Daniel Walsh seems to have built a recession-resistant business in Citymark Capital.
Despite the COVID-19 pandemic plunging the country into an economic downturn, the strategy for the private equity real estate investment fund is not feeling the same stress as other sectors of the economy, at least not yet. That strategy calls for buying, improving and selling multifamily housing in top apartment markets across the U.S. (so, excluding Cleveland).
Investors are taking note: Citymark in August hit its $150 million target for its second fund amid a global health crisis, nearly double the $80 million collected for fund one.
“One of the questions we always get from prospective investors is what happens in a downturn or economic dislocation,” said Walsh, a former Cleveland market president for Huntington Bank who left the company in 2015 to launch Citymark. “We always said people need a place to live, and rental apartments are