Preservation Equity Fund Advisors has appointed David “Mac” McWhorter to its advisory board, adding an institutional real estate executive with experience in investment management, capital raising and investor relations.
McWhorter is a managing director at Institutional Real Estate, Inc. Since 2016, he has led the firm’s Institute for Real Estate Operating Companies and IREI Advisory Partners. Before those roles, he spent more than three decades working in institutional investor capital raising and relationship management.
During his career, McWhorter has raised more than US$12 billion for real estate investment management businesses, according to the announcement. Firms with which he has worked include AEW Capital, Nuveen Real Estate/Henderson Global, Heitman and Carmel Partners.
McWhorter said he expects to contribute experience gained from working with real estate investment managers as they develop institutional investment platforms, build investor relationships and expand their businesses. His appointment comes as Preservation Equity Fund Advisors continues to develop its institutional investor base and its affordable housing investment activities.
Ann Caruana, president and chief investment officer of Preservation Equity Fund Advisors, said she has known McWhorter for more than 20 years. She cited his experience in capital formation, institutional investor relations and real estate investment management as relevant to the firm’s development.
McWhorter joins an advisory board whose existing members include Tony Breault, managing director of portfolio management at Ascentris; Gena Cheng, founder of Prospect Avenue Partners; Lawrence J. Hass, an attorney at Difede Ramsdell & Bender; John Hurley, chief investment officer and co-founder of Penwood Real Estate Investment; and Trisha Malone, president of Anton DevCo.
Preservation Equity Fund Advisors was established in 2016 and focuses on acquiring and preserving existing affordable housing properties in high-cost US markets through private equity funding. The firm is affiliated with the WNC & Associates family of companies.
According to the announcement, WNC has more than 55 years of experience in affordable housing investment and has participated in the acquisition of more than 121,000 units, representing approximately US$22 billion in affordable housing investments nationwide. Its activities have included tax-credit and preservation-equity strategies.
Preservation Equity Fund Advisors said the advisory board will support its continuing work on investment strategies focused on maintaining and improving affordable housing communities across the United States.
Reported by UKFOS from the company's announcement.