NRC Realty & Capital Advisors announces the formation of a joint-venture partnership with Gildersleeve Partners LLC to launch its market entry into the resort timeshare industry.
The primary objective of NRC and Gildersleeve Partners will be to identify select residential and commercial real estate properties such as condominiums, apartments and hotels that may be suitable for re-purposing to a timeshare product offering. After a comprehensive underwriting of each asset, the properties will be offered to timeshare development companies.
In addition, NRC will be selling existing resort properties via its proprietary national sealed bid process. NRC research revealed a significant number of timeshare resorts in the United States came to market 25-30 years ago and many are reaching the end of their initially anticipated physical life. Where appropriate, NRC and Gildersleeve will assist management companies and the HOA’s they represent in clearing titles to enable a sale of the entire property and a distribution of the net proceeds to the individual timeshare owners. NRC is unaware of any other entity offering such a service, especially one with NRC’s expertise and 25-year track record of success in marketing other real estate properties in this manner.
NRC founder Evan Gladstone has had a professional relationship with Larry Gildersleeve for many years. In selecting Gildersleeve Partners for the joint venture, Gladstone says, “We did not enter into this new arena for our company lightly. With Larry’s assistance, we conducted detailed research into the timeshare industry and determined it was a place where we wanted to be and where we can make a significant contribution. And we are delighted Larry and his company will be leading our business development activities.”
Chicago-based NRC has set the national standard for 25 years in structured real estate sales. In 2004, NRC became a fully integrated real estate and financial advisory service company specializing in marketing and sales of commercial, resort and residential real estate.