Operational History
Norfolk Capital, LLC was formed in 2008 by John N. Alphson as a real estate investment/management company. For five years, the company invested in commercial/ industrial real estate assets in California, which encompassed a 1 million s.f. portfolio, with deal size in excess of $50 mm. In 2014, Mr. Alphson combined talents with real estate veterans Allan Koretz, Victor Feathers and Robert Eroen, Esq./CPA and formed Norfolk Capital Partners 1, a Delaware LLC. The Norfolk Capital , L.P. Value Add 1 Fund will invest in select multi-family, retail and /or industrial assets in strategic areas in the USA. Acquisitions will target properties/portfolios purchased at below replacement cost levels, with targeted IRR yields in excess of 15%. The Fund is targeted at $50mm Assets Under Management, with $2mm in Sponsor Equity and $18mm in Institutional Equity for a total Equity component of $20mm. The Fund is available to Accredited Investors, who can secure a copy of the Confidential Private Placement Memorandum ("PPM") by contacting us.
Allan Koretz is a Senior Advisor for Norfolk Capital, and has been active in the commercial real estate industry for over 35 years. During his career, he has financed and sold in excess of $2billion of real estate, including raising equity capital for real estate developers, homebuilders and high tech companies. Mr. Koretz was formerly Chairman of the Board of a manufacturer/licensor of voice verification systems to Fortune 500 companies; Partner in Goodkin-Kahn & Associates (San Diego, Ca.); CEO of the Reserve Companies in Chicago (Real Estate Finance & Syndication) ; Senior Vice-President of the Equity Group in Chicago (owned by Sam Zell); Senior VP First Chicago Realty (now owned by JP/Morgan Chase). Mr. Koretz is an expert in the multi-family sector. He has a B.A. from Amherst College and an MBA from the University of Chicago. Mr. Koretz is a recipient of Ford Foundation and University of Chicago fellowships and is a featured teacher/lecturer.
Victor Feathers is a Senior VP at Norfolk Capital. He was a Senior Executive at Reliance Development Group for over 20 years. He managed the West Coast portfolio for Reliance Group Holdings, Inc. and its subsidiaries, with Assets Under Management exceeding $16 billion. He has been integrally involved with trophy office and residential development and acquisitions/dispositions in California and the East Coast . Some of his notable transactions include 1000 Wilshire, a 22 story 450,000 s.f. office building in downtown Los Angeles, that was sold to Sumitomo Life for $149mm, and 505 North Brand, a 16 story 300,000 s.f. office building in Glendale, Ca. that was sold for $74mm. Mr. Feathers graduated Cum Laude from San Francisco State University, with a B.A. Business Administration.
Robert C. Eroen, Esq./CPA/CFP is the Senior Compliance Officer at Norfolk Capital. Mr. Eroen specializes in Business, Tax, Trust and Estate Law at The Eroen Law Firm in Century City, Ca. where he has practiced for over 15 years. Mr. Eroen received his undergraduate degree in Accounting from the Leeds School of Business at the University of Colorado. He attended Loyola Law School of Los Angeles, where he was a member of Loyola of Los Angeles Law Review, and received his Juris Doctor degree in 1993. In addition to being certified as a Specialist in Estate Planning, Trust & Probate Law by the California State Bar, Board of Legal Specialization, Mr. Eroen is also licensed as a Certified Public Accountant in California, and is a Certified Financial tm certificant.
John Alphson is the Managing Member of Norfolk Capital. He has over 20 years experience in the commercial/industrial real estate arena. He was significantly involved in growing a diversified real estate portfolio to $500mm + AUM and has performed over $1BN in capital markets transactions. He was President of Public Investment Corp. (Santa Monica, Ca.) for over 8 years, and his duties included operations, debt/equity fund raising, acquisitions/dispositions, development, asset management and leasing. His emphasis has been on commercial and industrial real estate transactions, wherein significant value has been created via re-positioning of assets. The company employed 250 people and its subsidiaries serviced numerous Fortune 500 accounts. In the course of his tenure as President, annual revenue of the company doubled to $75mm, During his last five years at the company, he generated 40% + annualized returns as the Director of the firm's real estate portfolio, which far surpassed the NCREIF index of 21%. Mr. Alphson graduated from U.C. Berkeley with a B.A. degree in Economics/English (Honors) and earned two Graduate degrees from Cambridge University, England (MA) (MBA, 1995).