Through other entities, our principal, Mr. Kahr, has actively invested in commercial real estate in New Jersey for his own account and on behalf of his partners since 2010.
In 2009, he founded Metropolitan America. This platform purchased 1,000 units of workforce housing spread out over approximately 20 assets. These were purchased one at a time. Some were sold by brokers, others were off-market, and in some cases, we purchased the debt and took ownership through foreclosure.
It continues to manage both legacy assets and also offers 3rd party property management.
In 2020, he founded Essex Suites, a coworking company located in Verona, New Jersey. This is an operating business.
He also makes other investments on a direct basis. These have been vacant retail or residential properties that we purchased, renovated, and re-tenanted. For various reasons, these did not fit under the Metropolitan America umbrella.
We are continuing to pursue opportunities where we can partner with our strategic investors to purchase, renovate, and profitably exit value add and development projects. We are focused on northern and central New Jersey.