Accordant Investments Expands Private Real Estate Platform, Adds Two Hires to Strengthen Adviser and Family Office Support

SCOTTSDALE, Ariz. — Accordant Investments announced Nov. 10 that it is expanding its private real estate investment platform and team, adding two new hires focused on adviser and family office support. Thomas Belcher joins to lead adviser relationships in the Northwest, and Ron Macleod joins as managing director to lead the firm's work with family offices evaluating institutional real estate opportunities.

The firm said the expansion is intended to bring a broader range of institutional investment approaches to private wealth, and that additional team expansion is planned.

Strengthening Adviser and Family Office Support

As part of its continued investment in adviser and family office support, Accordant welcomed two new team members.

Belcher brings eight years of financial services and capital-raising experience, including roles at Capital Square and Cantor Fitzgerald. He graduated from Indiana University and holds Series 7, 6 and 65 licenses.

Macleod brings 30 years of family office and investment management experience, with senior roles at Northern Trust Global Family Office, BMO Family Office, US Trust and Nuveen. He attended UCLA and holds Series 7 and 65 licenses.

"Access is about more than offering strategies," said Greg Stark, CEO of Accordant Investments. "Advisers also need the expertise, resources, and relationships to put them to work for clients."

Expanding Beyond Index Exposure in Private Real Estate

Accordant established its foundation through the Accordant ODCE Index Fund (ODCEX), which the firm describes as the industry's first index fund designed to track the NFI-ODCE Index, the benchmark for institutional U.S. core private real estate. ODCEX is nearing its six-year anniversary. Together with its institutional sister fund, managed by IDR Investment Management, LLC, ODCEX represents nearly $10.6 billion in combined assets under management across the indexing strategy. Indexing strategy assets grew from $5.6 billion to $10.6 billion between June 30, 2024, and June 30, 2026, an increase of 89%.

Accordant has since expanded into private funds and specialized co-investment opportunities, including secondaries and hyperscale data center development, sourced through its strategic institutional partner network. The firm said these opportunities allow private wealth investors to invest alongside some of the nation's largest institutional investors.

"Private real estate can serve different purposes in a portfolio," Stark said. "Some clients seek diversified core exposure; others prioritize income or growth. We're building around those objectives, rather than expecting every investor to fit the same strategy."

Market Conditions Behind the Expansion

The announcement comes as institutional private real estate shows early signs of stabilization following a period of valuation declines, redemption pressure and higher financing costs. Capital contributions into core private real estate funds surged 30% year over year earlier in 2026.

The NFI-ODCE Index posted a 1.25% gross total return in the first quarter of 2026, up from 0.91% in the prior quarter and 1.06% a year earlier. The result included a 1.00% income return and a 0.24% appreciation return. For the year ended March 31, 2026, the index returned 3.97%, including 4.08% income and negative 0.10% appreciation. The index has recorded seven consecutive quarters of positive gross total returns.

Liquidity pressure has eased but remains material. Quarterly investor net cash flow improved to negative $1.5 billion in the first quarter, from negative $2.5 billion in the preceding quarter and negative $1.7 billion a year earlier. U.S. real estate transaction volume reached $136 billion in the first quarter of 2026, up 27% year over year and 7.4% above the five-year first-quarter average.

Performance varied by property type. In the first quarter, NCREIF property-index returns were strongest in senior housing at 6.0%, followed by retail at 2.2% and self-storage at 1.7%. Office returned 1.3%, apartments 1.1% and industrial 1.0%.

Implications for Investors

The announcement centers on financial-product distribution rather than a property-level transaction. Accordant is adding product breadth and relationship capacity as institutions return selectively to core real estate and pursue specialist strategies, including hyperscale data center development.

The recovery remains income-led. NFI-ODCE funds held $279.3 billion of gross real estate assets and $221.8 billion of net real estate assets across 25 funds in the first quarter, but the negative annual appreciation return indicates capital values had not fully recovered.

Accordant disclosed that investments in private real estate, including ODCEX and other Accordant-managed funds, involve risks including loss of principal, limited liquidity and valuation differences associated with private investments. Past performance is not indicative of future results. ODCEX is distributed by ALPS Distributors, Inc., which is not affiliated with Accordant.

Sources

• Accordant Investments, "Accordant Investments Expands Private Real Estate Platform as Asset Class Demand Rebounds": https://www.accordantinvestments.com/knowledge-center/accordant-investments-expands-private-real-estate-platform-as-asset-class-demand-rebounds