WESTPORT, Conn. & BOCA RATON, Fla.--(BUSINESS WIRE)--Commercial real estate veterans and entrepreneurs Christian Dalzell and Mukang Cho have joined forces to launch Counter Capital Management LLC, a unique real estate investment management platform that will invest in residential and mixed-use properties located in targeted U.S. urban centers and markets. Counter Capital is a strategic joint venture between Dalzell and Cho’s incumbent firms, Dalzell Capital Management and Morning Calm Management, which collectively own and operate more than 4 million square feet of commercial real estate and 1,100 residential units around the country.
Counter Capital’s differentiated strategy consists of acquiring residential and mixed-use properties in urban centers and implementing a tailored approach to managing each asset to enhance the residents’ lives. Upon acquisition, each property will undergo specific capital and operational improvements designed to unlock value and ensure consistent product quality across Counter Capital’s distinct brands. Specifically, Counter Capital will maximize and expand each property’s productivity by allowing a wider universe of people to access traditionally underutilized areas during and after work hours as well as on weekends. This differentiated approach serves to build community connections by providing unique destinations that facilitate resident engagement.
Dalzell commented, “Mukang and I came up together in the capital markets industry in the 1990s and have known each other for many years. When we reconnected recently, we realized that not only were we on the same wavelength in terms of how we operate our businesses, but we both share many specific core beliefs and goals. After several months of meetings and constant communication, the bedrock of our relationship is our shared core beliefs and our intense desire to create a product that does not exist today.”
Added Cho, “The formation of Counter Capital is the result of careful planning and our desire to establish a real estate investment platform that prioritizes the resident before anything else. In an increasingly evolving and complex industry that oftentimes stifles innovation by not adopting evolving tenant preferences, Counter Capital will stand out by creating balance of live, work and play across a portfolio of highly curated properties that reflect the communities they serve.”
Counter Capital has partnered with Robert Perry, owner of Philadelphia’s premier street-art museum and restaurant Tattooed Mom, to create Counter Culture, a hyperlocal street and contemporary art-inspired co-working and event hosting brand. Counter Culture will design, build and manage authentic co-working and event facilities at Counter Capital’s properties as well as those owned and managed by third parties. Unlike traditional national brand co-working spaces that lack any noticeable connection to the surrounding community, Counter Culture will create highly authentic and artistic experiences unseen in the market today.
Perry said, “Over the past 21 years owning and operating Tattooed Mom, I’ve witnessed firsthand the awesome power of embracing the legacy and vitality of your surroundings to create a unique atmosphere that resonates with the community. I look forward to working with Christian and Mukang to replicate this recipe for success as we establish and scale Counter Culture around the country.”
As likeminded individuals with highly complementary professional backgrounds, Dalzell and Cho created Counter Capital to reinvent the way people live, work and play in urban environments. Linking up with Perry creates a trio of forward-thinking entrepreneurs who are committed to achieving the same goals for their properties as well as their submarkets.
Continued Cho, “Real estate is no longer about simply providing individuals with space to congregate, conduct business or lay their heads. Rather, it’s about delivering experiences that foster human interaction, creativity, innovation and community goodwill. We are confident our distinctly branded properties will resonate with the communities they serve, helping to create value for our investors.”
Collectively, Dalzell and Cho have more than 45 years of experience working at leading real estate institutions and law firms including Starwood Capital Group Global, L.P., Eastdil Secured, Crown Capital Management, Kirkland & Ellis and Cravath, Swaine & Moore. Together, they have the requisite knowledge and relationships to oversee the successful execution of Counter Capital’s differentiated strategy.
About Counter Capital Management LLC
Counter Capital Management is a real estate investment manager that will invest in multifamily and mixed-use projects in select U.S. markets. The company is focused on creating destinations that seamlessly blend residential, co-working and event space in ways that promote community engagement. Counter Capital is a joint venture between commercial real estate veterans and entrepreneurs Christian Dalzell and Mukang Cho, who are committed to reinventing the way people live, work and play in urban environments.
About Dalzell Capital Partners LLC
Led by real estate industry veteran Christian Dalzell, Dalzell Capital Partners LLC is a privately-owned investment and management firm formed in late 2016. Since its founding, Dalzell Capital has completed 12 investments – nine controlling and three non-controlling investments – totaling approximately $195 million in gross value. Mr. Dalzell, formerly a senior executive with Starwood Capital Group Global, L.P., Eastdil Secured and Banc of America Securities LLC, has extensive commercial real estate, private equity and investment banking experience. During his 22-year career, Mr. Dalzell has closed more than 500 transactions globally, aggregating more than $62 billion as a lender, intermediary and investor. Dalzell Capital Partners is headquartered in Westport, Conn.
About Morning Calm Management
Morning Calm Management is a vertically integrated real estate management firm with a focus on special situation investing. Through its affiliates, the firm owns and manages more than 4 million square feet of commercial real estate throughout the United States on behalf of private and institutional capital.
