SteelWave’s predecessor company operated as Legacy Partners Commercial Inc. from 1998 to 2015. During that time, the SteelWave team acquired and developed 147 real estate assets, comprising over 30 million square feet of office, life science and industrial product, at a cost of $8B. In September 2014, the Legacy Senior Management Team reworked the company capital and ownership structure through a capital investment from Northstar Realty Finance Corporation. Subsequently, NRF merged with Colony Capital. In April of 2019, SteelWave successfully recapitalized Colony out of the ownership structure by forming a strategic partnership with Chenco Holdings. SteelWave has had a longstanding relationship with Chenco on the real estate ownership side of the business.
Legacy changed its name to SteelWave in April, 2015. While the name of the firm changed, its asset base, principals and key professionals, as well as its management, operation, processes, procedures and disciplines, remain the same. In 2015, SteelWave hired Dennis Cavallari to direct its multifamily development and acquisition opportunities. Previously, Mr. Cavallari was the lead development partner in Southern California for SteelWave’s former sister company, Legacy Partners Residential. Prior to his tenure at Legacy, Mr. Cavallari was based in Denver, Colorado as a partner in charge of development for JPI, a national apartment community developer. To date, Mr. Cavallari has overseen the development of 6,000 units in the western United States at a cost of $1.5 billion.
Prior to becoming Legacy Partners, the predecessor company was the West Coast office of Dallas-based Lincoln Property Company (Lincoln West). From 1968 to 1998, Lincoln West was responsible for all of Lincoln Property Company’s operations in the western United States. In October 1998, Preston Butcher and several other senior managers of Lincoln West bought out Lincoln Property Company’s interest in its western operations and began operating as a separate organization under the Legacy Partners name.
SteelWave’s investments have historically been financed via one of its three discretionary commingled Investment Funds or via joint ventures with well-known, well-capitalized financial institutions, life insurance companies and real estate opportunity funds. These have included ventures with Principal Global Investors, Goldman Sachs, AllianceBernstein, Oaktree Capital Management, NorthStar Realty Finance, PCCP, USAA Real Estate Company, Rockpoint Group, Stockbridge Real Estate Funds, Invesco, Barings, Empire Square Group, Divco West, Walton Street Capital Partners, Angelo Gordon, Junius, TPG, Brookfield, Prudential Investment Management, AIG Global Real Estate, Met Life, ING, DLJ Real Estate Capital Partners, Aetna, Lionstone Investments, and US Bank.