Timberline Real Estate Ventures

Background

Founded in 2012, Timberline Real Estate Ventures (TREV) is a privately held, fully integrated real estate operator and investment manager specializing in the residential sector. With over $3.5 billion in total investments, TREV focuses on the development, acquisition, and operation of student housing, multifamily, and mixed-use retail/residential communities. The company's mission is to create value through strategic investments and hands-on management, aiming to deliver attractive risk-adjusted returns for its partners.

Key Strategic Focus

TREV employs a relative value investment approach, engaging across the capital stack—including common equity, preferred equity, mezzanine, and convertible debt—and spanning risk profiles from core to opportunistic and value-add opportunities. The firm collaborates with a diverse range of co-investment partners, such as high-net-worth individuals, family offices, sovereign partners, U.S. public pension plans, and international investment advisors. TREV's specialization lies in student housing and multifamily operations, leveraging its vertically integrated property management team to execute business plans effectively and outperform proforma returns.

Financials and Funding

Since its inception, TREV has acquired more than $3.5 billion in total investments. The firm evaluates direct investments with co-investment partners, including high-net-worth individuals, family offices, foreign/sovereign partners, U.S. public pension plans, and national/international investment advisors.

Pipeline Development

TREV's portfolio includes a range of student housing and multifamily properties. Notably, in October 2024, a joint venture between TREV and an Ares Management Real Estate fund acquired Hale Mahana, a 191-unit, 589-bed student housing property near the University of Hawaii at Manoa. This acquisition underscores TREV's commitment to expanding its footprint in the student housing sector.

Technological Platform and Innovation

TREV collaborates with industry-leading technology operating companies to disrupt the real estate industry with cutting-edge technology that positively impacts revenue and operating efficiencies while delivering a satisfying experience for the end consumer. The firm and its partners have recognized the efficiencies and top and bottom-line growth through the implementation of these prop-tech related companies.

Leadership Team

Andrew Stark, Principal and Co-Founder

With over 25 years of real estate experience, Andrew has been instrumental in launching and growing several student housing ventures, including Campus Evolution Villages and American Campus Communities. He also serves as Executive Vice President of B.HOM Student Living.

Nathaniel Fowler, Principal and Co-Founder

Nathaniel brings over 15 years of experience in real estate, private equity, and investment banking. He co-founded Campus Evolution Villages with Andrew Stark and currently serves as Executive Vice President of B.HOM Student Living.

Chris Murray, Managing Director, Asset Management

Chris oversees TREV's residential portfolio operations, including financial, operational, and reputational aspects. Prior to joining TREV, he was a Senior Vice President at JRK Property Holdings.

Kyle Nemeroff, Managing Director, Acquisitions

Kyle is responsible for TREV's national real estate and corporate acquisitions. He previously worked at Heitman Capital Management, specializing in acquisitions and financings across all asset classes.

Jacob Nelson, Associate, Asset Management

Jacob focuses on the oversight of strategic planning, leasing, and operational facets of TREV's student housing and multifamily portfolio. He previously worked at Harrison Street Real Estate.

Jack Hope, Associate, Acquisitions and Asset Management

Jack is responsible for underwriting, due diligence, and financing of new acquisitions, as well as assisting in the day-to-day asset management of TREV's portfolio. He previously served as an Investment Associate for Vesper Holdings.

Ben Rosen, Asset Management Analyst

Ben supports TREV's residential portfolio operations, including overseeing financial, operational, and reputational aspects. Before joining TREV, he supported asset management and acquisitions at Power REIT.

Leadership Changes

In May 2020, TREV partnered with BH Companies to form B.HOM Student Living, a new student housing management company. This partnership led to the integration of management teams and the assumption of a 33-property student housing portfolio across 16 states.

Competitor Profile

Market Insights and Dynamics

The student housing and multifamily real estate sectors have experienced significant growth, driven by increasing demand for quality housing near educational institutions and urban centers. Investors are attracted to these sectors due to their resilience and potential for stable returns.