science in Real Estate Development and Finance with honors from New York University, and his Bachelor of Science in Mechanical Engineering with honors from Lafayette College.
Mr. Freeman Co-Founded Avenue Realty Capital in 2012 and is responsible for all of ARC’s operations including investment underwriting, fund administration and reporting. Mr. Freeman serves on ARC’s investment committee.
Prior to forming ARC, Mr. Freeman served as Assistant Vice President of Investments at Phoenix Realty Group, an institutional private equity real estate fund manager in New York City that manages more than $1.35 billion in assets and nearly 10,000 apartment units across the U.S. Mr. Freeman was responsible for the underwriting, due diligence and closing process of new acquisitions, as well as property level business plan development, property level asset management, fund modeling and investor reporting. Mr. Freeman worked on 21 completed transactions located in 7 states representing over 4,600 units and $670 million in value.
Previously, Mr. Freeman was operations manager at Private Client Resources, a premier service provider to private banks, family offices and registered investment firms. As manager, Mr. Freeman was responsible for the reporting of over $5 billion of assets. Additionally, Mr. Freeman developed multiple reporting packages and a portfolio accounting system. Mr. Freeman holds a Master of Business Administration from Yale University and a Bachelors of Science in Business from the University of Connecticut.
Investment Strategy
Multi-family / Value Add / New York City Metro Region
Buy - Improve - Operate - Sell
Avenue Realty Capital acquires well-located, undervalued properties that have the potential for value creation through capital improvements, changes of use, strategic lease up or hands-on property management. In addition, we opportunistically acquire sites that can be developed into new construction rental housing.
ARC’s investment strategy is designed to mitigate risk and maximize value for its investors while maintaining quality housing for the communities. Through the firm’s extensive network and deep local relationships, we identify opportunities that capitalize on market dislocations or underserved niches to generate superior risk-adjusted returns. The firm’s fully integrated structure drives efficiencies throughout the life cycle of all investments, including acquisition, construction management, property management and asset disposition process.
Case Studies
Student Dormitory and Retail Redevelopment
Columbia University
Upper West Side, Manhattan
ARC provided equity for the acquisition of an existing six-story, 48,000 SF nonprofit student dormitory building in the immediate vicinity of Columbia University with plans to gut renovate the building into a 55-unit full service rental building targeting university students and staff.
The property was sold by a religious, non-profit organization. ARC and its operating partner were able to purchase the property in an off-market transaction at below market pricing and below replacement cost. Subsequently, before the full conversion was underway, the partnership had the opportunity to sell the building to one of the main Columbia University schools in a transaction that yielded a high return with a low risk profile.
The investment highlights ARC’s fully-integrated platform and ability to work with non-profit institutions.
Residential/Retail Mixed Use Development
Dutch Kills
Long Island City, Queens
ARC provided equity for the acquisition and development of the mixed-use property comprising of 192,000 SF with 198 apartment units and an additional 29,000 SF of commercial space.
ARC and its operating partner purchased the site which previously housed a warehouse in an off-market transaction at a significant discount to market. The site is two subway stops away from Midtown Manhattan and 15 minutes to Hudson Yards.
The joint venture is currently developing 198 units with first class amenities at considerable discounts to comparable rental properties in Manhattan. The development participates in the Affordable NY program (421a) allotting 30% of the units as affordable housing in exchange for a 35-year tax abatement. The lot further qualified for NY State’s Brownfield Tax Credit Program.
Garden Style Apartment Community Value-Add Execution
Summit Hill
Springfield, NJ
ARC provided equity for the acquisition of a 23 acre, 228 garden style apartments in Springfield, NJ, a high quality New Jersey suburb.
The property was purchased from its long-term owner which built it in the 1970’s; the apartments were not renovated for an extended period. The apartment community lacked a club house and a designated leasing office.
ARC and its operating partner renovated the units with higher end finishes and better design, built a proper club house and leasing office as well as re-leased the units at significantly higher rents.
The property has been refinanced and a significant portion of the equity has been pulled out and returned to investors.
Philanthropy & Community Involvement
Going Beyond
Our involvement with the properties that we invest in goes beyond renovations, capital improvement and development. We actively invest in our local communities, non-profit, mission and faith-based organizations and take pride in our involvement.
Our goal is not only to provide quality housing and a positive living environment, but also to help communities thrive.
