02. Covington Introduction

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Covington Development is a partnership between Jeffrey Elowe, Marc Goldstein and John
Porta. Laramar has a 23-year successful track record and is a nationally recognized investment
and management firm as well as one of the National Multi-Housing Council’s (NMHC) top 25
property management firms. In order to pursue strategic development opportunities in select
locations Laramar has partnered with Covington Development. Covington Development is an
affiliate of Covington Realty Partners, which is wholly owned by Jeff Elowe and Marc
Goldstein. Covington has a 7-year track record of tenant in common and DST investments and
is highly regarded in the broker-dealer space for its successful investments and management.
John Porta is a former principal with MLP Development and has a successful 35-year multifamily development track record. Between 2001 and 2005, MLP was a NMHC top 25 multifamily development firm. Between the partners, they have acquired, developed or invested in
over 75,000 apartments units representing total investment costs in excess of $5B during their
careers. The combination of the three firms creates a highly experienced and strategic
alignment to develop multi-family properties in markets where the partners have significant
experience and there exists strong demographics, the opportunity to achieve superior riskadjusted returns and differentiating operating dynamics.
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Covington Realty Partners - Overview
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Covington Realty Partners is a comprehensive real estate company that focuses on the following in both
the multi-family and commercial sectors:
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Sponsor for 1031 Tax Deferred Offerings and Exchanges
Commercial and Multi-family Acquisitions
Asset & Property Management
Development Services
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Covington Realty Partners is comprised of Covington Development, LLC and Covington Construction, LLC. The
company offers asset and property management services unmatched in scope including investor relations, portfolio
and property performance, property accounting services, financial reporting and asset strategy. Covington Realty
Partners also provides high quality financial management and accounting services.
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MLP Investments works in conjunction with Covington Development. MLP Investments has consistently ranked as
one of the top 50 largest residential apartment developers in the country specializing both in traditional, multifamily residential development and progressive urban infill, mixed-use, pedestrian-friendly neighborhoods. The
company is unique because it manages the entire development process, inclusive of construction and management.
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By directly managing all aspects, a clear understanding is achieved leading to the creation of the optimal design
and ultimately the success of the projects. MLP Investments is headquartered in St. Louis, Missouri and offers
distinctive properties and projects throughout the United States.
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Covington has a highly experienced development team that has a depth of experience ranging from ground up
development, redevelopments, and property renovations for both multi-family and commercial space. Covington’s
development team has over 100 years of combined experience and has developed well over 15 million square feet
of commercial and multi-family space. Covington’s development expertise includes design, construction (including
sustainable construction), project management, public/private partnerships, entitlements, leasing, property
management and marketing.
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Current and Former Investment Relationships
• Bank of America
• Berkadia
• NAI
• Boston Capital
• NDC Capital Partners
• C-III Asset Management
• Opus
• CitiBank
• Pearlmark/Transwestern
• Colony
• Prudential
• CWCapital
• Regions Bank
• Fireside Financial
• Sun America
• General Electric Capital Corporation
• TA Realty Associates
• Helios AMC
• Torchlight Investors
• Henderson
• Transwestern
• Intercontinental
• Tuckerman Financial
• J.E. Robert
• Urdang Capital
• Jones Lang LaSalle
• Wood Partners
• LNR
• Real Estate Capital Partners
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Past Projects
Vanguard Crossing
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Kings Landing
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Kirkwood Station Plaza
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Hanley Station
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The Team
Marc Goldstein
John Porta
Jeffrey Elowe
Brian Kennedy
David Braswell
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Marc Goldstein
Marc is responsible for the day-to-day management, overseeing all aspects of
Covington's operations, including its dispositions, development and asset
management. He has more than 20 years of real estate experience, specifically in the
dispositions, development, and repositioning of multifamily and retail properties.
Prior to forming Covington in 2005, Mr.Goldstein was the president and a principal
of Creekstone Partners. Creekstone Companies focus was to acquire, develop and
manage multifamily real estate in the United States. Before joining Creekstone
Companies in 2002, Marc focused on purchasing apartment projects nationwide,
working for both public and private entities. Marc has been involved in the
acquisition of and development of over $1 billion of real estate.
Marc is a Certified Property Manager (CPM) and licensed real estate broker. Marc is a member of
YPO; he is a board member and founder of the Aspen, Colorado Chapter. Marc is an executive
committee member and Treasurer of Jazz Aspen, a 501c3 created to fund music education in Pitkin
counties Roaring Fork Valley. Marc is a graduate of the University of Illinois.
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Jeffrey Elowe
Jeffrey Elowe, age 49, founded The Laramar Group in 2001 after co-founding Elkor
Realty Corporation and Elkor Properties in 1989. In his role as President and CEO
of The Laramar Group of companies, Mr. Elowe oversees an institutional real estate
portfolio valued in excess of $1 billion. Mr. Elowe is also a principal in the Laramar
Multi-Family Value Fund, which is a discretionary commingled real estate
investment vehicle specializing in multi-family investments throughout the U.S.
Mr. Elowe is Chairman of the Investment Committee of The Laramar Group and is
responsible for that company’s overall strategic planning, investments, asset
management and investor relations. Mr. Elowe is also a founder and principal of Covington, which is
a highly regarded sponsor of national Tenant-in-Common and Delaware Statutory Trust transactions.
Mr. Elowe has built a successful 23-year real estate investment track record having sponsored and
participated in transactions totaling in excess of $3.25 billion.
In addition, Mr. Elowe is on the Board of Directors of the National Multi-Housing Council, is a
member of the Urban Land Institute and is a member of the Young Presidents Organization. He is a
board member for the North Lawndale College Prep Charter Schools as well as Chicago Jewish
High School. Mr. Elowe has a B.S. degree from the University of Illinois and an M.D. degree from
Northwestern University.
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John Porta
John has been developing, constructing, and managing real estate for over 30 years.
Prior to founding Covington Development LLC, John was a founder/partner of MLP
Development. MLP was ranked as the nation’s 18th-largest multifamily builder
(NAHB’s Builder 100 ranking). During MLP’s 10 year growth, John constructed
over 7,000 units throughout the country. John provides the firm with extensive
expertise in project development and construction management.
Prior to forming MLP, John was the President and owner of Porta Properties, a real
estate development and brokerage firm specializing in the acquisition and rezoning
of residential subdivisions and the construction of homes.
Previously, John was a Partner in INVEST, a national multifamily development company where he
was responsible for all project development, site selection, construction budgeting, expediting and
negotiation of all related contracts.
John attended Drury College in Springfield, Missouri, and received an AMDP from the Harvard
Graduate School of Design in Cambridge, Massachusetts.
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David Braswell
David Braswell is responsible for all planning and construction of development
opportunities at Covington Realty Partners.
David has been involved in the construction of multifamily communities since 1985.
During this period he has been associated with two National Multifamily Developers
– Paragon Group, a National Apartment and Office Building Developer
headquartered in Dallas, Texas and MLP Development, a St. Louis based
Multifamily Developer that has developed over 7,000 units throughout the country.
Since 1985 David has successfully completed the construction of 45 Multifamily
communities in eight states in the Midwest and South.
David attended Kansas State University in Manhattan, Kansas and received a Bachelor of
Architecture Degree. David also served as a Captain in the United States Air Force in civil
engineering.
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Brian Kennedy
Brian Kennedy is responsible for evaluating investment and development
opportunities at Covington Realty Partners.
Prior to joining Covington, Brian was a vice president at The Michelson
Organization where his responsibilities included identifying new acquisitions and
securing debt and equity financing for both new acquisitions and existing properties.
He has worked with public REIT’s as well as many institutional and private capital
providers. During his career, Brian has completed real estate transactions totalling
approximately $700 million, which included acquisitions, dispositions, development,
refinancing and recapitalizations.
He graduated with distinction from the University of Michigan Business School in 2003 with a
double concentration in accounting and finance.
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