Professional golfer and former PGA Tour FedEx Cup winner Patrick Cantlay is starting a new job -- of sorts -- while he continues his golf career.
Cantlay is getting into real estate.
Cantlay has become a general partner in a multifamily real estate owner and management firm, LRE Management, as a general partner on its first opportunity fund, according to The Real Deal.
In addition to his role as a general partner, Cantlay will also be part of the company's first advisory board, which will lead to meetings with the company's executive team and their top investors to provide input on the business. The opportunity fund has already invested in three Atlanta are properties to the tune of $102 million to purchse 778 total units. The firm seeks a diversity of geographic investments.
LRE has engaged in $1 billion in transactions over a dozen years and has 15 properties across seven states.
Cantlay met LRE head Eric Londa through mutual friends and found a joint interest in multifamily real estate rental units. Cantlay's grandfather purchased a small portfolio of multifamily properties in California and recalls fondly going on property-scouting or fixer-upper trips with him. The golfer has apparently "dabbled" in some real-estate investing, per The Real Deal.
LRE hopes to consider deals that include other forms of housing, as well as commercial real estate.
Cantlay isn't walking away from professional golf in any capacity. Rather, he'll be spending free time learning the LRE business, property assessments and evaluations, as well as attending occasional meetings with investors to raise money. Cantlay has been an actively engaged member of the PGA Tour Policy Board as it pursues private investment into a for-profit subsidiary, including from the Saudi Public Investment Fund.
Someday, Cantlay will walk away from the grind of professional golf, and it sounds like he intends to trade that in for the grind of searching out real estate deals and maintaining properties for rentors.
