Responsibly investing in U.S. commercial properties for over thirty years

21 Custom House Street, Suite 700. Boston. MA 02110
201 N. Union Street – Suite 110. Alexandria, VA 22314
889 Howell Mill Road NW Suite 3300 Atlanta, GA 30318

INTRODUCTION

ELV Associates, Inc. is a privately held real estate investment and management company established in 1990, allowing high net-worth families to make direct investments in United States commercial properties. The Company’s high quality property portfolios in three US regions – New England, Mid-Atlantic, and the Southeast – offer investors geographic and product diversification and exceptional returns through income and appreciation common to real estate investments. To date, we have completed acquisition and development transactions representing nearly $3 billion in market value. Fundamental to our investments is property of high intrinsic value where inefficiencies are exploited, and value is enhanced through our hands-on teams in Boston, Washington, DC and Atlanta.

INTRODUCTION Image 1
21 Custom House Street, Suite 700. Boston. MA 02110
201 N. Union Street – Suite 110. Alexandria, VA 22314
889 Howell Mill Road NW Suite 3300 Atlanta, GA 30318
21 Custom House Street, Suite 700. Boston. MA 02110
201 N. Union Street – Suite 110. Alexandria, VA 22314
889 Howell Mill Road NW Suite 3300 Atlanta, GA 30318

About ELV

Owned by a substantial UK family trust, ELV is an extension of ownership and enjoys a strong track record and reputation for achieving attractive returns across its portfolio. ELV’s investments are offered on a deal-by-deal basis to co-investing families, many of whom have consistently invested with the Company for decades, by invitation only. Led by its long-tenured management team, ELV’s unique capital platform and direct presence across its three regions has produced consistently attractive real estate investment returns comprised of income and long-term capital appreciation. Capital preservation is paramount to all investments, demanding sensitivity to quality and pricing.

ELV is primarily focused on opportunistic middle-market commercial properties with a typical transaction size of $30 million to $200 million. Our investment strategy emphasizes a balanced portfolio approach which diversifies its activities between (i) core-plus assets, (ii) value-added assets (typically through re-tenanting, repositioning, and renovation), and (iii) ground-up development opportunities. In all cases, value is created through active management by the ELV team.

About ELV Image 1
21 Custom House Street, Suite 700. Boston. MA 02110
201 N. Union Street – Suite 110. Alexandria, VA 22314
889 Howell Mill Road NW Suite 3300 Atlanta, GA 30318
21 Custom House Street, Suite 700. Boston. MA 02110
201 N. Union Street – Suite 110. Alexandria, VA 22314
889 Howell Mill Road NW Suite 3300 Atlanta, GA 30318

at a Glance

as of December 31, 2021

1990

established

3

US portfolio regionsNew England, Mid-Atlantic, Southeast

17

co-investing capital partners

13

development partners

5-10

yearstypical holding period

$2.8 Billion

acquisition & development valuesince inception

$412 Million

invested equityunder management

$30-200 Million

typical transaction size

$10-50 Million

typical equity commitment

12,135,356

square feetacquisition & development transactions

2,084,853

square feetunder development

627,678

square feet officeunder management

50,831

square feet retailunder management

1,592

multi-family unitsunder development

1,307

student bedsunder development

21 Custom House Street, Suite 700. Boston. MA 02110
201 N. Union Street – Suite 110. Alexandria, VA 22314
889 Howell Mill Road NW Suite 3300 Atlanta, GA 30318
21 Custom House Street, Suite 700. Boston. MA 02110
201 N. Union Street – Suite 110. Alexandria, VA 22314
889 Howell Mill Road NW Suite 3300 Atlanta, GA 30318

Management Team

EXPERIENCED MANAGEMENT TEAM

ELV is led by an experienced management team that has consistently identified unique and high-performing investment opportunities across multiple cycles, regions and products.

LOCAL MANAGEMENT

Value is enhanced through our hands-on team local to each asset.

DIVERSE BACKGROUNDS

Engineering, financial, and management backgrounds are collectively applied to the underwriting, due diligence and financial management required of each holding.

MATURE AVERAGE TENURE

The management team’s average tenure in the company is over 20 years.

Results

MANAGING RISK AND PRESERVING CAPITAL

ELV’s typical transactions are opportunistic and high yielding while recognizing and managing risk and preserving invested capital.

TRACK RECORD

Since 1990, we have acquired or developed over 11 million square feet representing $2.7 billion in market value. Properties sold to date have realized an attractive return on equity.

TIME FRAME

Annualized returns have generally been realized over holding periods of 3-5 years.

REPRESENTATIVE TRANSACTIONS

ELV’s success is best illustrated through a number of its representative transactions, summarized in the attached case studies, across multiple regions, cycle-stages and product types. Common to these investments is the opportunity to control properties which are difficult to replicate and which uniquely and sustainably serve their marketplaces.

21 Custom House Street, Suite 700. Boston. MA 02110
201 N. Union Street – Suite 110. Alexandria, VA 22314
889 Howell Mill Road NW Suite 3300 Atlanta, GA 30318

TEAM

SCOTT W. JENKINS

President

As President of ELV Associates, Inc., Mr. Jenkins is responsible for the direction of the Company and is actively engaged in the development, acquisition, leasing and management, and disposition of the Company’s commercial real estate portfolio. With the Company since its formation in 1990, Mr. Jenkins has been responsible for transactions in excess of $2 billion since becoming President in 1996. Having established ELV offices and property portfolios across the Company’s three U.S. regions – New England, the Mid-Atlantic, and the Southeast – Mr. Jenkins has presided over the expansion of the Company’s capital base to include fourteen co-investing U.K. and European families while consistently realizing attractive returns on properties sold to date. Prior to joining ELV, Mr. Jenkins was with Windsor Development Company, a private real estate development firm active in the Washington D.C. area. Mr. Jenkins holds a Master of Science degree in Civil Engineering from Bucknell University.

FRED BEDDARD

Chief Investment Officer

Mr. Beddard is the Chief Investment Officer of ELV Associates and oversees development and operating assets across all company regions. His responsibilities include originating and managing equity investments, including the sourcing, underwriting, structuring, financing, closing, and disposition of real estate investments across ELV’s portfolio. Most recently with Perseus Realty, Mr. Beddard was directly involved in the acquisition, financing, and disposition of properties valued at over $2 billion. Mr. Beddard received his B.S in Business and Management from Skidmore College and holds a Masters in Real Estate Finance from Georgetown University. He is a member of the D.C. Building Industry Association, the Urban Land Institute, and is on the Agawam Council’s board of directors, a non-profit corporation that governs Camp Agawam.

21 Custom House Street, Suite 700. Boston. MA 02110
201 N. Union Street – Suite 110. Alexandria, VA 22314
889 Howell Mill Road NW Suite 3300 Atlanta, GA 30318

TEAM

CONRAD M. VLAK

Chief Financial Officer

Mr. Vlak joined ELV in 2022 as Chief Financial Officer. In his position, he is responsible for finance and accounting, lender relations, human resources, performance analysis, risk management, treasury and cash management, and acquisition underwriting and due diligence. In addition, he plays an active role in capital planning and investor relations. Prior to joining ELV, Mr. Vlak was the CFO of a multifamily investment and development company. He previously spent over a decade as a real estate investment banker and over five years as an investment professional with Rothschild Realty and Icahn Associates. He began his career in the real estate investment banking department at Merrill Lynch. Mr. Vlak received a BA from Princeton University and both an MBA and an MA from Stanford University.

AMY D. COON

Investor Relations/Chief of Staff

As Head of Investor Relations and Chief of Staff, Ms. Coon facilitates reporting and communication between the management team and our valued capital partners and their advisors while managing and coordinating the day to day functions of the Company across its three regions and offices. Amy also plays a key role from time to time on special assets within the portfolio. Prior to joining ELV, Ms. Coon spent twelve years as Chief of Staff for Cafco Construction Management, a boutique construction management firm specializing in restaurants and high-end residential projects. Amy holds a B.A. from Syracuse University in International Relations.

21 Custom House Street, Suite 700. Boston. MA 02110
201 N. Union Street – Suite 110. Alexandria, VA 22314
889 Howell Mill Road NW Suite 3300 Atlanta, GA 30318
21 Custom House Street, Suite 700. Boston. MA 02110
201 N. Union Street – Suite 110. Alexandria, VA 22314
889 Howell Mill Road NW Suite 3300 Atlanta, GA 30318

CASE STUDY

LILLI MIDTOWN, Atlanta, GA

Consisting of 147 rental apartments and street level restaurant space in a 24-story tower, Lilli Midtown was developed through a joint venture of ELV and a valued development partner with expertise in the industry. Completed in 2018, Lilli Midtown is located in one of Atlanta’s most dynamic urban neighborhoods and was designed to appeal to broad range of affluent urban professionals. Upon full lease up and after a brief holding period, the multiple award-winning asset was sold in February 2020 to a large Canadian pension fund. Net proceeds supported attractive results on ELV’s LP equity position of $14 million over a four-year period of development, leasing, and exit.

LILLI MIDTOWN, Atlanta, GA Image 2
LILLI MIDTOWN, Atlanta, GA Image 3
LILLI MIDTOWN, Atlanta, GA Image 4
LILLI MIDTOWN, Atlanta, GA Image 1
21 Custom House Street, Suite 700. Boston. MA 02110
201 N. Union Street – Suite 110. Alexandria, VA 22314
889 Howell Mill Road NW Suite 3300 Atlanta, GA 30318

CASE STUDY

Alto Fairfield, Fairfield, CT

With 160 rental apartments and 13,000 square feet of ground-level retail, Alto Fairfield Metro was developed through a joint venture with a locally based partner in the Fairfield, CT market. Completed in 2021, Alto offered institutional quality housing in a supply-constrained market catering to transit-oriented professionals working in the New York City area. The project stabilized several months after delivery and, after a brief holding period, was sold to a family office in March 2022. The sale proceeds and cash flow on ELV’s $12 million LP equity position yielded attractive results over a three-year development, leasing, and exit period.

Alto Fairfield, Fairfield, CT Image 2
Alto Fairfield, Fairfield, CT Image 3
Alto Fairfield, Fairfield, CT Image 4
Alto Fairfield, Fairfield, CT Image 1
21 Custom House Street, Suite 700. Boston. MA 02110
201 N. Union Street – Suite 110. Alexandria, VA 22314
889 Howell Mill Road NW Suite 3300 Atlanta, GA 30318

CASE STUDY

The Mix at Georgia State, Atlanta, GA

Located within the Georgia State University urban campus, this 685-bed student housing tower was developed through a joint-venture of ELV and a valued development partner with expertise in the industry. Completed ahead of schedule and on budget in June 2019, and with two market-leading full lease-ups for the 2020 and 2021 academic years, the asset was sold to a private equity investment firm specializing in student housing. ELV’s LP equity investment of $22.3 million yielded attractive results over a four-year period of development, leasing and exit.

The Mix at Georgia State, Atlanta, GA Image 2
The Mix at Georgia State, Atlanta, GA Image 3
The Mix at Georgia State, Atlanta, GA Image 4
The Mix at Georgia State, Atlanta, GA Image 1
21 Custom House Street, Suite 700. Boston. MA 02110
201 N. Union Street – Suite 110. Alexandria, VA 22314
889 Howell Mill Road NW Suite 3300 Atlanta, GA 30318

CASE STUDY

Lawrenceville South Lawn, Lawrenceville, GA

Located adjacent to a programmed municipal park and steps away from town retail and restaurant amenities, the project was developed through a joint venture of ELV and a valued development partner with expertise in the industry. Completed in November 2020 on time and on budget, the 430 garden-style apartments and street level retail space reached 90% occupancy the following Spring at rates considerably above pro forma. A pre-emptive purchase offer by a large syndication trust led to a sale in April 2021, supporting attractive results on ELV’s LP equity position of $25 million.

Lawrenceville South Lawn, Lawrenceville, GA Image 2
Lawrenceville South Lawn, Lawrenceville, GA Image 3
Lawrenceville South Lawn, Lawrenceville, GA Image 4
Lawrenceville South Lawn, Lawrenceville, GA Image 1
21 Custom House Street, Suite 700. Boston. MA 02110
201 N. Union Street – Suite 110. Alexandria, VA 22314
889 Howell Mill Road NW Suite 3300 Atlanta, GA 30318

CASE STUDY

The Foundry, Alexandria, VA

The Foundry, located in the Carlyle submarket of Alexandria, VA, is an urbanized mixed-use project that converted a 600,00 square foot office building into a modern Class-A apartment building consisting of 520 apartment units and 25,000 square feet of retail space. The building’s façade was updated and three residential floors and rooftop amenity spaces were added. The Foundry’s innovative design earned a 2021 ENR Mid-Atlantic Best Projects Award of Merit and the 2020 NAIOP North Virginia Award for Best Building, Adaptive Re-Use. Completed in March 2020, the project was sold in December 2020. ELV’s LP equity investment of $55 million yielded attractive results over a four-year holding period.

The Foundry, Alexandria, VA Image 2
The Foundry, Alexandria, VA Image 3
The Foundry, Alexandria, VA Image 4
The Foundry, Alexandria, VA Image 1
21 Custom House Street, Suite 700. Boston. MA 02110
201 N. Union Street – Suite 110. Alexandria, VA 22314
889 Howell Mill Road NW Suite 3300 Atlanta, GA 30318

CASE STUDY

Alpharetta City Center, Alpharetta, GA

Conceived as an integral part of the Alpharetta City Center master development and designed to appeal to affluent renters desiring the nearby amenities and conveniences, Amorance was developed through a joint venture of ELV and a valued development partner with expertise in the industry. Comprised of 168 apartments and 42,000 square feet of boutique retail space in two buildings, the project was completed in the spring of 2019 and sold to a domestic pension fund in September 2019. Sale proceeds and cash flow on ELV’s $20 million LP equity position yielded attractive results over a four-year period of development, leasing, and exit.

Alpharetta City Center, Alpharetta, GA Image 2
Alpharetta City Center, Alpharetta, GA Image 3
Alpharetta City Center, Alpharetta, GA Image 4
Alpharetta City Center, Alpharetta, GA Image 1
21 Custom House Street, Suite 700. Boston. MA 02110
201 N. Union Street – Suite 110. Alexandria, VA 22314
889 Howell Mill Road NW Suite 3300 Atlanta, GA 30318

Get in touch with us

Get in touch with us Image









    21 Custom House Street, Suite 700. Boston. MA 02110
    201 N. Union Street – Suite 110. Alexandria, VA 22314
    889 Howell Mill Road NW Suite 3300 Atlanta, GA 30318

    Responsibly investing in U.S. commercial properties for over thirty years