Ascendant is a vertically integrated real estate investment and operating vehicle headquartered in Los Angeles, with full discretion over commingled institutional funds and an investment focus on high-quality hospitality and lodging properties, technology-enabled multifamily assets, and selected special situations supported by structural changes in demographics and consumer behaviour.

The Firm’s Managing Partners’ depth of experience in acquiring, developing, operating, and asset managing real estate assets and operating companies has been focused on domestic and international gateway markets, including New York, Boston, Miami, San Francisco, Los Angeles, Waikiki, London and Barcelona.

The Foundation of Ascendant’s Real Estate Platform

Vertically Integrated Platform

Ascendant’s team is comprised of highly seasoned operators, sector-specific investors, and asset managers who compliment tenured investment professionals to identify and realize value.

Three Synergistic Strategies

We invest across three operationally intensive core verticals: hospitality, next-generation multifamily, and special situations.

Regional Coverage + Local Expertise

An investment team with deep experience across all major domestic geographies, with deep local networks to identify and optimize value.

Thesis-Driven Fundamental Investment Approach

Thesis-based value investment philosophy, anchored in observable trends resulting from demographic changes and consumer behaviour patterns.


We invest in high-quality assets that are under-optimized due to operational, structural, or capital liquidity constraints, and maximize value through an active, operationally intensive approach across verticals in which we have deep expertise.

Newbury Hotel, Boston, MA

Watermark Lodging Trust, Various, US

Tailgate Park, San Diego, CA

Beechwood Homes, Long Island, New York


Our operational expertise is anchored in a broad perspective on lasting global trends, markets, and capital flows.


As a vertically integrated real estate platform, Ascendant is led by a managing partnership comprised of CEO Russell Gimelstob, Co-President & CIO Alex Halpern, and Co-President & COO Eric Calder, which has collectively acquired and developed more than $20 billion of multifamily, retail, hospitality and office assets. Founded on the basis of creating a more investor-friendly and specialized format of real estate investing, the firm has built a team of sector-level specialists across its three operating verticals, and relies on continuous, cross-pollenating dialogue with its limited partners.

Russell Gimelstob
Founder and Chief Executive Officer

Prior to founding Ascendant Capital Partners, Russell Gimelstob was Head of Acquisitions, Partner, Managing Director and Member of the Investment Committee of Dune Real Estate Partners, a manager of real estate private equity funds. Russell sits on the board of Watermark Lodging Trust.

Alex Halpern
Co-Founder, Co-President, and Chief Investment Officer

Alex Halpern is responsible for the oversight of the Firm’s investment activities, as well as the day-to-day management of the Firm’s hospitality investments. Alex sits on the boards of Watermark Lodging Trust and Sentral.