Charlotte, N.C.-based Capstone Cos., the country’s largest privately owned multifamily investment sales brokerage, is expanding its presence in the Western United States by merging with Nexus Commercial Realty, a commercial multifamily investment sales firm with offices in Denver and Colorado Springs, Colo. Nexus offices will now operate as Capstone.
Formed in 2017 by Adam Riddle and Jason Koch, Nexus specializes in multifamily investment sales brokerage and advisory services for existing assets and development site owners across Colorado, Kansas, Nebraska, Wyoming, Montana and North and South Dakota. The 22-person team completed 91 transactions in 2020.
In addition to Charlotte, Capstone, founded in 2008, has offices in Atlanta; Cincinnati; Columbus, Ohio; Nashville, Tenn.; Richmond, Va.; Orlando, Fla.; Tampa, Fla., and two Oklahoma offices that were added in November—Oklahoma City and Tulsa. Last year, Capstone sold more than 21,000 units and opened the Oklahoma City, Tulsa and Atlanta offices and also expanded its service offerings with the launch of its equity solutions platform.
Capstone is routinely ranked in the top 10 in national multifamily sales volume. Since its inception, Capstone has completed transactions in 35 states and sold more than 80,000 units. The firm provides brokerage and advisory services for various types of multifamily housing including conventional apartments, student housing, affordable housing, manufactured housing, multi-housing development sites and capital placement.
Brian Ford, Capstone co-founder & managing partner, said in a prepared statement Capstone is always focused on growing and improving the firm to the benefit of clients and its existing team and feels the new partnership will meet both of those goals. Ford noted the Nexus team has achieved tremendous success in the industry and sees only upside by teaming up together.
Riddle, who has 14 years of commercial real estate experience specializing in the brokerage of multifamily assets, strategic investments and 1031 exchanges, has closed more than 500 transactions. Koch, also active in the CRE industry for 14 years, has extensive experience brokerage and advisory experience in garden-style multifamily assets, condos, value-add assets, distressed properties, short sales, vacant properties, loan assumptions, note purchases and portfolio sales. He has closed more than $500 million in transactions.
Koch and Riddle both noted the two firms have similar management styles and felt their culture and operations would align well together.
Riddle said in prepared remarks the expansion will add significant value to Nexus’ clients by giving them greater access to new markets across the country and adding more servicing capabilities such as larger institutional assets, land sales, manufactured housing and equity solutions.