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# Investment Management
A Strong Track Record of Cycle-Tested Performance
Crow Holdings Capital targets property sectors with traditionally strong, stable cash flows and those benefiting from secular forces, such as demographics and e-commerce – particularly residential and industrial assets. Crow Holdings Capital also seeks to bring institutional ownership to fragmented, specialty property sectors with growing demand and reduced correlation to market cycles, including self-storage, student housing, manufactured housing, food and service retail, and more.
$
19
Billion
In Assets under management
1,000
+Investments
Total Investments
1.8
+Billion
Firm Commitments
  ### Apartment
  ### Industrial
  ### Specialty
## Apartment
Collapse
Crow Holdings Capital believes the rental housing sector is well-positioned due to demographic trends and affordability concerns in the single-family market. Crow Holdings’ on-the-ground presence and hands-on capabilities help the team acquire and develop well-located properties in primary and secondary markets, particularly in the Sunbelt markets, where employment and population growth are strong. By strategically investing in the multifamily sector as part of the team’s  and aligning our efforts with these demand drivers, we aim to contribute to the growing need for attainable and high-quality housing options in the market.
## Housing Stategies
The investment objectives for Crow Holdings Capital’s Housing Strategies team are to acquire, reposition, or develop market-rate apartment communities, manufactured housing, and purpose-built student housing in primary and larger secondary markets throughout the United States. CHC’s discretionary real estate funds seek to invest directly for through partnership with seasoned sponsors.
  ### Manufactured Housing
  ### Student Housing
69,179
Units
201
Transactions
$5B
Equity Commitments
### Investment Objectives
CHC seeks acquisitions and development opportunities in 20 of the top 25 markets - presenting characteristics of domestic migration, job growth, business-friendly environment, and reletevly lower cost of living. Primary markets are in the Sun Belt, and product types are typically lower-density, podium, garden-style, or wrap communities in first - or second-ring suburban locations.
### Active Markets
!
### Featured Apartment Property
##### Ironwood at Empire Lakes
Rancho Cucamonga, CA
[VIEW
PROPERTY
## Manufactured Housing
9,322
PADS
28
$526M
Focus on well-located communities with value-add upside and rare opportunity to develop best in-class affordable product.
### Featured Manufactured Housing Property
##### TH Arizona Portfolio
## Student Housing
Acquire, reposition, or develop purpose-built Student Housing communities in primary and larger secondary markets throughout the United States.
### Featured Student Housing Property
##### Wildwood
Lubbock, TX
### Demand Drivers:
* Housing unit supply shortfall
* Increase in homeownership costs
* Delayed marriage, emphasis on life experiences, and rising student debt levels
* Significant delays in construction starts
#### Featured Apartment property
## Industrial
The industrial sector has been a pillar of Crow Holdings since its founding in 1948, when Trammell Crow first built speculative warehouse space in Dallas. Over the years, Crow Holdings has developed relationships and partnerships in multiple markets, and Crow Holdings Capital has continued to capitalize on the secular trends in the U.S. logistics sector. E-commerce continues to fuel demand for industrial space, along with the importance of supply chain management and prominence of near- and onshoring. The team targets opportunities located in primary industrial markets that offer strong labor characteristics, diverse sources of tenant demand, and population density.
* E-commerce
* “Just in case” inventory
* Onshoring / nearshoring manufacturing
* Flight to quality
#### Featured Industrial property
##### Intermodal Commerce Park
Alliance, TX
## Specialty
Manufactured Housing, Student Housing, Self-Storage, Food & Service Retail, Convenience & Gas
In addition to targeting industrial and multifamily assets, Crow Holdings Capital seeks to bring institutional ownership to fragmented, specialty asset classes with growing demand and reduced correlation to market cycles, including self-storage, manufactured housing, student housing, food & service retail, and convenience & gas.
## Self -Storage
* Needs-based demand
* Recession and inflation resistant
* Low operating cost
* Fragmented ownership
#### Featured Specialty property
The team acquires and develops self-storage facilities across markets with strong growth characteristics and compelling supply and demand fundamentals. In a sector with historically fragmented ownership, Crow Holdings Capital looks to implement institutional asset management to drive NOI.
* Supply and demand imbalance
* Stable cash flows
* Operational inefficiencies
Manufactured housing is a critical component of affordable housing solutions across the U.S and part of the team’s . This product offers a path to homeownership at a discount to traditional options. Decreasing stock and high barriers to entry (including NIMBYism), result in very limited new development, creating a favorable supply-demand dynamic for investment within the sector. Crow Holdings Capital’s strategy focuses on well-located communities with value-add upside and rare opportunities to develop best-in-class affordable product.
* Enrollment growth
* Bed-to-bath parity
* Proximity to campus
As part of its , Crow Holdings Capital pursues student housing opportunities near Tier-1, flagship universities that have strong enrollment in states with growing student populations, positive migration patterns, and robust, diversified economies. Geographically, these opportunities are generally in SunBelt states. Value enhancement strategies typically include unit renovations, improved common areas and amenities, enhanced Wi-Fi, management transitions, and energy efficiency initiatives.
## Food & Service Retail
* E-commerce resilience
* Food and service tenancy
* Location
While e-commerce has been disruptive to other retail segments, small-format, convenience-oriented, food and service shopping centers have proven to be a compelling opportunity for investors in recent years – not to mention a benefit to the local communities these retail centers serve. With deep experience investing in the space during both positive and challenging market environments, Crow Holdings Capital takes a hands-on approach, aggregating high-quality properties that are well-located with strong tenant demand, a reliable income stream, and potential for NOI growth and capital appreciation.
## Convenience & Gas
* High-traffic locations
* Reliable cash flows
The Crow Holdings Capital team seeks to acquire convenience stores & gas stations that offer a value-add component through short-term fuel supply agreements, site-level capital improvements, and increased credit for the operator. The team targets properties in locations with high barriers to entry, concentrating in markets that feature high population density, income levels, and growth.
## Risk & Strategy
Crow Holdings Capital’s broad, diversified investment portfolio includes a range of investment strategies, product types, and ventures with institutional investors. The team of experienced professionals pursues compelling investment opportunities to capitalize on evolving, secular forces, including domestic migration, shifting demographics, and growth of e-commerce.
RiskSpectrum
Strategy
Geography
### Risk Spectrum
* Core / Core-Plus
* Value-Add
* Opportunistic
Crow Holdings Capital is focused on offering investors access to durable, growing income and select value enhancement strategies, as well as develop-to-core strategies through Crow Holdings’ experienced local development and acquisition teams across the country. In partnership with leading institutional investors, we invest in our sectors of focus offering opportunities for long-term income and capital appreciation.
For over 20 years, Crow Holdings Capital has been implementing value-add investment strategies in partnership with leading global investment partners, generating attractive returns across market cycles. With a proven track record of investing in key markets across the nation, our focus is on the acquisition and redevelopment of existing assets combined with investments in new development.
Crow Holdings Capital has a long history of development and continues to seek opportunities in new development, leveraging its long-standing relationships with established third-party development partners and Crow Holdings’ experienced local development teams.
### Strategy
## Flagship Diversified Value-Add
Acquisition of assets with a focus on value-creation and investments in new development targeting industrial, apartment, and specialty sectors in primary & sunbelt markets
## Open-End Diversified Core-Plus
Acquisition of income-oriented assets with select opportunities for value enhancement targeting apartment, industrial and specialty sectors in primary & sunbelt markets
## Build-to-Core
Leverage on-the-ground presence in key markets and hands-on capabilities to pursue proprietary development opportunities
## Liquidity Solutions
As an investment division of Crow Holdings Capital,  provides strategic capital to address liquidity needs of investors, sponsors, developers, and operators through fund/property recaps, GP growth capital, preferred equity and select purchase of LP interests.
## Credit
Financing of acquisitions and developments primarily through senior subordinate lending with select originations and recapitalizations
## Sector-Specialty
Bring institutional ownership to fragmented, specialty asset classes with growing demand and reduced correlation to market cycles
### Portfolio By Geography
Crow Holdings Capital invests across the United States, and maintains a deep history, longstanding relationships, and primary focus within the Sunbelt region.
CLICK ON A REGION TO LEARN MORE
* West
  34%
  Of Total
  Investements
  !
* Midwest
  3%
* Northeast
  15%
* Southeast
  14%
* Southwest
  32%
## Latest from Crow Holdings
Click and drag to explore the latest from our investment management team
Crow Holdings
Press Release
### Crow Holdings Adds 50 New Trees at Weichsel Park
The Dec. 6 event was part of the company’s ongoing legacy of urban tree reforestation across the country through tree planting, local conservation, beautification efforts, and supporting urban parks.
Read More
Crow Holdings Capital
In the News
### IREI: Strategic Liquidity Evolved
Gina Spiegel and Ira Shaw introduce Partner Solutions, a new investment business for Crow Holdings.
### NAIOP: Trophy Industrial: A Call to Inspire Creativity, Legacy and Community
Crow Holdings Development's Senior Managing Director Clark Machemer shared his insights on how developers can rethink the way industrial projects are designed and built.
Crow Holdings Development
### Crow Holdings Development Inks 355,000-SF Lease at Carteret, N.J., Campus
The world's third-largest transport and logistics company has signed a full-building, 355,000-square-foot commitment at Crow Holdings at Carteret.
Trammell Crow Residential
### Trammell Crow Residential Breaks Ground on Alexan Worcester
TCR announced construction has commenced on its latest project from the TCR Northeast Division, Alexan Worcester.
### Trammell Crow Residential Opens Latest Multifamily Property in Greater Los Angeles Area
TCR announced that its latest Alexan community, a 436-unit, luxury multifamily residence in Monrovia, California, is now open and available for lease.
Whitepaper
### 2024 Spring Real Estate Market Outlook
This is not a typical real estate cycle, writes Managing Director of Research Mark Roberts. The current environment is marked by capital market shifts and rising interest rates, versus supply and demand. Check out the 2024 Spring Real Estate Market Outlook for a sector-by-sector analysis of challenges, opportunities, fundamentals, and more.
### Crow Holdings Announces Manufactured Housing Portfolio Acquisition
The 46-property portfolio comprises nearly 10,000 homesites across six U.S. states, building on an established platform that emphasizes the benefit to community residents
### Trammell Crow Residential Expands in Greater Boston with New Luxury Community in Chelmsford
TCR announces the development of Alexan Chelmsford, a 340-unit, luxury multifamily residence in Chelmsford, Massachusetts.
### Crow Holdings Closes Tenth U.S. Diversified Value-Add Real Estate Fund At $3.1 Billion
Crow Holdings announces the final close of Crow Holdings Realty Partners X, L.P. (“Fund X” or the “Fund”) at $3.1 billion of commitments.
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©2025 Crow Holdings
This overview is designed to introduce Crow Holdings and its various operating companies. Crow Holdings Capital is a U.S. SEC-registered investment adviser and is the manager to the Crow Holdings Capital Funds. Crow Holdings Capital, Trammell Crow Residential, Crow Holdings Industrial, and Crow Holdings Office are operated separately and independently from one another with separate senior leadership and investment committees. SEC registration does not imply a certain level of skill or training.
Crow Holdings Securities, LLC is acting as placement agent. Crow Holdings Securities, LLC, 3819 Maple Ave., Dallas, TX 75219, is registered with the SEC and is a member of . Check the background of Crow Holdings Securities, LLC on .
## Environmental, Social, and Governance (ESG)
The below statement is based on requirements related to Regulation (EU) 2019/2088 on Sustainability-related disclosures in the financial services sector (the “SFDR”). The purpose of the Disclosure Regulation is to achieve more transparency on how financial market participants consider any environmental, social, or governance event or condition that, if it occurs, could have a negative material impact on the value of an investment (“Sustainability Risks”).
“Crow Holdings Capital believes Environmental, Social and Governance (“ESG”) considerations may impact investment outcomes. As a result, Crow Holdings Capital strives to focus on ESG throughout the investment lifecycle in order to invest with a sense of purpose and responsibility, to positively impact communities and to add social and economic value. Crow Holdings Capital considers a variety of sustainability factors in connection with the investment strategies of their funds, which centre around acquisition, development and ownership of real estate properties. Such factors may include, where reasonably practicable but are not limited to, improving energy efficiency and reducing greenhouse gas emissions through the implementation of energy saving methods such as lighting retrofits, cool roofs, installing smart thermostats, energy-efficient appliances, and electric vehicle charging stations; improving water conservation through the installation of high-efficiency plumbing fixtures, water detention systems, improving landscape irrigation practices and incorporating native plants; reducing waste, recycling and restoring soil and disturbed habitats during the construction phase; evaluating green building certifications; and facilitating tenant well-being through convenient fitness facilities and improving indoor air quality. Such factors will generally attempt to be identified at the due diligence stage of the investment process and, where appropriate, are monitored throughout the duration of the investment. As part of Crow Holdings Capital’s commitment to sustainability, its parent company, Crow Holdings, sponsors and participates in EarthX, a non-profit environmental organization dedicated to education and awareness of sustainable initiatives. Crow Holdings Capital will continue to monitor industry standards and best practices towards ESG integration.”
“It is important to Crow Holdings Capital that all employees are fully aligned with . Sustainability risk means an environmental, social or governance event or condition that, if it occurs, could cause an actual or a potential material negative impact on the value of the investment (“Sustainability Risk”). Sustainability Risk is generally considered similarly as other risks which could reasonably be expected to cause a material negative impact on the value of a fund or portfolio. Crow Holdings Capital does not currently consider the adverse impacts of investment decisions on sustainability factors within the meaning of the SFDR. While ESG considerations are integrated into Crow Holdings Capital’s investment process as outlined in Crow Holdings Capital’s Sustainability Policy, the detailed rules underlying the SFDR will require Crow Holdings Capital to ascertain the availability of the data expected to be reported under the new requirements of the SFDR. As such, the position will continue to be monitored and reviewed by Crow Holdings Capital as the underlying rules are finalized and market practice becomes apparent.