A real estate investment firm based in the Port City expanded recently by moving to larger office space and adding employees to its team.

LP Equity LLC, whose partners have invested at least $60 million in 32 states since 2005, moved from Airlie Road to about 3,500 square feet in Suite 203 at 1838 Sir Tyler Drive. The move more than doubled the firm's office space, said Jay Landen, principal of LP Equity LLC.

The company, which is based in Wilmington but also has an office in Washington, D.C., does not have local investments but recently purchased commercial interests in Raleigh, Greensboro and Winston-Salem. Its primary markets are the Northeast and the Mid-Atlantic and it has a team of 11, five partners and six staff members.

"We buy limited partnership interest in syndicated real estate partnerships, so we invest in multifamily housing, office buildings, industrial space, medial space but primarily multifamily," Landen said. "We recently expanded into other commercial sectors, which is what caused the need to expand our staff and expand our office footprint to accommodate some of that."

The company is diversifying its portfolio, he said.

"We have holdings in over 200 different partnerships now," Landen said, "and we're working to expand into different markets and broaden our scope in terms of the assets that we invest in."

The company brought on new employees, Kurt Geller and Bailey Perry, "to accommodate the growth and ensure that LP Equity had the resources to diligently service limited partners and their advisors before and after transactions," according to a news release on the company's website.

Perry joined as a research assistant to help identify target markets for limited partnership acquisitions and to streamline the firm's closing process, according to the release.

Geller is an acquisition specialist, helping to facilitate acquisitions and financial analysis of limited partnership interests.  He heads up LP Equity’s efforts to serve as a resource in assisting limited partners who are exploring charitable opportunities with non-profit organizations and institutions. 

"Through working with limited partners, advisors and charities, we are able to explore strategies that would allow for the most efficient and effective way to donate limited partnership interests and help further the mission of the organization," the release stated.