Joint Venture Closes on Acquisition of CEV Wilmington


1455 Racine Drive

CHICAGO, IL (October 1, 2021) – A joint venture among Pearlmark, Timberline Real Estate Ventures (“Timberline”), and Tramview Capital Management (“Tramview”) closed on the acquisition of two adjacent multifamily / student housing assets (collectively, the “Property”) totaling 415 units in Wilmington, North Carolina.

Timberline, in a separate joint venture, has owned and managed the Property since 2015 and will continue to provide property management services through its B.Hom Student Living (“B.Hom”) affiliate. As part of its business plan, new ownership plans to rebrand and renovate the complex located at 455 Racine Dr. (291 units) as part of a conversion into conventional multifamily use, while the complex located at 420 Racine Dr. will be renovated and positioned as traditional student housing.

“The acquisition of CEV Wilmington builds on our strategic objective to aggregate rental assets in growing Southeast US markets. We are thrilled to partner with Timberline and Tramview to reinvigorate these assets and deliver a strong outcome for our investors.” said Stephen Quazzo, CEO for Pearlmark.

Andrew Stark, a founding Principal at Timberline, added, “We are excited to continue managing these assets through B.Hom while utilizing our local ties and experience in the community to create a first-class tenant experience. We believe our planned capital investment will position the properties well within the growing Wilmington rental housing market and to students attending UNC Wilmington.”

Robert Davies, Managing Partner for Tramview, also commented, “We are pleased to acquire these two well-located properties in a growing market at attractive pricing. The off-market acquisition of CEV Wilmington represents the latest investment for our first fund, and we are excited to partner with Pearlmark and Timberline on the investment.”


Pearlmark is a Chicago-based investment firm that targets domestic core to value-add real estate opportunities via commingled funds, separate accounts, and joint venture structures. Since 1996, Pearlmark has sponsored more than a dozen real estate equity and debt investment programs and completed 553 real estate equity and debt transactions on behalf of investors, representing over $5.2 billion in equity capital commitments and approximately $13.7 billion in gross investment value. Pearlmark is dedicated to creating value for its investors and offers a range of investment opportunities across various property types (office, industrial, multifamily) in both local and national markets. For more information, please visit


Timberline Real Estate Ventures is a fully integrated, operationally focused real estate private equity firm with deep roots across numerous real estate sectors. The founding principals of Timberline, Andrew Stark and Nathaniel Fowler, bring over 40 years of experience in developing, owning, managing, and creating value in all aspects of real estate, including their industry-leading reputation in the specialized student housing sector. For more information, please visit


Tramview Capital Management is a value-oriented real estate investment management firm focused on investing in institutional quality real estate in targeted growth markets across the U.S. Tramview was formed in 2020 and is currently investing its initial comingled fund. Tramview leadership has overseen and managed approximately $5 billion of equity invested globally across all property types and throughout the capital stack on behalf of institutional clients (e.g. pension funds, sovereign wealth funds, endowments, foundations). For more information, please visit



Nicole Smeader

Sr. Vice President, Investor Relations

Nicole Smeader is a Senior Vice President at Tramview Capital Management with responsibility for developing and maintaining investor relationships. Previously, she was an Associate Partner at The Townsend Group, where she held multiple roles focusing on the firm's marketing and business development efforts, overseeing broker-dealer compliance, and relationship management for the firm's commingled fund clients. Prior to joining Townsend, Ms. Smeader was an Associate in the Investment Property Group at CBRE. Ms. Smeader received a JD from Case Western Reserve University School of Law, an MBA from The Weatherhead School of Management at Case Western Reserve University, and a BS from John Carroll University.

Charles Myerson


Charles Myerson is a Principal at Tramview Capital Management, where he is responsible for sourcing, evaluating, structuring, and managing investments. Previously, he was a Senior Director at Tishman Speyer, where he focused on acquisitions for the greater NYC market and led the firm’s expansion into Pittsburgh. He also held responsibilities for asset management, development, and debt and equity capital markets. Prior to joining Tishman Speyer, Mr. Myerson worked for Silverpeak Real Estate Partners in Atlanta and London, focusing on the asset management, restructuring, and disposition of residential, hospitality, and office investments, in addition to portfolio level responsibilities. Mr. Myerson received an MBA from Columbia Business School, a BBA in Real Estate from the University of Georgia, from which he graduated Summa Cum Laude, and he is a CFA Charterholder.

Michelle Burnett

Controller / Director of Operations

Michelle Burnett joined Tramview Capital Management in 2021 and is the Controller and Director of Operations, with responsibilities including financial and risk management, reporting, operations, and tax. Previously, she was at State Street (2012-2021), where she was the Assistant Vice President, with managerial and client responsibilities focused on financial and performance reporting, as well as fund administration and compliance, related to the company’s ~$30+ billion core open-ended private-equity real estate fund. Prior to joining State Street, Ms. Burnett worked at PricewaterhouseCoopers, where she focused on auditing real estate funds, employee benefit plans, and a financial service company. Ms. Burnett received a BBA degree in Accounting from The University of Georgia and a Masters of Accounting from George Mason University.

Josh Comiter

Investment Associate

Josh Comiter is an Investment Associate at Tramview Capital Management, which he joined in 2021. Josh focuses primarily on the evaluation, underwriting, and due diligence of new acquisitions, as well as the asset management of existing investments. Previously, he was a Senior Analyst at Starwood Property Trust (“Starwood”), where he focused on CMBS B-Piece Acquisitions as a member of the investment management team. Josh simultaneously worked out distressed debt within Starwood’s Special Servicer, LNR. Mr. Comiter was also a Rotational Analyst at Starwood Property Trust. Mr. Comiter received both an MSRE in Commercial Real Estate and a BABA in Urban Planning and Real Estate from the University of Florida.

Beau VandeWalle

Vice President

Beau VandeWalle joined Tramview Capital Management in 2021, where he serves as a Vice President, focusing primarily on the evaluation, underwriting, and due diligence of new acquisitions, as well as the asset management of existing investments. Previously, he was a member of the investment team at WHI Real Estate Partners, where he focused on opportunistic investments, spearheading asset management and investment management activities. Prior to joining WHI Real Estate Partners, Mr. VandeWalle was a Rotational Analyst at Starwood Property Trust. Mr. VandeWalle received a BBA in Finance and Real Estate from the University of Wisconsin-Madison.

Robert Davies

Managing Partner

Rob Davies is the Managing Partner of Tramview Capital Management, overseeing the firm’s investment activities, portfolio management, and overall strategy and operations. Previously, he was a Partner at The Townsend Group, where he was Head of the Special Situations Group, with responsibility for Townsend’s global direct real estate investment activities. In addition, Mr. Davies was a Portfolio Manager for several discretionary investment funds, totaling approximately $1.8 billion in equity commitments. Prior to joining The Townsend Group in 2011, Mr. Davies was a Vice President at ING Clarion Partners, where he focused on real estate investments in the Western U.S. Prior to, he worked for Discovery Land Company, where he focused on acquisition, project management, and finance activities. He also spent three years as an investment banker for ING Barings Furman Selz. He was a Director of SonomaWest Holdings from 2006 until the company was taken private in 2011. Mr. Davies received an AB degree in Economics from Duke University and an MBA from the Stanford Graduate School of Business.