Spectrum Looks To Double Its Southeastern U.S. Portfolio In 10 Years
Spectrum Cos. — until recently Spectrum Properties — has a new name, a new chief operating officer, Steve McClure, and a new investment fund to facilitate enlarging its $1.5B portfolio in the Southeast.
The company has more than 5M SF under management or development, with 1,600 apartments and 23 other commercial projects in its portfolio.
“Our vision is to more than double the size of our company and the value of our $1.5B portfolio over the next decade,” said McClure, who previously led the company’s residential division.
“Our investment fund is the first of many and will open significant growth possibilities," he said, adding that — in the case of multifamily, despite the large supply of apartments coming online in Charlotte — there is still a lot of opportunity in the sector.
In Charlotte, Spectrum’s projects include the 630K SF 300 South Tryon office building, which will open this summer, and the adjacent Kimpton hotel. The company recently developed the Mint apartments in Uptown on West Trade Street, and the Abbey apartments off Park Road. The company also has investments in the Triangle, Nashville and Charleston, S.C.
As part of its new direction, Spectrum has added capital management to its services, creating its first general partner fund, which will enable it to undertake as many as a dozen new acquisition and development projects in JVs with partner investors.
Spectrum has already leveraged its new investment fund to purchase the Roxborough and Morrison office buildings in the SouthPark area.
Charlotte-based Spectrum, founded in 1982 as a real estate startup, grew quickly into a regional developer, focusing initially on office and industrial space. Later the company expanded into apartments and other projects. Spectrum has also taken on major build-to-suit projects, including for Apple, GE and BB&T, and does property acquisition, leasing and management on behalf of clients.
McClure will be a speaker at our Charlotte Multifamily event, which will be at the Duke Mansion on May 10. Sign up here.