Faison Enterprises said Thursday that it’s completed the process of splitting up into several different companies, following the death of founder Henry Faison just over four years ago.
The firm will now become three separate companies: Faison Enterprises, which will operate as only an investment company, putting money into deals as a limited partner, Wintergreen Capital, a private real estate investment firm and asset manager for properties acquired on Faison’s behalf, and Boulevard Real Estate Advisors, dedicated to developing apartments.
Henry Faison was one of Charlotte’s most prolific and best-known developers, starting his eponymous firm in the 1960s. He developed local landmarks such as Eastland Mall and Northlake Mall, along with dozens of shopping centers, before diversifying into office buildings, including One Independence Center uptown and 121 West Trade. He died suddenly at his office in December 2012.
Chris Branch, head of Faison’s apartment business, will head Boulevard Real Estate Advisors. He’s developed eight apartment projects totaling 2,100 units since he joined Faison in 2011. Branch will oversee Faison’s ongoing apartment developments “in a consulting role,” the company said, including a 100-unit apartment building in Elizabeth approved last year. The name is a reference to Branch’s former firm, The Boulevard Company.
David Lampke and Bill Barnett, who headed up acquisitions for Faison, will be in charge of Wintergreen Capital. They’ve executed $180 million worth of investments for Faison since 2013.
Faison plans to invest alongside both companies in the future.
“We appreciate the many contributions that David, Bill and Chris have made to our business and wish them continued success with their new ventures,” said Tom Webb, president of Faison, in a statement. “We look forward to exploring investment opportunities with both Wintergreen Capital and Boulevard Real Estate Advisors in the future.”
The move is the latest chapter in Faison’s ongoing restructuring. The company sold its property management business in 2014 to what is now Foundry Commercial, and also started a new real estate investment management firm called FCA Partners.
Henry Faison’s roughly $200 million estate was the subject of a legal dispute after he died. His sons sued the company, alleging that Faison had tried to update his will so a large portion of his wealth would go to a charitable foundation after his death. He had not signed the updated will at the time of his death, however. As part of a mediated settlement, his company won forgiveness of more than $100 million in loans Henry Faison had extended to it