Commercial real estate hirings and promotions cooled off throughout Southern California this spring as shelter-in-place orders slowed activity across the industry. But the past couple of weeks brought some notable moves that came with plans for significant expansion.
Forty-three-year industry veteran Philip Barach — who recently retired as president and founder from Los Angeles-based DoubleLine Capital — will take a more active role as CEO and co-managing partner with Vista Investment Group.
Vista is a privately held real estate investment firm that Barach co-founded in 2008 with his son, Jonathan Barach, the firm’s president. Their portfolio has approximately $1 billion in assets under management, including more than 2,000 multifamily units and nearly 2 million square feet of office product in urban infill markets in the Western U.S.
Vista also announced plans to substantially expand its portfolio over the next three years.
“Our plan is to significantly grow our capital base and, combined with the financial strength of our existing balance sheet, pursue increasingly larger value-add and distressed opportunities of $100 million and above throughout the Western U.S.,” Philip Barach said in a statement.
Jonathan Barach will continue to oversee all investment functions, including acquisition, due diligence, financing, asset management and disposition.
“We formed Vista in the middle of the last recession knowing there would be opportunities as the economy recovered,” said Jonathan Barach. “We believe similar opportunities lie ahead, and it’s important that we prepare now before a market correction, and not after.”