Kennedy Wilson Hires Verratti, Tightens Focus on Distressed Denver-Area Assets
- Apr 07, 2010
April 7, 2010
By Allison Landa, News Editor
Real estate services and investment firm Kennedy Wilson is increasing its efforts to acquire distressed assets in the Denver and Western Slope markets through the hiring of Rob Verratti as acquisitions manager.
Verratti, who has 20 years of real estate experience, was previously partner and owner of Mesa Homes Development. While there, he identified, structured and managed commercial and residential projects in excess of $250 million. He has also served at WestStar Bank (now US Bank) and Wells Fargo. At Kennedy Wilson, he will be responsible for focusing on distressed properties in the Mountain states.
When his appointment was announced, Verratti asserted that Kennedy Wilson offers significant value for the Denver market. “The company has managed and invested in a wide range of property types,” he said. “I believe there’s a great need, especially in this economy, for a company with Kennedy Wilson’s extensive expertise and far-reaching relationships to assist distressed owners.”
Distressed assets are becoming big business in the wake of the recession. Earlier this month, USAA Real Estate Co. and Crimson Real Estate Fund L.P. became two more members in the already heated competition for distressed real estate by creating a new alliance to invest up to $1 billion in troubled assets in a variety of property sectors and locations across the country.
Kennedy Wilson is headquartered in Beverly Hills, Calif., with 22 offices in the U.S. and Japan. Last month it began trading on the New York Stock Exchange under the symbol KW.