Working together since 1989, the three principals of Ayres, Keith J. Horne, William R. Hamlin and Samuel M. Holty, have managed the daily business activities of several real estate investment vehicles, including PacWest Holdings, LLC, UCLD Properties, LLC, ACI Sunbow, LLC and Gruss Ayres Opportunity Fund, LP. Each of these investment vehicles had significant investments in California real estate.
PacWest Holdings, LLC purchased Pools 2 and 3 of the Great American Land Portfolio from the Resolution Trust Corporation. The Great American pools included approximately 40 individual properties and loans secured by real estate with a face value of $225 million. As part of the management group, principals of Ayres formulated asset-specific business plans for each of the assets and contributed to the successful liquidation of the assets.
Ayres formed UCLD Properties, LLC to purchase a portfolio of real estate owned by Union Bank. Ayres principals tailored asset-specific business plans for each of the 35 individual assets. UCLD Properties, LLC achieved a Net Return on Investment to the investors of over 600%.
ACI Sunbow, LLC has been managed by Ayres principals from its inception. ACI Sunbow, LLC purchased a secured interest in the 600-acre Sunbow master-planned community in Chula Vista, California. Principals of Ayres oversaw the development entitlements of all phases of Sunbow, including 2,000 residential units, a neighborhood retail center, fire station, parks and an elementary school. The LLC continues to own a designated industrial park site within Sunbow, which Ayres hopes to re-zone as a mixed-use site. Ayres has achieved a Net Return on Investment above 500% to investors of ACI Sunbow, LLC, to date.
Ayres purchased a $122 million portfolio of performing and non-performing loans and real estate owned (REO) from Central Pacific Bank on behalf of Gruss Ayres Opportunity Fund, LP. The CPB portfolio included 16 loans secured by residential development projects throughout California, as well as two located in the Seattle, Washington area. There was also one REO property – a 14-acre commercial/residential parcel in Palm Springs, California. The assets securing the loans included completed and nearly-completed homes in Southern California and nearly 2,000 residential lots in various stages of development throughout California.
Ayres principals have negotiated and closed nearly 100 individual asset sales. Sales have been consummated with a variety of buyers, ranging from individual investors to regional developers to the largest homebuilders in the U.S. Ayres principals have closed individual transactions with such major residential developers as Trammell Crow, The Morgan Group, KB Home, Sheffield Homes and multiple transactions with Centex Homes, D.R. Horton, Fieldstone Communities and Standard Pacific Homes.