Providing Growth Capital to Real Estate Operating Partners

About

Penn Growth Partners (“PGP”) was founded by industry professionals Howard Levkowitz and Ryan Friedman to provide flexible capital solutions to real estate operating partners, by leveraging 40+ years of cumulative real estate investment, management, and operating experience across multiple asset classes. PGP’s extensive track record is testament to its unwavering commitment to integrity, execution, and outstanding performance.

INVESTMENT CRITERIA

PRODUCT TYPE

GEOGRAPHY

STRUCTURE

EQUITY

INVESTMENT RETURNS

OPERATING PARTNERS

PGP COMPETITIVE ADVANTAGE

Multifamily, Industrial, Self-Storage, Selected Others

Primary and secondary markets preferred (currently invested in 9 states)

Co-GP, Lead Investor, Platform Capital and Credit Enhancement

$1 million - $10 million per transcation with capacity to scale

Opportunistic returns; evaluated on a venture-by-venture basis

Strong track record

Single source for deal execution, speed of execution, access to outside investor capital, long track record of real estate investment and partnerships

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LEADERSHIP

HOWARD LEVKOWITZ

Co-Founder

RYAN FRIEDMAN

Co-Founder

SALVADOR CARBAJAL

Head of Design and Construction

HOWARD LEVKOWITZ

Co-Founder

LinkedIn

Howard Levkowitz is Founder of Penn Growth Partners an affiliate of Penn Properties, which he founded in 1996 to acquire and improve multi-family workforce housing, and to invest in opportunistic acquisitions in other real estate sectors. He is also a founder of Signal Hill Holdings, LLC which provides growth capital to private operating companies and investment managers.

Mr. Levkowitz co-founded alternative asset management firm Tennenbaum Capital Partners (TCP), where he was a Managing Partner and Chairman of the Management Committee. He was also Chairman and Chief Executive Officer of TCP Capital Corp. for a decade after taking TCPC public (NASDAQ: TCPC, subsequently BlackRock TCPC). TCP was acquired by BlackRock in 2018. At BlackRock, Mr. Levkowitz was Chairman of U.S. Private Capital. Prior to co-founding TCP, Mr. Levkowitz was an attorney with Dewey Ballantine LLP, specializing in real estate and insolvencies. He has served as a director of both public and private companies. Mr. Levkowitz is a Director on the Board of Cushman Wakefield Greystone, LLC, and an advisory Board Member for several private investment firms. He also serves as an investment committee chairman for a charitable retirement plan and an educational endowment. He has a deep commitment to philanthropic activities, particularly education.

Mr. Levkowitz attended the University of Southern California, where he received his Juris Doctor, The Wharton School, where he received a Bachelor of Science, Economics and the University of Pennsylvania, where he received a Bachelor of Arts, History.

howard@penngrowthpartners.com
(310) 756-7667

RYAN FRIEDMAN

Co-Founder

LinkedIn

Ryan Friedman is Co-Founder of Penn Growth Partners. Mr. Friedman is primarily responsible for overseeing investment strategy, acquisitions, business operations, and asset management.

He is also Founder of Ocean Avenue Capital, Inc., a best-in-class real estate
investment, capital raising, and advisory firm. With over a decade of experience in real estate private equity, including $4.4 billion of acquisitions and dispositions on behalf of institutional capital partners, Mr. Friedman has a strong reputation and is 100% committed to being a trustworthy and skilled advisor with an emphasis on generating attractive risk adjusted returns.

Prior to founding Ocean Avenue Capital, Mr. Friedman worked on the acquisitions team at Artemis Real Estate Partners where he acquired and disposed of $1.7 billion of multifamily, office, self-storage, industrial, medical office, and senior housing facilities, and developments across the U.S.

Prior to joining Artemis in 2014, Mr. Friedman worked at Colony Capital where he closed over $2.7 billion of distressed commercial real estate loan portfolio acquisitions and supported the launch of Colony American Homes single-family rental business.

Mr. Friedman graduated from the University of Southern California Marshall School of Business in 2011 where he was Chairman of the Trojan Real Estate Association. Mr. Friedman currently resides in Venice, CA and lives an active lifestyle with an emphasis on health and wellness including hobbies such as stand up paddle surfing, tennis, basketball, biking, and woodworking. Mr. Friedman also volunteers as an active LAPD Hollenbeck PAL mentor.

ryan@penngrowthpartners.com
(310) 924-0167

SALVADOR CARBAJAL

Head of Design and Construction

Mr. Carbajal is primarily responsible for overseeing all aspects of design, construction, and budgeting on PGP investments. Salvador Carbajal is also the founder of S-AC Architecture, 369 Architects, and S-AC Builders. Since launching his firms in 2020, he has led over 200 architectural and 40 construction projects.

His career began with one of the nation’s top general contractors,
where he built high-rises from the ground up — an experience that shaped his integrated approach to design and construction.

Each of his firms plays a distinct role:

– S-AC Architecture focuses on custom single-family homes with a strong design-lifestyle connection.

– 369 Architects specializes in high-density multifamily developments with smart, community-driven designs.

– S-AC Builders executes all construction in-house, ensuring seamless delivery
and design integrity.

Salvador’s mission is to unify design and construction to create meaningful,
high-quality spaces from concept to completion.

salvador@penngrowthpartners.com
760-673-2550