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John Haltmaier | Managing Director
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(212) 418-1183 | C: (973) 699-7995
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Overview
Clippinger Investment Properties (“CIP”) is seeking equity JV partners to acquire commercial real estate properties, primarily mulitfamily
Highly versatile sponsor has experience with multifamily, mixed-use developments, industrial and office space with very high quality, stable tenants under long-term lease (such as government entities)
Equity on past projects has mostly been provided by the principal, Robert Clippinger, as well as friends and family – over $70 million invested since inception
Targeted opportunities each typically require $10-30 million of equity
Sample Opportunity
Opportunity to acquire and improve the Fountain View Apartments – well-maintained but units are dated and lack washer/dryers
Located in the historic and highly desirable Los Feliz neighborhood of L. A., offering comfortable, and convenient living in the heart of Los Angeles
Borders Griffith Park, Silver Lake, Atwater Village, and the iconic Mulholland Fountain, a landmark built in memory of William Mulholland, the father of L. A.’s water system
Expansive 144,880 sf grounds contain two buildings totaling 105,940 gross sf, two swimming pools (east and west wings), and a central private communal park
Sponsor Overview
Highly successful in sourcing off-market, value-add opportunities in a variety properties
Fully integrated property management, asset management and development sponsor with 35-year history
Deep street-by-street knowledge and extensive personal connections among property owners and local officials in central and southern California
Understands the nuances of local zoning regulations and permitting processes in target markets
Long-term relationships with contractors and construction material suppliers
Sponsor Track Record
35-year track record, mostly in California
Invested in 64 properties, including multifamily, condo, office, retail and mixed use
Over $260 million total capitalization in invested properties with an estimated value (held and at time of sale) of close to $500 million
$74 million aggregate equity investment with over $220 million distributed to investors
4.7x average MOIC with an average hold of 8.3 years on all sold properties (54)
Management
Founder & CEO
Robert Clippinger | Founder, CEO
Over 40 years of experience in commercial real estate across a wide variety of property types, such as multifamily, office, retail, hospitality, condo and mixed use. Formed Clippinger Investment Properties in 1994 and has owned and operated the company continuously since its founding. Began career at First Interstate Bank as an auditor in 1984. The following year moved into real estate as a broker for Cambio Investments and won awards for the most successful new agent in 1985 and 1986. Joined a commercial real estate startup investment firm, CapitalVest Realty, Inc., in 1986 and was involved in the growth and development, including acquisition structure, asset management, property management, property acquisition and disposition, general brokerage and capital funding for new projects. Involved in various charities and is also a former board member of Gateway Business Bank. BA, Real Estate Finance and Law, California State Polytechnic University.
Specific Risks
- Construction supply cost increases and time to receive major components may be later than expected
- Construction/renovations may take longer than expected
- May overpay for properties, depressing returns
- Debt financing may be higher than expected and refinancings may be challenging and on lower LTV levels than anticipated
- Property values may fluctuate
- There may be other unforeseen risks, such as tenant disputes or changing local ordinances that may affect operating costs
- Private securities are speculative, illiquid, and carry a high degree of risk – including the loss of the entire investment