Kenwood Management Company, LLC ("Kenwood") was founded in early 1997 by Hank Bowis and Phil Ackley as a vehicle to attract private equity from long term investors and to provide superior property management services for its commercial real estate acquisitions throughout the Baltimore and Washington Metropolitan Area.
Kenwood's first acquisition was the Kenwood Office Building, a 54,000 sq. ft. seven story building located in Bethesda, MD. Kenwood purchased this property in January 1997 from Mutual of New York ("MONY"). Kenwood closed on this asset within 45 days from receiving the seller's property information.
In April 1997, Kenwood acquired the Reston-Herndon Business Park, a 280,000 sq. ft. industrial/self storage property located on 16 acres in the town of Herndon, VA. Again, the seller needed a short study period, fast close and all cash buyer. Kenwood met the seller's requirements and closed on schedule.
Continuing to seek quality assets throughout the Washington Metro area, Kenwood has acquired over 1.1 million square feet since its formation including office, industrial and self-storage properties.
Kenwood's founding concept, which remains true today, is to provide our investors, both large and small, the opportunity to participate in quality acquisitions of income producing properties and to receive above market returns. Kenwood's philosophy is to minimize organizational or syndication fees and to focus on success-based compensation. Therefore, most of our investors' capital is attributed to the real estate. Investors are paid a preferential cumulative return from cash flow before Kenwood participates.
We believe that an asset's overall success is directly tied to effective and efficient management services. As a real estate owner/manager, Kenwood operates its portfolio with a focused perspective of not only managing expenses but also recognizing that tenant satisfaction will generate high revenues and better returns for our investors. Our tenant retention rate exceeds 95%. Kenwood's philosophy is to manage our properties so they are recognized leader within their marketplace.