Plots & Ploys
Exploring New Areas</br></br>When private-equity firm Ares Management acquired New York real-estate investor AREA Property Partners earlier this year, two of AREA's co-founders decided to go their separate ways.</br></br>Now, William Mack and his son Richard Mack are launching a new company that will focus on longer-term investments and managing the family's money.</br></br>"We'd like to be able to do things that don't work so great in a fund structure," says Richard Mack, who will be the chief executive of Mack Real Estate Group.</br></br>The company is starting by developing 4,500 multifamily units in New York, the Seattle area and southern California.