Drever Capital Management Wins NREI/IMN Social Responsibility Award
San Francisco, California – June 20, 2016 – National Real Estate Investor and Information Management Network (NREI/IMN) have named Drever Capital Management (DCM) as the winner of the Social Responsibility Award at its annual Commercial Real Estate Awards. After an unprecedented number of contenders, DCM was announced the sole winner, recognizing the firm’s dedication to acquiring and developing and/or redeveloping middle-income workforce apartments and seniors’ properties into sustainable, cost effective communities, that have often been the catalyst to transform entire neighborhoods.
While DCM’s teammates have been impact investment pioneers in $20 billion in 170,000+ primarily workforce multifamily units, they are expanding their platform to include innovative senior living products specifically targeted to solve for the affordability crisis nationwide in the critically undersupplied senior housing market.
NREI and IMN joined forces for the inaugural 2016 Commercial Real Estate Awards to honor the outstanding achievements of real estate organizations over the last 12 months, citing demonstrated excellence by each of the winners. Alongside other esteemed award winners including Cushman & Wakefield, The Related Companies, etc., DCM’s recognition with the Social Responsibility Award acknowledges the firm’s motto of Doing Well by Doing Good, and over five decades of innovative impact investments.
“We are absolutely thrilled to be acknowledged as a socially responsible leader in the commercial real estate world,” said DCM Founder and Chairman Maxwell Drever. “As a smaller firm – a ‘David’ recognized among so many ‘Goliaths’ – we are humbled by this acknowledgment. Social responsibility built the foundation for this firm and supports both our investment and Drever Family Foundation’s motivations. This award advances us forward to continue cultivating real change through entrepreneurial impact initiatives, setting an example for how doing good is just simply put, good business.”
Known for generating triple-bottom-line returns (TBL) through its investments in multifamily and seniors’ developments for families with workforce-level incomes, DCM’s breadth of innovations continues to thrive. Last month, DCM took a familiar “white knight” role when acquiring H.L. Hunt’s iconic First National Bank tower in Downtown Dallas out of bankruptcy. 1401 Elm Street – the only full city block high-rise in Dallas, which, at 1,500,000 sq. ft., has been 100% vacant for the last 6 years.
In its unique norm, DCM spent millions before closing the sale to jumpstart the 50-story tower’s transformation into 335 apartments (inclusive of 30 affordable units) and a hotel, with vibrant retail and restaurants.
Their fast-tracked plans for the $270 million transformation are currently scheduled to take only two years, and should benefit not only its residents but also downtown Dallas’ 10,000+ residents and 135,000+ office workers. In addition to needed retail services, a grocery store will also be included, along with a world-class Shangri-La spa, plus a wellness center with home healthcare, and the first Montessori-based multi-generational daycare center backed by Planet Hope, a 501c3 charity by celebrities Kelly and Sharon Stone. In line with DCM’s focus on senior communities for workforce retirees, this will support “in need” children and seniors.
ABOUT DREVER CAPITAL MANAGEMENT
Since 1968, Maxwell Drever and the Drever Capital Management team have been dedicated to acquiring, managing, and developing cost-effective housing for middle class “workforce” families. DCM’s commitment to building a legacy of excellence by providing both superior amenities to residents and increased value for investors, combined with a leadership team with 70+ years of experience in real estate investing has lead the firm to outperform most conventional higher-leveraged peers, while endeavoring to achieve positive social and sustainable outcomes.For more information, visit drevercapitalmanagement.com.