| Like a detective at a crime scene, Encore's prez/CEO Pat Barber sees the clues and plans to make his own steals, as Encore plans to invest up to $500M in equity this year. Earlier this spring, we told you about one of Encore's acquisitions—the 360k SF Governor's Pointe shopping center in Cincinnati (below). It consists of Governor's Pointe North, anchored by Lowe's—and Governor's Point South, anchored by Bigg's Supervalu supermarket. Pat tells us it's underwriting more than 40 retail, multifamily, and hospitality projects in various stages. He expects a lot of growth for his company over the next three years. | |
| With 78 projects and over $1.2B invested to date, Encore Enterprises' IRR over its 11-year history comes to a whopping 56.7%, one of the biggest selling points that is bringing in more investors, Pat tells us. “We underwrite deals to nausea to make sure there are no surprises. We may be lucky, but there is lot to our success.” Of course, Encore knew when to hold ‘em and fold ‘em. Probably the biggest move was selling everything it had built up in August 2007 and adding former CEO of Realty Capital Partners Donna Arp to build on the equities platform. “We fund the whole thing, and then raise that capital to backfill into the projects recycling our money,” Pat says. | |
The Gambler
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Encore Enterprises, Point South
