The founding partners of 3RE, Gino Polizzotto, Christine Cheatham, and Brian Earle have worked together for more than fifteen years and collectively have more than 75 years of diverse real estate management experience. At the core of this partnership is the belief that:
We do more than deliver results—
we create meaningful places and build relationships that truly last.
We have built a diverse team of dedicated professionals with expertise in design, architecture and engineering, project management, and construction management, as well as finance, investment, and asset management. 3RE provides highly focused, expertly detailed, customizable reporting and communication necessary to meet its institutional clients’ complex fiduciary and regulatory requirements.
With innovative thinking and creative problem solving, 3RE Partners provides vision, strategy, and discipline to maximize returns on large-scale commercial projects.
Our mission is performance-driven execution of a project’s intended goals through creative, collaborative, and strategic planning and process management for a successful outcome.
3RE Advisory provides owner representation and other third-party real estate services to clients with projects throughout the United States and abroad from offices in New York, Austin, Southern California, Chicago, Denver, and Atlanta. With more than 26 million square feet of commercial and residential development and in excess of $7.1 billion dollars of delivered value under our management and supervision, 3RE possesses the experience, professional relationships, and proven results to deliver on our clients’ goals and expectations.
Our mission is to control the project budget and schedule through strategic planning and management in a clear, measurable process to ensure a successful project delivery.
Through innovative thinking and proactive problem solving, 3RE provides vision, strategy, and discipline to maximize returns on large-scale commercial projects. We create successful solutions for unique and challenging projects with complex partnership structures in all phases of development including:
Due Diligence – 3RE delivers critical information and customizable reporting that allows ownership to make well-informed decisions about available development opportunities and strategies to maximize their investment goals, including:
- Acquire / Track / Review of information during underwriting and pre-acquisition culminating with preparation of a due diligence report
- Develop strategies for repositioning existing or distressed assets
- Formulate replacement cost analysis to determine discount value
- Create a comprehensive capital expenditure or development budget for a proposed property
- Devise a realistic and attainable schedule with appropriate milestones and accountability
Predevelopment – 3RE’s team of experienced professionals guide our clients through the predevelopment phase to optimize cost, schedule, and value engineering options, including:
- Manage entitlement and project approval process (and multi-phase master planning when applicable)
- Recommend consultants and negotiate contracts
- Lead design value-engineering exercises
- Prepare strategic timeline
- Develop business plan including detailed budget
Owner’s Representative Services – an extension of ownership – 3RE provides expert services to the largest and most active global private real estate equity firms by guiding the project team from idea conception to final delivery and disposition.
Through seamless integration into our clients’ teams, 3RE serves as an expert manager and single point of contact liaison between ownership and the architect/engineer design team and general contractor. Acting as an extension of the ownership team, we represent our clients and their voices at key meetings, advocating on their behalf to protect their business plan goals and interests. Typical scope includes the following:
- Recommendation and selection of the design, engineering, and construction teams
- Design-phase management
- Secure permits and approvals
- Preliminary cost and schedule development
- Development and negotiation of GMP contract
- Consultant contract negotiations
- Oversight of bid and award process
- Scope analysis and value engineering
- Construction monitoring and regular reporting (weekly, monthly, and/or quarterly)
- Visit and inspect property and open issue tracking
- Attend and participate in regular Owner-Architect-Contractor (“OAC”) meetings
- Review progress status against the schedule and in compliance with contract documents
- Budget and change management oversight including anticipated cost to completion preparation and analysis
- Pay application and draw request review
- Document control systems
- Close out of the GMP contract and overall project budget
- Transition the property to asset management team and create closing binder of appropriate documents
3RE Development is a full-service developer and Development Manager to private equity investors for projects throughout the country and abroad. With a focus on highest and best use in predevelopment, design and engineering during preconstruction, construction contract negotiation and buyout, construction phase monitoring, and fiduciary oversight on the equity outlays by ownership, 3RE seeks highest return yield on cost combined with extraordinary design quality. 3RE has a long track record as a successful fee developer providing expert management services to the largest and most active global private real estate equity firms by guiding the project team from early conception to final delivery and beyond.
3RE possesses the expertise and experience to lead as a general partner or third-party fee developer. Regardless of the role, we approach all projects with the same performance-driven intent: to drive the entire development process to a successful outcome.
Commencing with deal underwriting and thorough due diligence, and culminating with final completion, we begin with the end in mind, seamlessly executing as an expert to the key stakeholders.
- Prepare project team RFPs for design, engineering, and general contracting teams.
- Perform comprehensive due diligence culminating in a summary report including but not limited to:
- Develop preliminary plans and specs to seek highest and best use fit-test analysis
- Obtain qualified environmental and engineering reports and surveys
- Seek to secure utility will serve letters
- Obtain necessary entitlements, permits and develop a permitting schedule
- Prepare development and construction budgets
- Prepare development and construction schedules
- Initiate preparation of an executable construction contract
- Coordinate insurance underwriting requirements with insurance consultant
- Coordinate with lenders to source necessary construction loan
- Actively manage design and engineering consultants and provide necessary assistance and expertise to deliver the project on-time, on-budget and to a quality standard specified in the construction documents
- Provide comprehensive monthly executive reporting
- Prepare and submit monthly Funding Request for approval and payment of preconstruction services
Approvals & Buyout
- Manage design and engineering team through to completion and submission of plan check documents and obtaining of all necessary building permits
- Manage construction documents and specifications for the procurement (buy-out) of all necessary project scope and material
- Coordinate owner furnished items such as FF&E, specialties, art, etc.
Construction & Schedule Management
- Drive to the execution of an owner-drafted or AIA type construction contract
- Manage the General Contractor and perform construction activity monitoring from groundbreaking to substantial completion, ultimately leading to obtaining a Certificate of Occupancy by the local authorities having jurisdiction
- Manage regularly scheduled Owner-Architect-Contractor (“OAC”) progress meetings as well as other required meetings or calls necessary to support the project
- Inspect project under construction in-person as necessary for status of progress against the General Contractor’s construction quality and schedule to confirm project is progressing in general compliance with the plans and specifications and percentages complete claimed on the submitted pay application
Budget & Change Management
- Review and approve all Change Orders
- Prepare monthly draw request for Owner/Lender approval
- Review and approve General Contractor’s monthly pay application
- Perform quarterly detailed review and anticipated cost forecast of the overall development budget
Operations Start-up & Commissioning Support
- Coordination with Operations and start-up.
- Coordination of FF&E move in and installation.
- Coordinate procurement of any operational licenses required for operations.
- Review and approve all O&M manuals, trainings, and warranties for conformance with project specifications
- Receive and account for attic stock per specifications
- Receive and approve all as-built documentation
- Close out General Contractor and design team contracts
- Transfer all General Contractor close-out items and documentation to Operations team
- Confirm project has been moved to ownership master GL and Property (and Environmental as applicable) insurance policies with COI on file
- Review lender close out checklist and confirm items are complete, compiled, and ownership has distributed to lender
- Conduct post project evaluation and lessons learned exercise
3RE Investment serves as the sponsor and general partner for the acquisition of value-add and opportunistic real estate investments.
The 3RE team has a proven track record of identifying excellent risk-adjusted investments for its stable of institutional clients while partnering with best-in-class property management to execute the business plan. From initial underwriting through asset disposition, 3RE manages the investment process including:
- Sourcing potential acquisitions through its many brokerage and institutional relationships;
- Modelling and underwriting the potential acquisition including in-depth analysis of historical operating statements, market dynamics, and supply and demand trends;
- Developing a business plan for the required renovation and repositioning including preparing the budget, selecting the contractors, and implementing a process and schedule;
- Closing on the acquisition with Limited Partners and Lenders;
- Managing the renovation and asset management process in concert with the initial goals and projections;
- Providing timely accounting, reporting, and draw processing to both lender and partners.
Historically, the 3RE Investment team has targeted investments across the risk spectrum, with a focus on each particular client’s goals. During the current real estate cycle, most of the team’s focus has been in the multi-family space, where steady deal flow and abundant loan financing have provided the opportunity for strong risk adjusted returns, as follows:
- Light Value-Add Assets: Newer assets typically require less capital investment and yet offer stable cash flow yields through professional management and light renovation.
- Moderate Value-Add Assets: Older assets, with more substantial renovation possibilities, offer opportunities to create value and asset appreciation through more significant capital investment and active asset and property management.