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North American Properties
The Williams family formed North American Properties in 1954 as North American Management and Development Company; W.J. Williams, Sr.
North American Properties
The Williams family formed North American Properties in 1954 as North American Management and Development Company; W.J. Williams, Sr. and his brother James R. Williams launched the firm, which later rebranded. Wealth originally came from Western & Southern Life Insurance (founded 1888), and the family later owned the Cincinnati Reds and co-founded the Cincinnati Bengals; the family retains an ownership stake in both teams as of 2025. NAP develops, manages, and invests in multifamily and student housing, mixed-use spaces, retail and grocery-anchored shopping centers, hotels, offices, and condominiums. The firm has offices in Cincinnati, Dallas, Ft. Myers, and Melbourne, Florida. Known deals include the Avalon mixed-use project in Atlanta and redeveloped Atlantic Station; the firm closed the sale of its Atlanta subsidiary to Jamestown in 2024. NAP also formed a partnership with Last Mile Investments in 2019, which had raised over $150 million in equity by 2022. Portfolio companies include Nehemiah Manufacturing (founded 2009), consumer brand platform eleeo, and Skyline Chili (acquired 2020). The firm employs roughly 58 professionals based on the executive team and staff listed (total count not publicly specified). In December 2020, the Williams family purchased Skyline Chili, a Cincinnati restaurant chain with over 130 locations (per the firm's history timeline). NAP invests its own capital first on every project, per the firm, and uses a decentralized structure where regional offices operate with autonomy under an executive team that provides central support. NAP's structural differentiator is its integration of real estate development, family wealth management, and operating businesses — including a consumer goods company, a manufacturer focused on second-chance hiring, and a professional sports team ownership stake — all within a single-family office that co-invests alongside institutional partners but always leads with its own equity.
General information
Firm type
Single Family Office
Year founded
1954
AUM
Undisclosed
Location
Region
North America
Country
United States
City
Cincinnati
Corporate office
212 E. Third Street, Suite 300, Cincinnati, OH 45202, United States
Additional offices
Dallas, TX · Ft. Myers, FL · Melbourne, FL
Principals
Tom Williams
Executive Team
Joe Williams
Executive Team
Dick Williams
President
Tony Hobson
Executive Team
Kevin Riley
Chief Operating Officer
Kim Jostworth
Executive Team
Dale Hafele
Managing Partner
Shawn McIntyre
Managing Partner
Mike Pacillio
Managing Partner
Sector focus
Frequently asked questions
Who runs investment decisions at North American Properties?
Dick Williams serves as President, with executive oversight from Tom Williams, Joe Williams, and a management team including COO Kevin Riley. Three managing partners — Dale Hafele, Shawn McIntyre, and Mike Pacillio — run regional offices in Ft. Myers, Space Coast/Melbourne, and Dallas, respectively, with authority over local deal flow (per the firm's website).
How does North American Properties source proprietary deal flow?
NAP sources deals through its regional offices in Cincinnati, Dallas, Ft. Myers, and Melbourne, Florida, which have long-standing relationships with developers, municipalities, and tenants. The firm also creates its own opportunities by redeveloping existing properties, such as the Atlantic Station redevelopment in Atlanta, and has acquired operating companies like Skyline Chili and Nehemiah Manufacturing directly (per the firm's history timeline).
Is North American Properties structured as a single family office or does it operate more like a real estate firm?
NAP operates as a single-family office with a strong real estate development and investment arm. The firm is wholly owned by the Williams family and houses executive support functions — accounting, tax, HR, IT — centrally in Cincinnati, while real estate offices and portfolio companies operate independently. The family office structure also manages the family's ownership stakes in the Cincinnati Reds and Cincinnati Bengals.
Does North American Properties participate in fund commitments or only direct deals?
NAP leads with its own capital on direct real estate projects, but also forms joint ventures and partnerships with institutional investors. For example, it partnered with Jamestown on the sale of its Atlanta assets, and formed Last Mile Investments in 2019 to acquire shopping centers — LMI raised two equity funds totaling over $150 million. The firm typically acts as a principal investor rather than a limited partner in third-party funds.
What investment stages does North American Properties typically target?
NAP targets the full lifecycle of real estate — ground-up development, acquisition, repositioning, and asset management. The firm has developed new multifamily communities, redeveloped large mixed-use projects like Avalon and Atlantic Station, and acquired stabilized retail centers. Its portfolio companies include early-stage brand platforms like eleeo and established chains like Skyline Chili.
Which sectors does North American Properties explicitly avoid?
NAP does not disclose explicit avoids, but its portfolio concentrates on real estate — multifamily, mixed-use, retail, office, student housing — with additional holdings in consumer brands and manufacturing. The firm does not appear to invest in technology startups, life sciences, or financial services outside of its core real estate and consumer operating companies.
Where does the underlying wealth come from?
The Williams family wealth originated from Western & Southern Life Insurance Company, founded in 1888 by William J. Williams and his brother C.F. Williams. The family later owned the Cincinnati Reds MLB team from 1966 to 1984 and again since 2006, and co-founded the Cincinnati Bengals NFL team in 1968 — holding an ownership stake to this day. Real estate development through NAP has been the primary investment vehicle since 1954 (per the firm's history).
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
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