Alpaca Real Estate
$10B
Capitalization*
$3B
Equity Deployed*
100
Investments*
* Figures shown are based on investments made by partners of Alpaca Real Estate, including at organizations prior to the formation of Alpaca Real Estate.
Approach
Investment Strategy
The firm begins its targeted value creation process with what it believes is proprietary sourcing capabilities through extensive industry relationships, synergies with Alpaca VC’s network, and access to opportunities that intersect the physical and digital worlds.
Alpaca utilizes a disciplined investment process to execute its comprehensive strategic business plans through hands-on asset and portfolio management, and by integrating accretive overlays that are expected to drive returns.
Target markets where demand may outpace supply and create robust operating fundamentals.
Multi-channel sourcing capabilities, disciplined underwriting, and flexible transaction structures.
Leverage and incorporate forward-thinking technology into real estate assets.
Potentially generate long-term, predictable cash flows and execute business plans to improve property quality.
Alpaca is purpose-built to capitalize on today’s volatility with a clean slate and a differentiated approach. We combine proven investment acumen with modern technology and AI to gain an edge in sourcing, underwriting, and execution. Founding partners have led 100+ transactions and deployed $3B+ of equity.
Co-Founder & Managing Partner
Bio
Daniel Carr is a Co-Founder and Managing Partner of Alpaca Real Estate. In this capacity, he is responsible for the Firm’s investment strategy, capital markets, asset management, portfolio management and is a member of the Investment Committee and the Board of Directors of ARE. Mr. Carr has over a dozen years of institutional real estate experience investing in traditional and adjacent property sectors, throughout major markets in the U.S. and across the risk spectrum.
Prior to forming Alpaca Real Estate, Mr. Carr was a Principal with global alternative investment manager Ares Management (NYSE: ARES). During his ten-year tenure, he was responsible for acquisitions, asset management, and portfolio management for the firm’s core, value add, and opportunistic vehicles including commingled funds, co-investments, separately managed accounts, and an evergreen private REIT. Mr. Carr actively participated in the fundraising, deployment, and realization of over $7 billion of transactions through direct acquisitions, syndications, and joint venture partnerships. He also managed and mentored a team of investment professionals from Analyst to Vice President levels. Prior to joining Ares, Mr. Carr was a member of J.P. Morgan’s Real Estate and Lodging Investment Banking group responsible for various mergers & acquisitions and capital markets transactions with clients including Archstone, Retail Properties of America, and Lennar.
Mr. Carr holds a Bachelor of Science degree in Business Administration and Finance from Fordham University and a Master of Science in Real Estate Development from Columbia University. In 2014 and together with Mr. Weiss, they co-founded and actively lead the Real Estate Private Equity Network (REPEN), a forum for industry professionals to exchange market intelligence, investment insights, and promote mentorship. Additionally, he is Co-Chair of ULI New York’s Urban Development and Mixed-Use Council (UDMUC), previously served on the ULI New York Advisory Board, and supports his local community through the Cobble Hill Association.
Co-Founder & Managing Partner
Bio
Peter Weiss is a Co-Founder and Managing Partner of Alpaca Real Estate. In this capacity, he is responsible for the Firm’s investment strategy, capital markets, asset management, portfolio management and is a member of the Investment Committee and the Board of Directors of ARE. Mr. Weiss has over a dozen years of institutional real estate experience investing in traditional and adjacent property sectors, throughout major markets in the U.S. and across the risk spectrum.
Prior to forming Alpaca Real Estate, Mr. Weiss was a Managing Director with New York-based Prospect Ridge, a private equity real estate firm that spun out from AllianceBernstein in 2019. During his ten-year tenure across the two organizations, he was responsible for acquisitions, asset management, and portfolio management for equity (core-plus, value-add, and opportunistic) and debt investment vehicles including commingled funds, co-investments, separately managed accounts, and an evergreen private REIT. Mr. Weiss actively participated in the deployment and realization of over $3 billion of transactions through direct acquisitions and joint venture partnerships. He also led the firms’ staffing function of Associates and Vice Presidents. Prior to joining AllianceBernstein, Mr. Weiss was a member of J.P. Morgan’s Real Estate and Lodging Investment Banking group responsible for various mergers & acquisitions and capital markets transactions.
Mr. Weiss holds a Bachelor of Science degree in Hospitality Management and Real Estate from Cornell University. In 2014 and together with Mr. Carr, they co-founded and actively lead the Real Estate Private Equity Network (REPEN), a forum for industry professionals to exchange market intelligence, investment insights, and promote mentorship.
Co-Founder & Executive Chairman
Bio
Ryan Freedman is an entrepreneur turned investor on a journey to bring efficiency and innovation to the real world. Ryan is a Co-Founder and Executive Chairman at Alpaca. In this role, Ryan leads the firm and its investment strategy, forging the path for the integration of innovative overlays within traditional real estate investing. He plays a key role on the Investment Committee and the Board, leveraging his twenty-year’s experience in real estate and technology.
Before his current tenure at Alpaca, Ryan founded Corigin, a pioneering real estate investment firm. At Corigin, he was a frontrunner in integrating real estate technology to enhance operations and investment decisions. The company was an early adopter of integrating real estate technology and data into multi-family real estate sector. Ryan continues to serve as Corigin’s Chairman, steering its strategic direction and nurturing its values-based culture. In his earlier career, Ryan co-founded Coral Capital Solutions, a tech-enabled specialty finance lender which has financed over $2 billion.
Ryan had made a notable impact in Real Estate Technology investing marked by accolades such as being named one of the top 15 Influential People in Real Estate Technology in 2015 and earning the runner-up spot for the 2018 Global PropTech Investor award. Ryan holds a Bachelor of Business Administration degree from University of Wisconsin–Madison, in Real Estate and Urban Land Economics. He is actively involved in various board roles and an active member of the Young President’s Organization.
Co-Founder & Partner
Bio
Daniel Fetner is a Co-Founder and Partner of Alpaca Real Estate. In this capacity, he supports all aspects of the business with a special emphasis on marketing, fundraising, product strategy & innovation. Mr. Fetner serves on the Investment Committee and the Board of Directors of Alpaca Real Estate, bringing over fifteen years of experience spanning real estate, finance, entrepreneurship, and venture capital.
Mr. Fetner also plays a “bridge” role between Alpaca Real Estate and its affiliated venture capital platform, Alpaca VC, where he is a General Partner and leads all Built World Tech investing. Synergies between the platforms include sourcing and evaluating innovative solutions for ARE assets, iterating and optimizing ARE’s proprietary technology stack, and facilitating introductions between ARE and innovative operating platforms.
Mr. Fetner joined Alpaca in 2018 after attending business school, where he co-founded Soil Connect, the country’s largest marketplace for soil and aggregates. Soil Connect is backed by institutional construction-industry strategics including Cemex (NYSE: CX), Suffolk Construction, ARCO Murray and others.
Earlier in his career, Mr. Fetner worked at G4 Capital Partners, a boutique real estate private equity firm, and in the Real Estate Investment Banking Group at Cushman & Wakefield, developing expertise in traditional real estate transactions and capital markets. Mr. Fetner’s experience also includes a stint at J.P. Morgan, where he successfully built a $200 million book of business focused on Technology entrepreneurs & Real Estate Family Offices.
Mr. Fetner holds a Bachelor of Business Administration from the Ross School of Business at the University of Michigan and a Master of Business Administration from The Wharton School at the University of Pennsylvania.
Senior VP Operations & Finance
Bio
Ray leads the operations, finance, and compliance functions for Alpaca. Prior to joining Alpaca, Ray was the CFO and CCO of Ampfield Management, an investment management firm. He previously worked at Jefferies Financial Group, a publicly traded company, where he worked on budgets, projections, and automation projects for the parent company. He began his career in hedge fund accounting & reporting with ALPS Alternative Investment Services in their Boston office. He graduated with high honors from the University of Maine with a BS in Business Administration with a major in Accounting and he also graduated from the University of Connecticut with a MS in Accounting. Ray is a Certified Public Accountant and a CFA® charterholder.
Investment Associate
Bio
Christina is an Investment Associate at Alpaca Real Estate, where she plays a key role in sourcing, evaluating, and underwriting real estate investment opportunities across value-add and opportunistic strategies. Her responsibilities span the full investment lifecycle from conducting due diligence to supporting asset management initiatives that drive value creation across the portfolio. Christina also collaborates with the broader team to assess and implement emerging technologies that enhance Alpaca’s internal tech stack and streamline the investment process.
Before joining Alpaca, Christina began her real estate career at Savills, specializing in commercial brokerage. During her time there, she successfully completed over 850,000 square feet of leasing transactions, gaining critical market insight and transactional experience. Christina holds a Master of Science in Real Estate Development from Columbia University and a Bachelor of Arts from Middlebury College.
Investor Relations Associate
Bio
Allie Cardew is an Investor Relations Associate at Alpaca Real Estate, where she plays a key role in capital raising, investor communications, marketing initiatives, and event execution. She collaborates closely with internal teams and external partners to support fundraising strategies and strengthen investor engagement.
She brings a strong foundation in real estate investment and strategic communications from her previous roles at Grubb Properties and Savanna Real Estate, where she managed investor deliverables, contributed to fund-level strategy, oversaw high-impact investor events, and executed integrated marketing campaigns. In these roles, she also played a central part in coordinating due diligence processes, enhancing CRM systems, and supporting executive leadership in both investor-facing and internal communications. Allie began her career at Ernst & Young as a Transformation Specialist, advising on operational improvements for high-profile clients. She holds a B.A. in Finance and Accounting with a minor in Economics from Wofford College, where she was also a Division I athlete.
Chief of Staff
Bio
Miya McCall is Chief of Staff to the Founder and Chairman at Alpaca Real Estate, where she plays a pivotal role in executive decision-making, cross-functional execution, investor engagement, and strategic planning across the firm’s real estate, venture, and family office platforms. She partners closely with internal leadership and external stakeholders to align business priorities, drive operational excellence, and scale innovation—including AI adoption—across sourcing, underwriting, and asset management.Mrs. McCall brings over 14 years of experience supporting ultra-high-net-worth individuals, founders, and institutional investors. Prior to joining Alpaca Real Estate, she served as Executive Program Director at SaaS Academy, where she led national product launches, curated high-impact forums for SaaS CEOs, and scaled a $2M flagship program to record profitability and retention. Earlier in her career, she held leadership and operations roles across private real estate, coaching, and family office environments, overseeing capital allocation, strategic communications, and multimillion-dollar project execution.Mrs. McCall holds a professional certification in Diversity, Equity & Inclusion from the Muma College of Business. She is fluent in Ukrainian and recognized for her ability to operate as a trusted proxy in high-stakes environments, blending executional rigor with a values-driven leadership approach.
The Alpaca Real Estate MBA Associates Program offers graduate students the opportunity to work directly with our investment team on live transactions, market research, and strategic initiatives. Associates gain hands-on experience across the full investment lifecycle, from deal sourcing and underwriting to LP relations, while contributing to our innovative approach that combines institutional real estate expertise with cutting-edge technology solutions. Our alumni have gone on to premier roles at top-tier real estate private equity firms, institutional investors, and leading development companies.