“Phil’s industry reputation is well known and he brings a wealth of knowledge and experience to our team,” said Peter Fioretti, Mountain’s chief executive officer. “We’re very fortunate to add Phil to our West Coast operations and know he’ll contribute greatly to our future success. Phil’s experience with home builders and large master plan communities will be invaluable as we continue investing in residential projects in California and other western states.”
Phil joins Mountain after leading a private San Diego-based homebuilder, Brehm Residential, as its president/COO. Phil has extensive experience in managing residential joint ventures with builder/developer partners representing institutional investors including the California Public Employees Retirement System (CalPERS), The Prudential Insurance Company of America and Donaldson, Lufkin & Jenrette. His background includes development of successful master planned communities, residential subdivisions, custom lot programs and mixed use projects. Over the course of his career Phil has been involved in the development, construction and sales of over 30,000 homes and lots throughout the U.S. with sellout values exceeding $4 billion.
In his new position, Phil will manage Mountain’s investments in large master planned communities and home building projects in California and the Western U.S. The California projects include infill projects located in Los Angeles as well as traditional single family housing in San Diego and Riverside, Calif. Additionally, Phil will manage subdivisions recently acquired by Mountain from Forest City located in Arizona and Washington.
Founded in 1993, Mountain is a leading private equity source for real estate developers, builders and operators seeking to enhance value in their existing projects or to take advantage of new opportunities. Headquartered in Charlotte, N.C., Mountain’s homebuilder joint venture is based in Minneapolis, Minn., while its national origination and asset management teams have additional offices in San Diego, Los Angeles, Baltimore and New York City. Since 2010, MREC has purchased over $1.1 billion of bank notes and assets in 14 states, encompassing over 21,000 lots/homes and 10,000 acres with projected sales exceeding $3 billion.