This strategic new hire coupled with Prescott’s operational, investment track record and pipeline of new investments makes it a great candidate for institutional investors. The recent addition of Butler demonstrates Prescott’s commitment to growing this aspect of its business and gives the firm a competitive advantage with its dedication of resources to this service line.
“Prescott has a proven track record of generating returns for institutional investors, and Richie will lead the effort of getting our team and our performance in front of investors,” said Jud Pankey, CEO of Prescott. “We believe Prescott’s strategy of pursuing urban and TOD projects in public/private partnerships will be especially appealing to institutional investors. This is an investment into the future of Prescott as well as an affirmation of the firm’s strategy of urban, TOD and public/private partnerships.”
Butler has extensive real estate development, finance and institutional fund management experience including urban, single-family, multi-family, office and mixed-use developments, and he is regularly tapped to speak at national conferences and universities. He has originated and developed more than $500 million in urban development activity. Prior to Prescott, Butler served as senior vice president at CityView where he led the firm’s national origination platform which resulted in more than 2,000 units of housing being developed, and he was a senior member of the firm’s institutional capital markets group.
Butler also has served as the managing partner of Solomon Partners. His other professional experiences include serving as a bank officer with Bank of America as well as deputy political director for U.S. Sen. John Kerry of Massachusetts.
Butler’s reputation, relationships and experience will play a pivotal role in strengthening, building and exposing Prescott to new institutional investors. He not only has fundraising experience, but Butler also is experienced in acquisitions. It was in his role in acquisitions that he and Prescott first came to know each other.
“Vance Detwiler [Prescott’s president] and I are excited to have Richie join our team. We have known Richie both personally and professionally for nearly a decade; we could not have selected a better individual to assist us in growing Prescott’s platform,” Pankey said.
Butler is also actively involved in the surrounding community. His service and commitment to the community extends to his role as founding senior pastor of Union Cathedral, located in the North Texas. He also serves in numerous other roles for organizations throughout Dallas including the Board of Children’s Medical Center of Dallas where he chairs the Facilities and Technology Committee; Board of Trustees of Southern Methodist University (SMU) Board; member of the Pension Real Estate Association;
Butler holds degrees from Southern Methodist University and Harvard University as well as extended studies at MIT in Urban Planning, and he was a Ford Foundation Fellow. He has been recognized by D CEO as one of the “17 Stars of Tomorrow in Commercial Real Estate” in North Texas Region and SMU Distinguished Alumni Emerging Leader Award recipient. Butler is married to Neisha Strambler-Butler, an executive at Texas Instruments. They have two kids Emily and Bradford and live in Richardson.
About Prescott Realty Group
Employing 15 years of real estate expertise, Dallas-based Prescott Realty Group (http://www.prescottrealtygroup.com/