AREA Property Partners was founded in 1993 by William Mack, a prominent U.S. real estate investor, and Apollo Global Management, LLC. Mr. Mack recognized opportunities in the distressed property markets in the United States in the early 1990's and concluded that an expert team of real estate professionals, employing active, hands-on management, could deliver attractive total returns and multiples on equity invested for institutional investors. Today, AREA is an independent private partnership of real estate professionals with a rare blend of hands-on real estate experience and sophisticated capital markets expertise.

AREA has been among the most active investors globally, achieving a strong track record by focusing on real estate operating performance and market fundamentals and by developing relationships with experienced local operating partners with access to off-market transaction flow. AREA has been investing in the U.S. since 1993 and Europe since 1995. AREA's opportunistic investment program has expanded since its initial global funds, and the firm now manages separate opportunity funds dedicated to North America, Europe and India supported by local investment teams. SUN-Apollo India Real Estate Fund was established in partnership with the SUN Group, a leading business group predominantly investing in India, and closed in 2006.

Outside of the opportunistic space, AREA has expanded its offerings to investors with vehicles focused on value-added real estate and a full range of debt investments. In 2004, the firm acquired the Value Enhancement Funds, which focus on the U.S. value-added segment of the real estate investment spectrum. In 2005, AREA began a program targeting assets in improving urban areas or "Domestic Emerging Markets" that have cash flows constrained by rental regulations, long-term leases and/or under-management.

AREA has continued to expand its real estate lending program in the U.S. and in Europe based on the success of its first real estate mezzanine fund. AREA has been active acquiring loan interests, often at a discount, in addition to originating mezzanine loans. The AREA debt team works with borrowers to structure comprehensive financing solutions to address the unique dynamics of each project. The ability to provide surety of execution has allowed the team to write loans on attractive terms that previously would have been provided by banks and other capital providers.