What sectors does Penwood Real Estate Investment Management focus on?

Penwood Real Estate Investment Management focuses on PropTech.

Where is Penwood Real Estate Investment Management located?

Penwood Real Estate Investment Management is headquartered in West Hartford, US.

Penwood Real Estate Investment Management

Private equity

West Hartford · 23 people tracked

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Investment thesis

Penwood focuses on value-added real estate investing for institutional investors, aiming to deliver above-market returns while minimizing risk. It structures value-creation strategies in individual or commingled fund formats. To source deals, the firm works with local operating partners in off-market situations rather than open-market broker-directed bidding, acquiring properties at cost or below replacement cost to establish a value-added margin. Penwood applies deal structuring and risk management expertise to manage incremental risk: minimizing pre-development risk by investing only in appropriately zoned land, limiting construction risk through value-engineering and development partner guarantees, and managing market risk by maximizing income and assessing effects on capitalization rates and property values.

Invests inPropTech United StatesWest Hartford

Source: firm website, verified Sep 29, 2026.

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West Hartford, US

Instruments

Equity

Founded

2003

AUM

$1.5B

Team · 23 people

from the firm's website & curated

John Hurley· Principal – Chief Investment Officer· Marietta, Georgia, United Statesin

Chief Investment Officer overseeing investment strategy, product development, portfolio management, compliance, and client relations, with a focus on Penwood's industrial property value-creation funds. Previously Managing Director and Head of Product Development at CIGNA; holds a B.A. from Bowdoin College and an MBA from Cornell.

Karen Nista· Principal – Chief Operating Officer

Chief Operating Officer focused on investment strategy, asset management, financing, and client relations for Penwood's industrial funds. Formerly a Managing Director at CIGNA overseeing separate accounts; holds a B.S. from the University of Connecticut.

Rick Chase· Founding Member Emeritus

Co-founder of Penwood in 2003, retired in December 2023 and remains in an advisory role. Previously led investment strategy and acquisitions and was Managing Director of Acquisitions at CIGNA Realty Investors.

Tim Lynch· Managing Director· New York City Metropolitan Areain

Andrew MacDonald· Senior Vice President of Acquisitions· New York City Metropolitan Areain

Senior Vice President of Acquisitions sourcing and performing due diligence for East Coast industrial investments. Previously at Sumitomo Corporation of Americas and Cushman & Wakefield.

Christine Kubas· Managing Director and Head of Asset Management· Hartford, Connecticut, United Statesin

Managing Director leading asset management, including ongoing management, analysis, and valuation of assets. Prior experience at CBRE Capital Markets, UBS Realty Investors, and CIGNA Investment Management; holds a B.S. in Finance from the University of Connecticut.

Dan Hallarin· Portfolio Controller· Greater Hartfordin

Portfolio Controller responsible for accounting, reporting, investor reporting, and compliance. Previously Senior Director of Finance at Travelers and Director of Investment Accounting at Nassau Re; CPA and CFA charterholder.

Derek O’Conner· Acquisitions Analyst

Acquisitions Analyst supporting evaluation and due diligence of prospective acquisitions. Previously a Research and Data Analyst at Goman+York Property Advisors.

Donna Lucente· Investment Associate· West Hartford, Connecticut, United Statesin

Investment Associate supporting asset management, administrative functions, insurance coverage, reporting, and client service. Previously an Investment Operations Senior Associate at CIGNA.

Hunter Olson· Investment Analyst

Investment Analyst supporting underwriting, analysis, and execution of industrial investments. Previously a Portfolio Analytics Associate in the Infrastructure Secondaries group at Ares Management.

Jay Roscoe· Construction Project Manager – Engineer

Construction Project Manager executing capital projects and assisting acquisitions with evaluating development and rehab opportunities. Over 31 years of construction experience and formerly owned a general contracting firm.

Jeff Matrullo· General Counsel· Hartford, Connecticut, United Statesin

General Counsel advising Penwood on real estate investments, funds, separate accounts, and regulatory compliance. Over fifteen years as a commercial real estate attorney, previously a partner at an Am Law 200 firm.

Jeremy Rocha· Acquisitions Associate

Acquisitions Associate analyzing and performing due diligence on prospective acquisitions. Previously a Development and Advisory Analyst at Goman+York Property Advisors.

Joe Koziol· Chief Financial Officer· New York City Metropolitan Areain

Chief Financial Officer responsible for all fund and company accounting functions. Previously an Assistant Director at CIGNA managing real estate accounting and reporting; holds a B.S. in Finance and an MBA in Accounting from the University of Connecticut.

Lauren Beuerlein· Senior Vice President of Asset Management

Senior Vice President of Asset Management overseeing East and West Coast industrial property investments. Previously a Senior Asset Manager at DRA Advisors and roles at RREEF/Deutsche Asset Management and Transwestern.

Lisa Fortuna· Senior Fund Controller

Senior Fund Controller handling accounting, reporting, investor reporting, and compliance for real estate investments. Previously an Assistant Portfolio Controller at Cornerstone Real Estate Advisers and financial analyst at CIGNA.

Mark Wetmore· Senior Vice President of Asset Management· Hartford, Connecticut, United Statesin

Senior Vice President of Asset Management overseeing West Coast industrial property investments. Previously at UBS Realty Investors and CBRE.

Patrick Nista· Assistant Vice President of Asset Management

Assistant Vice President of Asset Management overseeing East and West Coast industrial investments. Previously at Barings (formerly Cornerstone Real Estate Advisers) and the CBRE Debt & Structured Finance team.

Ram Odedra· Vice President of Acquisitions

Vice President of Acquisitions sourcing and analyzing acquisitions for Penwood's West Coast target markets. Previously at UBS Realty Investors in acquisitions and research.

Thomas Dalamagas· Investment Analyst

Investment Analyst supporting analysis and valuation of assets under management. Previously a Valuation Analyst at National Valuation Consultants.

Trevor Condren· Portfolio Manager

Portfolio Manager supporting portfolio analytics, fund strategy, investor relations, and marketing. Previously an Associate Portfolio Manager at UBS Realty Investors; CFA charterholder with a B.S. from the University of Connecticut.

Zack Flynn· Managing Director and Head of Acquisitions

Managing Director leading acquisitions, sourcing and due diligence for Penwood's industrial funds. Joined in 2012 and has helped acquire or develop over 8 million square feet of industrial space; previously at Hartford Investment Management Company.

Jamal Nasim· Senior Portfolio Controller· New York, New York, United Statesin

Fund performance · per public LP disclosures · 3

as of Dec 2024

Fund	Vintage	Committed	Net IRR	TVPI	DPI
Penwood Select Industrial Partners VII, LPLPs: Connecticut Retirement Plans and Trust Funds	2023	—	—	0.68x	0.00x
Penwood PSIP II, L.P.LPs: North Carolina Retirement Systems	2007	—	24.3%	2.10x	2.10x
Penwood CSIP I, L.P.LPs: North Carolina Retirement Systems	2005	—	0.8%	—	—

Source: public limited-partner disclosures (CalPERS, CalSTRS). Net IRR / TVPI / DPI as reported by the limited partner; a fund's early-year IRR is an interim estimate (J-curve).

Frequently asked questions

What sectors does Penwood Real Estate Investment Management focus on?: Penwood Real Estate Investment Management focuses on PropTech.
Where is Penwood Real Estate Investment Management located?: Penwood Real Estate Investment Management is headquartered in West Hartford, US.

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