Markel Ventures Gains Stake In West Broad Village Mixed Use Development

Markel Corporation’s subsidiary Markel Ventures acquired 50 percent of the fund manager of E|CLASS MB Partners Fund I LLC Thursday. The fund manager, formerly E|CLASS MB Fund Management, will be renamed Markel|Eagle Asset Management LLC. Terms of the transaction were not disclosed. The company will now have a stake in many Virginia real estate projects […]

May 27, 2010; 11:57 PM • by Trevor Dickerson

The company will now have a stake in many Virginia real estate projects including West Broad Village, Short Pump’s $300 million upscale commercial and residential mixed use project. E|CLASS made an $8.7 investment in the the property in November of 2009 to finish incomplete portions of the development, including a parking garage for the recently opened Aloft Hotel, the resident clubhouse and a substantial foliage buffer along Three Chopt Road that was promised to residents of adjacent neighborhoods.

“Unlike ‘vulture funds’ that were created to buy distressed real estate assets on a ‘buy low, hold and hope’ basis, the Markel|Eagle Asset Management focus is to grow, build and nurture existing properties, and create value through both financial and operational expertise,” said Stan Manoogian, president of the new entity. “Our model provides a long-term plan and commitment to professional execution on properties in which we invest. We’re excited about this partnership with Markel and the alignment of our activities with their long-term common sense investment approach.”

Markel representatives will occupy two of the five board seats for the fund manager.