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Keelbase Capital Launches with Strategic Focus on $105B Commercial Real Estate Opportunity
Seattle-based real estate investment firm Keelbase Capital has officially launched with a sharp focus on capitalizing on a growing opportunity across major U.S. markets: widespread overleverage resulting from depressed asset values and a market rebound from years of historically low interest rates.
In response to these shifting dynamics, Keelbase Capital plans to deploy between $125 million and $250 million in private credit over the next three years. Additionally, the firm aims to pursue $200 million to $300 million in joint venture acquisitions.
“We founded Keelbase Capital to meet the moment,” said Cooper Engst, co-founder and principal of Keelbase. Engst brings two decades of experience in institutional capital markets and commercial real estate, including most recently leading the Pacific Northwest multifamily practice at Eastdil Secured.
From 2019 to 2022, more than 1,900 multifamily properties within the Seattle metropolitan statistical area (MSA) were acquired, refinanced, or developed, all during a time of unprecedentedly low interest rates. When including retail, industrial, and office assets, the total number of impacted properties climbs to approximately 3,800 — with a combined asset value of around $105 billion. Much of this real estate is now considered overleveraged as financial markets shift.
“Seattle is one of the most dynamic and fundamentally sound real estate markets in the country, but it’s also one of the most exposed to the reset now underway,” noted Paul Roeter, co-founder and principal at Keelbase Capital. Roeter has nearly 20 years of industry experience, most recently as co-lead of the Pacific Northwest Equity, Debt, and Structured Finance practice at Cushman & Wakefield.
With deep local expertise and a strategic capital deployment plan, Keelbase Capital aims to convert these market challenges into meaningful investment opportunities in the years ahead.
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