private real estate investment

Discover Tryperion

About

Tryperion Partners is a private real estate investment firm that provides investment management services to a range of foundations, family offices, and high net worth investors.  The firm executes value-add strategies through direct and joint venture investments, primarily in existing assets located in inefficiently-priced Western and Midwestern U.S. markets.  Tryperion utilizes its extensive real estate expertise and industry relationships to create value through aggressive management and leasing, strategic capital improvements, and prudent financing programs.

Team
Eliot Bencuya
Eliot Bencuya
Acquisitions

Mr. Bencuya is a Partner and Co-Founder of Tryperion Partners. His primary responsibilities include sourcing and executing new investments, procuring asset financing and directing the firm’s investment strategy.
ebencuya@tryperion.com
(310) 421-1039

View HIDE Full Bio
X
Eliot Bencuya
Eliot Bencuya
Acquisitions

Mr. Bencuya is a Partner and Co-Founder of Tryperion Partners. His primary responsibilities include sourcing and executing new investments, procuring asset financing and directing the firm’s investment strategy.

Mr. Bencuya has extensive experience identifying, underwriting, and executing value-add real estate investments. Prior to forming Tryperion, he was a Vice President of Acquisitions for Canyon Capital Realty Advisors and the Canyon-Johnson Urban Funds, where he was responsible for originating, underwriting, structuring and executing transactions in the Pacific Northwest, Northern California and Midwest regions. Mr. Bencuya also held positions at Sovereign Investment Company (a subsidiary of the Marcus and Millichap Company) and the investment banking division of Merrill Lynch & Co. He holds a Bachelor of Arts degree in Economics and International Studies from Yale University, and a Masters of Business Administration degree from the Haas School of Business at the University of California, Berkeley. Mr. Bencuya is a member of ULI and NAIOP.

ebencuya@tryperion.com
(310) 421-1039

Jeffrey Karsh
Jeffrey Karsh
Acquisitions, Investor Relations

Mr. Karsh is a Partner and Co-Founder of Tryperion Partners. His primary responsibilities include sourcing and executing new investments, managing corporate operations, and overseeing investor relations and reporting.
jkarsh@tryperion.com
(310) 421-1033

X
Jeffrey Karsh
Jeffrey Karsh
Acquisitions, Investor Relations

Mr. Karsh is a Partner and Co-Founder of Tryperion Partners. His primary responsibilities include sourcing and executing new investments, managing corporate operations, and overseeing investor relations and reporting.

Prior to forming Tryperion, Mr. Karsh was an Acquisitions Analyst for Canyon Capital Realty Advisors and the Canyon-Johnson Urban Funds, where he was responsible for underwriting, structuring and executing value-add and opportunistic transactions. He holds a Bachelor of Arts degree in Political Science from the University of Pennsylvania. Mr. Karsh is a Real Estate & Construction member of the Jewish Federation of Greater Los Angeles.

jkarsh@tryperion.com
(310) 421-1033

View HIDE Full Bio
Joseph Kessel
Joseph Kessel
Asset Management

Mr. Kessel is a Partner and Co-Founder of Tryperion Partners. His primary responsibilities include managing the acquisition due diligence process, implementing and executing asset business plans, and overseeing the firm’s asset management activities.
jkessel@tryperion.com
(310) 421-1031

View HIDE Full Bio
X
Joseph Kessel
Joseph Kessel
Asset Management

Mr. Kessel is a Partner and Co-Founder of Tryperion Partners. His primary responsibilities include managing the acquisition due diligence process, implementing and executing asset business plans, and overseeing the firm’s asset management activities.

Mr. Kessel has experience in all facets of real estate investment, including acquisition, disposition, asset management, and portfolio management. Prior to forming Tryperion, Mr. Kessel was a Vice President of Asset Management for Canyon Capital Realty Advisors and the Canyon-Johnson Urban Funds, where he managed a portfolio of value-add and opportunistic investments across all property types. Before joining Canyon, Mr. Kessel was an Associate at Urdang Capital Management (the real estate investment affiliate of The Bank of New York Mellon) responsible for coordinating all underwriting, due diligence and documentation of core and value-add investments across all major property types. He holds a Bachelor of Science degree from The Wharton School (Magna Cum Laude, Real Estate) and a Bachelor of Arts degree from The College of Arts and Sciences (Magna Cum Laude, International Relations) at the University of Pennsylvania. Mr. Kessel is a member of ICSC.

jkessel@tryperion.com
(310) 421-1031

James Sumaya
JAMES E. SUMAYA
Asset Management

Mr. Sumaya is an Associate at Tryperion Partners.  His primary responsibilities include underwriting, implementing and executing asset business plans, and assisting with asset management activities.
jsumaya@tryperion.com
(310) 421-1061

View HIDE Full Bio
X
James Sumaya
JAMES E. SUMAYA
Asset Management

Mr. Sumaya is an Associate at Tryperion Partners.  His primary responsibilities include underwriting, implementing and executing asset business plans, and assisting with asset management activities.

Prior to joining Tryperion, Mr. Sumaya was an Analyst for Canyon Capital Realty Advisors, where he was responsible for asset managing debt and equity investments in all major property types across the country.  He also supported the acquisitions and investor relations groups at Canyon.  Before joining Canyon, Mr. Sumaya was a Consultant within the Corporate Finance division of FTI Consulting, where he worked with multiple distressed companies in various industries (from manufacturing, to media, to real estate).  Mr. Sumaya has completed all three levels of the Chartered Financial Analyst exam, and holds a Bachelor of Science degree in Finance from the University of Kansas, graduating with highest distinction.

jsumaya@tryperion.com
(310) 421-1061

Kyle Jenkins
Kyle Jenkins
Acquisitions

Mr. Jenkins is an Analyst at Tryperion Partners. His primary responsibilities include sourcing and underwriting new deals, closing investments, and supporting the investment committee.
kjenkins@tryperion.com
(310) 421-1041

View HIDE Full Bio
X
Kyle Jenkins
Kyle Jenkins
Acquisitions

Mr. Jenkins is an Analyst at Tryperion Partners. His primary responsibilities include sourcing and underwriting new deals, closing investments, and supporting the investment committee.

Prior to joining Tryperion, Mr. Jenkins was a Senior Associate at RCLCO (Robert Charles Lesser & Co), where he was responsible for providing strategic market advice, financial optimization analysis, and product segmentation, positioning, and pricing recommendations for owners and developers of all major property classes across the world.  He also supported the Institutional Advisory Services group in providing investment strategy consulting and portfolio monitoring to pension fund clients.  He holds a Bachelor of Arts degree in Economics from Claremont McKenna College.

kjenkins@tryperion.com
(310) 421-1041

Alexandria Buckingham
Alexandria Buckingham
Investor Relations

Ms. Buckingham assists in acquisition and asset management functions, provides executive-level support to the partners, and manages Tryperion’s main office.
abuckingham@tryperion.com
(310) 421-1030

View HIDE Full Bio
X
Alexandria Buckingham
Alexandria Buckingham
Investor Relations

Alexandria Buckingham, Executive Assistant – Ms. Buckingham assists in acquisition and asset management functions, provides executive-level support to the partners, and manages Tryperion’s main office. She is also responsible for finding new and creative ways to improve all aspects of the business.

Prior to joining Tryperion, Ms. Buckingham served in various administrative and customer service capacities, including over five years in the hospitality industry.  Ms. Buckingham holds a Bachelor of Science degree in Business Administration and a minor in Psychology from the University of Southern California, distinguishing herself as a Dean’s List recipient. 


abuckingham@tryperion.com
(310) 421-1030

Experience

The Tryperion team is experienced in managing complex real estate investments through multiple business cycles and through the life cycle of each investment, from acquisition and business plan execution, to realization. Collectively, Tryperion’s founders have acquired, owned, and managed over $1.6 billion of real estate equity investments valued in excess of $5.0 billion spanning all asset classes.

The firm applies an integrative management approach to optimize asset performance.  Areas of expertise and focus include:
  • Asset Repositioning
  • Property Management & Leasing Coordination
  • Financings, Refinancings, & Dispositions
  • Legal Review & Transaction Documentation
  • Real-time Market Research & Hold/Sell Analyses

Investments

TRYPERION RE FUND I

Tryperion RE Fund I, L.P. closed in May 2013 with capital commitments totaling $50 million. The fund was fully committed as of October 2014.

TRYPERION RE FUND II

Tryperion RE Fund II, LP closed in January 2015 with commitments totaling over $50 million.  The fund invests on both a direct basis and with joint-venture operating partners in deals requiring $3-15 million of equity in inefficiently-priced markets across the Midwestern and Western US.

Transaction Types
Acquisition or Recapitalization
OR
Transaction Types
Acquisition
Recapitalization
Transaction Size
$3 Million Equity to $15 Million Equity
Transaction Size
TO
$3 Million Equity
$15 Million Equity
Holding Period
3 Years to 7 Years
Holding Period
TO
3 Years
7 Years
Product Types
Office
Industrial
Retail
Multi Family
 hospitality
* Tryperion does not currently invest in land or development deals
15% Leveraged IRR
80% Maximum Leverage (75% Fund Level)
80% Maximum Deal Level Leverage (75% Fund Level)
Structures
Direct Acquisition, Common Equity Joint Venture, Preferred Equity Joint Venture
Locations
West and Midwest U.S. markets
Fund II’s target assets exhibit one or more of the following characteristics:
  • Strong in-place cash yields
  • Below replacement cost
  • Distressed ownership
  • Inefficiency in the sales process
  • Value potential due to oversight / mismanagement
Download the Tryperion RE Fund II brochure
  • Transaction Types:
  • Transaction Size:
  • Holding Period:
  • Leverage:
  • Return Target:
  • Product Types:
  • Structures:
  • Locations:
  • Acquisition, Recapitalization
  • $3 to $15 Million Equity Investment
  • 3-7 Years
  • 15% Minimum Leveraged IRR
  • 80% Maximum Deal Level Leverage (75% Fund Level)
  • Office, Retail, Multifamily, and Hospitality (no land or development)
  • Direct Acquisition, Common Equity Joint Venture, Preferred Equity Joint Venture
  • West and Midwest U.S. markets

Services

We offer two primary service lines

Commingled fund vehicles providing exposure to income producing investments diversified by property type, geographic location, and position in the capital structure.
Equity Funds
Individual or programmatic investments catered to each client’s objectives.
Separate Accounts
optimal incentive alignment

Tryperion’s principals invest alongside clients in both the Equity Funds and Separate Accounts to ensure optimal incentive alignment. Separate Account commitments are accepted on an ongoing basis. 

Inquiry ...
All inquiries go to Jeffrey Karsh
Thanks! We’ve received your inquiry.
Oops! Something went wrong.