Crescent Bay Holdings
Principals
Gregg Wolin - Principal
Gregg Wolin became active in the real estate industry prior to graduating from the University of Arizona in 1990. Throughout most of the following decade, Mr. Wolin resided and worked in Southern California where he performed consultation and advisory work for a primarily institutional and legal clientele regarding a wide variety of property types. In the mid-1990s this practice expanded into the areas of contract underwriting for commercial conduit lenders and due diligence for investors making bulk real estate purchases. After relocating to Arizona in 1997, Mr. Wolin served as an economic advisor to financial institutions, large landowners, and residential developers. In 1999, Mr. Wolin transitioned from consulting to investments when he co-founded INCA Capital.
INCA Capital executed nearly fifty residential Lot Banking transactions with a gross capitalization of over $500 million and equity of approximately $90 million. Despite the challenges that developed in the residential housing sector later in the decade, these transactions generated an overall internal rate of return to investors [net of fees] of 14%. Beginning in 2001, INCA expanded its activities to include the acquisition and entitlement of more than 13,000 residential lots, approximately half of which were sold prior to 2008, generating net revenues in excess of $70 million. In his role as Partner and Chief Operating Officer, Mr. Wolin managed all aspects of INCA's investment activities, including transaction underwriting, fundraising and syndication, institutional borrowing, closing, and asset management.
Mr. Wolin is a member of the Lambda Alpha International land economics society, a full member of the Urban Land Institute, and holds the CCIM designation from the CCIM Institute. He has also served on the Board of Directors of the Jewish Federation of Greater Phoenix and was Treasurer of the Pardes Jewish Day School and a member of its Board of Trustees.
Geoff Beer - Principal
Geoff Beer was most recently the Co-Founder of East-West Asset Management Company, a commercial and residential real estate investment management and advisory firm focused on the formation and placement of public and private equity between the United States and South Korea. Mr. Beer possesses nearly 20 years of real estate experience with the origination, structuring, management, finance, renovation, and development of assets across most real estate sectors, including the multi-family, hospitality, office, mixed-use, public/private, and historic building sectors.
Mr. Beer began his real estate career in 1993, when he joined Starwood Capital Partners (now Starwood Capital Group), following his award of a Master of Business Administration degree from Harvard Business School. Mr. Beer served many functions while at Starwood, focusing primarily in the areas of operations and acquisitions. These included "Director of Asset Management" for Starwood's multi-housing portfolio and, later, "Senior Vice President for Acquisitions" where he was responsible for a variety of real estate equity and mezzanine finance opportunities in the multi-family, office, retail, and aviation sectors.
After six years at Starwood's home office in Greenwich, Connecticut, Mr. Beer relocated to Arizona in 1999 where he became the Co-Principal and Co-Managing Director of Starwood Western Capital and where he and Mr. Wolin first began working together. Prior to his real estate career, Mr. Beer was a decorated military officer in a Special Projects Office reporting directly to the Secretary of the Air Force that performed advanced-technology, highly-classified satellite research and development. In addition to his M.B.A., Mr. Beer holds a Bachelor of Science degree in Physics from Kent State University in Ohio.
Emily Leppert - Managing Director
Emily Leppert possesses over 10 years of residential and commercial real estate experience, working with both Mr. Wolin and Mr. Beer during that time. In 2001, Mr. Wolin hired her as an Investment Analyst at INCA Capital where she was instrumental in underwriting, closing and managing INCA's lot banking portfolio in Arizona, California and Texas. The portfolio experienced tremendous growth during her tenure, expanding from four properties valued at under $20 million to thirty-one properties valued at over $180 million, before eventually expanding to nearly 50 properties with a gross capitalization in excess of $500 million. Most recently, Ms. Leppert worked with Mr. Beer at East-West Asset Management Company, serving as its Senior Vice President.
Between her tenures at INCA Capital and East-West, Ms. Leppert served as Vice President for Domain Communities, a multi-family asset management company located in Scottsdale, Arizona. At Domain, Ms. Leppert managed all aspects of a multi-state, 15-property portfolio valued at $200 million. She worked in collaboration with the portfolio's nonprofit owners, institutional capital partners, and professional third-party property managers to improve net cash flow over 200%. Under her direction the portfolio was liquidated in late 2006.
Ms. Leppert is a member of the Young Leaders Group at the Urban Land Institute and earned her Bachelor of Science degree with a major in Economics from the W.P. Carey School of Business at Arizona State University.