Fort Worth real estate investor John Goff has closed a $200 million, invitation-only fund called GP Invitation Fund I, or GPIF.
Goff said the fund, focused on properties in the U.S., will partner with “long-standing institutional relationships,” and will likely have more than $4 billion in investment capacity. Already, the fund has closed or is committed to six investments totaling about $400 million, he said.
“The unique structure of this fund allows us to be strategic in timing, property type, and the structure in which we invest,” Goff said in a statement. “This flexibility has been critical to our past success and is even more important given today’s market climate.”
Goff said he has combined his two real estate firms, Crescent Real Estate Holdings and Goff Capital Partners, to manage the fund. It will operate under the name Crescent Real Estate, with Goff as chairman. Long-time partners Jason Anderson and Conrad Suszynski will manage the day-to-day activity.
Combined, the entities own and/or manage more than $2.5 billion in assets, including several Dallas properties. In 2013, Goff sold what is now known as 777 Main in downtown Fort Worth.
Goff co-founded Crescent Real Estate Equities with the late investor Richard Rainwater in the early 1990s. Goff was CEO of Crescent when it was sold in 2007 to Morgan Stanley for $6.5 billion. He reacquired it in 2009 in partnership with Barclays Capital. Goff Capital Partners was founded in the late 1990s.
In May, Goff was inducted into the North Texas Commercial Association of Realtors and Real Estate Professionals Commercial Real Estate Hall of Fame. Sandra Baker
Courtyard opens at Alliance
The growing Alliance Town Center development in north Fort Worth added a hotel last week with the opening of a Courtyard by Marriott.
The Courtyard Fort Worth at Alliance Town Center has 120 rooms and seven suites, plus 5,000 square feet of meeting and event space aimed at luring weddings, business meetings, community events and conferences. An outdoor pool area is adjacent to the 14-acre Bluestem Park, developed by Hillwood in collaboration with the Lady Bird Johnson Wildflower Center, featuring trails amid native grasslands and plants.
The hotel is at 3001 Amador Drive, on the east side of Interstate 35W just north of Heritage Trace. It’s just across from the big Alliance Town Center shopping center, with more than 1 million square feet of space and dozens of retailers and restaurants. Anchors include Belk and JC Penney department stores, Sam Moon, Dick’s Sporting Goods and Kroger Marketplace. There’s also a Cinemark movie theater.
Officials of Hillwood and Aimbridge Hospitality, the hotel management company, held a ribbon-cutting on Wednesday.
New American pilots union president
American Airlines pilots officially elected new union leaders on Thursday.
Capt. Daniel Carey was elected president of the Allied Pilots Association when his runoff opponent Captain Graeham White withdrew from the race earlier this month. Carey will replace current president Capt. Keith Wilson, who has been in the position since 2012 and did not run for re-election.
Carey is based at New York’s LaGuardia Airport and flies the Boeing 777 on international routes for American. He joined the Fort Worth-based carrier in 1984.
First Officer Timothy Hamel won the runoff for vice president, receiving 2,712 votes while his opponent, First Officer Robert Sproc received 2,037 votes. Hamel, who flies the Boeing 787 on international routes out of Dallas/Fort Worth, was appointed vice president last year when then-vice president First Officer Neil Roghair resigned.
Captain Pam Torell was elected secretary-treasurer, receiving a majority of votes in the first round of balloting in May. She currently flies Boeing 737s on international routes out of Miami.
All three will begin their three-year terms on Friday. The Allied Pilots Association represents 15,000 pilots that work at American Airlines.