Trammell Crow Residential
One of the largest apartment builders in the country
We sold the Overlook Apartments (400 units) in Bellevue, WA to Concierge Asset Management [CAM] after having been under contract with three other buyers. While the other prospective buyers could not “get their arms around the physical problems,” Concierge displayed its experience in valuing rehab work and closed on time without any re-negotiation of the price.
Cliff Breining
Chief Financial Officer
Developer/Seller of Overlook
The Hanover Companies
One of the nation's premier multifamily developers
We had a very positive experience with Drever. Once the sales price was agreed upon, Drever followed through with the purchase in a very professional manner. They were straight-forward professional buyers, and I would recommend them to any seller who appreciates certainty and ease of execution.
Murray Bowden
Founding Partner
Developer/Seller of The Moorings
Beal Bank
Maxwell gave the acquisition of this formerly foreclosed property his personal attention. He and his team visited the property. They did a fast, but thorough, due diligence, and the close went smoothly.
Don Edwards
Commercial REO Marketing Manager (Note: Lorraine was re-sold within 3 years)
Holliday Fenoglio Fowler, LP
One of the largest commercial mortgage underwriters in the country
The team that has been assembled is one of the most motivated, diligent, and focused teams that I have ever had the pleasure of working with.
The CAM team has a sterling reputation in the lending community due to a stellar performance track record. When the team sets its sights on a deal, the certainty of execution is never in question.
CAM consistently delivers a high quality asset that will be impeccably maintained. The "Dreverizing" process creates a quality living environment for tenants while maximizing the return for investors.
Brant C. Smith
Director
CB Richard Ellis
One of the premier commercial brokerage firms in the country
We recently closed on [Overlook], a $40 million transaction with Concierge Asset Management in Bellevue, WA. It would take thirty minutes to describe everything they endured to close the deal.
In short, they took on a property with significant physical issues in a softening rental market, challenged an extremely negative … engineering report, waived contingencies quickly, did not re-trade the seller, changed lenders two weeks prior to closing, and closed on time.
Jon Hallgrimson
Senior Vice President
Represented Seller of Overlook
JP Morgan
JP Morgan Investment Management has enjoyed a great relationship with Drever Partners/Concierge since 1994. Their opportunistic investment style, ability to articulate and execute a clear strategy, and tenacious attention to detail in property management made them a desirable business partner.
Joseph Azelby
Head of Real Estate
L.J. Melody & Company
One of the largest commercial mortgage underwriters in the country
Although Concierge is legendary for its successful asset repositions and signature property enhancements, it is also a top quality asset manager. Its value creation process does not end after completion of property renovations.
Concierge continues to maximize cash flow and create value through its expertise in day-to-day property operations. In summary, from a mortgage banker and lender’s perspective, Concierge is an ideal borrower.
Bernard Branca
Director
Washington Mutual
Drever Partners’ excellent track record, impressive management style, and proven ability to close a sale convinced us to select them as purchasers from a field of bidders on two of our prime REO* properties.
Edward C. Hamilton
Senior Vice President (retired), Real Estate Owned
Kipling Capital, Inc.
Investment company
Maxwell Drever structures his investments with great commonality of interest with his investors.
... Bottom line: I feel his company's nominal compensation and extraordinary buying discipline demonstrate Maxwell's investor-oriented alignment with his participants, which includes his friends and the Drever family. This results in a structure for the investors that is among the fairest, if not the fairest, in the industry.
Richard Hake
President
AIMCO
One of the largest apartment REITs in the country
“Dreverizing,” aka Value-Added Approach
...your work in repositioning and redeveloping multifamily properties..., in my experience, offers the best risk-adjusted returns in all real estate investment.
It's also widely recognized by your peers in the industry that you have special gifts for understanding the nuances of location and identifying the design details that are cost effective in attracting more residents at higher rents.
You may have heard that my regard for you and your highly professional team led to my coinage of the term "Dreverizing." I use it to describe the value creation process of finding tired and worn properties and then transforming them into high performance assets.
I've no doubt that your new venture will enjoy great success-for you, your management team, and your investment partners-in making "Dreverized," that is, high value-added investments.
Terry Considine
Chairman/CEO
Wells Fargo Bank
In a working relationship that spans 15 years—commencing with my tenure at Wells Fargo Bank and the assistance rendered to the Drever turnarounds in Seattle—I have observed a consistent application of fundamentals in locating undervalued properties and enhancing them to values that achieve excellent investment returns.
Drever’s track record has not been based upon speculation or extraordinary luck, but stubborn adherence to a proven formula, and, perhaps, a little bit of luck.
E. Michael Begovich
Senior Vice President, Credit Risk Management
Bank of the West
Key Bank
In my 28 years as a mortgage banker and lender, few borrowers have
impressed me as much as Maxwell Drever and his personnel.
Prudential Insurance Company was highly impressed with Drever’s management capabilities and operating results. Maxwell and his associates have our highest recommendation as experienced, results-oriented multifamily investors and managers.
Byron Berger
Manager of Loan Originations
Guaranty Bank
My association as a banker with the Drever group began in the late 1980s.
While I admire Drever’s apartment marketing innovations and skills, and indeed their performance has been stellar, I also admire the understated and almost “old fashioned” way they conducted their business with us, i.e., a full banking relationship.
In a manner of speaking, Drever mastered the art of “underpromising and over-performing,” not only with us in our relationship, but also, just as importantly, with their employees and tenants.
David Bell
Senior VP/Division Manager CRE