PRP Hires Jon McAvoy as Chief Investment Officer
McAvoy spent the previous 13 years at Hoffman & Associates where he specialized in construction and ground-up projects
By Brian Pascus November 5, 2024 3:31 pm
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PRP, a real estate investment management firm based in Washington, D.C., has hired Jon McAvoy, a veteran CRE professional with more than two decades of investment experience, as its chief investment officer, Commercial Observer has learned.
McAvoy spent the previous 13 years at Hoffman & Associates, a CRE development firm, where he served as executive vice president and CIO.
McAvoy told Commercial Observer that he was excited about the opportunity to move away from specializing in development and instead target investment opportunities across asset classes amid capital markets dislocation.
“It was a very difficult decision to leave what felt like a home, but, ultimately, the team at PRP — [president] Paul Dougherty, [CFO] Trey Shields, and [managing director] Steve Muller — gave me an opportunity to work with others on an expanded mandate,” said McAvoy.
“Hoffman is a very development-focused shop, and the mandate here at PRP introduces fresh challenges and education to someone well into his career, and is a chance to work on projects that target the dislocation of the capital markets,” he added.
In a statement, PRP’s Dougherty called McAvoy an “important and strategic hire.”
“Jon is an extremely accomplished commercial real estate professional, and we look forward to benefiting from his expertise as we navigate the evolving real estate investment climate here in the United States,” he said.
A graduate of Georgetown University and the school’s McDonough School of Business, McAvoy is an experienced CRE professional who was instrumental in quarterbacking Hoffman’s multibillion dollar District Wharf mixed-use development in Washington, D.C. Over his 24 year career, he has closed $3 billion of value in deals that have total more than 30 transactions.
At PRP, he will be tasked at improving the firm’s investments into multifamily, net lease, data centers and special situation projects.
“That ability to create fresh lines of business and face fresh challenges and grow my career and work with great real estate professionals who have been in business for 20 years was the deciding factor [in making the move],” he said.
McAvoy added that much of the work he focused on at Hoffman & Associates was ground-up construction investments, with many value-add and historical rehabilitation projects. He said the mandate at PRP will more often be focused on taking an existing asset and optimizing it through a better capital structure and improved asset management.
“The need to focus on construction execution and development design comes with me, but is lessened, and now it’s about taking existing bricks and mortar and doing something with them to better elevate their valuation,” he said.
Brian Pascus can be reached at bpascus@commercialobserver.com
