Up until a few months ago, it appeared that multifamily had entered a golden age. Rents were rising, deals were closing and forecasters saw little difficulty in the medium term. To be sure, the asset class is still a strong one but with the rise in the cost of debt, the threat of a possible recession and asset pricing that has become muddled, some uncertainty has been injected into the landscape. For that reason, we give our kudos to the men, women, teams and companies that are navigating this environment. Careful judgments must be made about underwriting, forecasting the ability of tenants to pay higher rents and, for developers, the ongoing difficulties with labor and supply chains. We have little doubt that the recipients we selected for our annual multifamily influencers are up for the challenge.
CLAY ANDERSON Throughout his 16-year career as an investment and multifamily associate at Colliers, Clay Anderson has ranked as the company’s top producer in Idaho several times. He has transacted more than $2 billion in commercial real estate and his dedication to business development and client success earned him multiple Everest Awards from Colliers, which recognizes the company’s top 10% of brokers nationwide. Anderson frequently shares his knowledge on the multifamily sector and his insights regarding the future of the market as a speaker on panels for the Building Owners and Managers Association, ULI and Colliers. During the height of the pandemic, Anderson worked to communicate openly with his clients and he offered realistic and encouraging information to keep them on paths to success. Among his solid skillset is his ability to understand and adapt to an ever-changing market and help clients through a variety of market shifts, including pandemic shutdowns, rising interest rates and a possible recession. Throughout his tenure, Anderson has brought in many new business partners and interns whom he mentors within the field. He values working in the community and is actively involved as a coach and mentor, not only within commercial real estate but also in local youth sports.
MIKE BALLARD Mike Ballard has more than three decades of commercial real estate experience, during which he co-founded one of the first outsourced accounting firms focused solely on the multifamily sector, Ascent Multifamily Accounting. He created the firm in 2016 to help owners and operators streamline their operations and focus on their employees and due to Ballard’s leadership, Ascent Multifamily Accounting now serves more than 40,000 units across the US, which has earned it an Inc. 500 ranking two years in a row. At the firm, he is responsible for acquiring and retaining clients, managing client accounts, overseeing the financial and accounting teams, networking, moderating panels and working with the public relations team. At Ballard’s multifamily real estate investment and development firm Camino Verde Group, he prioritizes affordable housing, mentors new multifamily syndicators, handles the firm’s acquisitions, raises capital, pitches projects to investors, and forms joint ventures. Within the past year, Ballard has led Camino Verde Group through the ongoing development of more than $300 million of multifamily and mixed-use real estate. Having dedicated a large portion of his career to bringing affordable housing options to Southern Nevada, he remains among the most prolific local affordable housing developers in the area. In addition, Ballard was a founding member of the board of the Lied Institute for Real Estate Studies at the University of Nevada, Las Vegas, and helped with the formation of the local NAIOP and Construction Financial Management Association chapters.
ADRIAN BERGER Prior to joining Cypress Equity Investments in 2015, Adrian Berger grew a successful real estate brokerage and consulting business in New York, which focused on investment sales and retail leasing. Since joining CEI, Berger has sourced and closed on more than $350 million of multifamily land sites in Los Angeles, which will result in more than 1,800 units and $1.3 billion of total capitalization. As managing director of acquisitions, Berger spearheads CEI’s national acquisitions strategy and is responsible for sourcing and analyzing new land development and existing investment opportunities across the US, as well as fostering and growing the firm’s network of equity partners, lenders and brokers. In early 2021, Berger was vital to the formation of a new joint-venture partnership with Winter Properties, a related company of Standard Industries, which will fuel CEI’s next phase of growth. Since the partnership’s formation, CEI has opened three new regional offices in Denver, Dallas and South Florida, and Berger now oversees the new acquisition teams, which have completed more than 15 land acquisitions that are expected to generate more than 7,000 units with a total capitalization in excess of $1.75 billion. Proudly involved in the Alameda Point Master Plan development in Alameda, CA, Berger successfully raised the LP capital for the project’s 200-unit development, which represents the city’s first new construction apartment building in 40 years and has helped to transform the former Alameda Air Naval Station into a new waterfront district on the edge of the San Francisco Bay.
ANN CARUANA Earlier this year, Ann Caruana was promoted to president and chief investment officer at Preservation Equity Fund Advisors after serving as the firm’s SVP of acquisitions. With more than 19 years of commercial real estate experience, Caruana holds a diverse background in multifamily investments, including acquisitions, market research and value-add repositioning opportunities. In her current role, she leads PEF Advisors’ efforts to preserve affordable multifamily communities across the US and she oversees acquisitions, investor relations, asset management, operations and market research. PEF Advisors is a private equity vehicle through a series of closed-ended funds that Caruana has helped build during the past four years under the larger parent company, WNC. After helping close out its original $25 million prototype fund in 2019, Caruana helped launch and successfully close its second $100 million fund in 2022. She has built a proprietary data analytics platform to strategically identify target markets that best serve the fund’s strategy and provide attractive risk-adjusted economic returns to investors, and she has contributed significantly to the growth and success of the fund series through her involvement in each fund activity. Caruana has closed more than half a billion dollars in acquisitions targeting the preservation of affordable housing throughout her career. She is an active industry participant through memberships in the ULI women’s leadership initiative and NMHC’s emerging leaders committee.
CINDY CHETTI Cindy Chetti knows that legislation can take months or even years to move, but when it finally does, it can move rapidly and that means risk for the industry that is often viewed by lawmakers as a potential source of revenue. This is why Chetti and her team are diligent in ensuring NMHC and its members are aware of where legislation and rulemaking processes stand and advocating for the industry’s perspective. As SVP of government affairs for NMHC, Chetti leads a team of lobbyists and advocacy professionals who are responsible for dealing with disparate, complex issues. When important legislation or regulatory decisions are being considered, Chetti and her team serve as a constant presence in the offices and networks of the key officials that are positioned to impact such lawmaking. Having joined the council after more than 20 years on Capitol Hill where she served in a number of staff positions for members of Congress and key committee roles, Chetti holds more than 30 years of industry experience. She has led the council’s government affairs and advocacy team for more than a decade, representing NMHC and its members before Congress, agency leaders and the presidential administrations of both parties. Under her stewardship, NMHC is actively involved in forming national housing policy and shaping the legislation and regulations that affect the industry. Chetti’s team concentrates NMHC’s public policy efforts on issues relating to housing policy, finance, tax, technology, property management, environmental issues, rental assistance, labor and employment and building codes, among other issues. Chetti is frequently cited in industry media as a public affairs expert and she spends significant time and effort briefing industry executives on the legislative and regulatory state of play.
MITCH CLARFIELD Nearly four decades ago, Mitch Clarfield was a member of a team that helped develop the first commercial/multifamily securitization rating model for Standard & Poor’s. Since then, Clarfield has become one of the most prolific originators in the industry. Vice chairman of Newmark’s multifamily capital markets debt and structured finance group, Clarfield established the Santa Monica office of Newmark’s predecessor firm in 2001 and has since grown it to more than 17 employees with average annual debt originations of more than $1.8 billion. Historically, the team’s production has weighed heavily toward Fannie Mae and Freddie Mac, however, as the lending landscape shifted in 2021, Clarfield led the team to pivot, which resulted in the team financing almost $900 million in multifamily debt with alternative capital market executions. Clarfield also spearheaded and currently manages Newmark’s analyst training program, which has expanded to a company-wide program that aims to mine top young talent and provide multifamily lending knowledge through comprehensive training in order to position professionals for industry growth. Clarfield is an executive committee member for the Zell/Lurie Real Estate Center at the Wharton School, University of Pennsylvania; a policy advisory board member for the Fisher Center for Real Estate at the Haas School of Business, UC Berkeley; a sustaining member of the UCLA Ziman Center for Real Estate; and a former president of the LA Real Estate and Construction Industries council, which supports the City of Hope. He also actively supports a multitude of charitable organizations.
CINDY COOKE As senior EVP at Colliers, Cindy Cooke leads the top-producing Cooke team, one of the firm’s largest multifamily teams, which has transacted more than $16 billion in sales. Cooke and her national team assist both sellers and buyers across multiple markets, serving asset types including luxury, core, value-add, high-rise, new development, student housing, workforce housing and land. With more than 40 years of experience, Cooke’s multifamily expertise spans large portfolio sales, conventional and affordable assets, new development, construction, property assemblage, and debt/equity placements. Described as a dedicated mentor and an accomplished expert in institutional multifamily investment sales, she is involved in every aspect of transactions and guides clients through each step, from asset evaluation to marketing to buyer qualification and negotiations, due diligence, financing and closing. During the challenges of the pandemic, Cooke forged ahead and led her team to pivot to meet newly heightened demands. The group dove into the analysis of each property’s demographics to provide the buyer and seller with tenant insights so they could mitigate issues early. With a knack for remaining ahead of the curve, Cooke ensured that her team offered virtual site tours before the pandemic struck. Her experience at Colliers has provided her with national and international exposure. From global conferences in Shanghai, to daily interactions with more than 150 Arizona brokers and staff while previously serving as interim manager and designated broker for Colliers in Arizona, Cooke helped lead Arizona to become one of the top Colliers markets worldwide.
SETH B. COSTON At the height of the pandemic, Seth Coston focused on stabilizing Time Equities Inc.’s various residential businesses, which included minimizing vacancies in the challenging New York City rental market in spring 2020 and then capitalizing on the extremely strong market that developed in 2021. During this time, Coston constantly sought out new ways to enhance the value of the rental portfolio and several condo and co-op properties, which led to the installation of a virtual doorman system and upgraded amenity spaces and common areas at many properties. As director of residential asset management at TEI, Coston oversees much of the firm’s NYC metro-area residential business, including a portfolio of 14 rental properties and 600 unsold condo and co-op units in the firm’s constructed or converted properties. Coston also oversees a management group that opens buildings and operates high-end properties and he directly supervises TEI’s apartment rental business. He has expanded amenity programming in creative ways by adopting new technologies, battling global warming and helping steer the company’s portfolio through the pandemic. For example, at a 187-unit property in New York City, Coston helped design and activate an amenity package with creative programming, such as art openings with prominent artists and curators, dining experiences and dance classes for toddlers. He has also worked to integrate new amenity spaces into TEI’s older buildings by converting courtyards into recreation spaces, adding smaller fitness spaces and lounges, and repurposing lobbies for co-working spaces. He has added and upgraded building management systems for appropriate properties, upgraded life safety systems and alarms, and adopted digital lease signing prior to it becoming the standard amid the pandemic. Coston has also worked closely with the firm’s sustainability department to deploy electric car charging stations and achieve LEED status at properties.
ROGER DANIEL Roger Daniel founded DMG in 2013 and has since grown it into an entrepreneurial, boutique property management company with a staff of 50 professionals that manage 1,500 units across 40 properties. As an early adopter of technology and a champion of sustainability efforts at DMG’s properties, Daniel works closely with clients to modernize their property management approach. He understands the value of outdoor living spaces to make residents feel at home. Recently, Daniel oversaw a $13 million renovation and rebranding of the 480-unit Whitnall Park Apartments in Franklin, WI, which serves 1,000 residents and now offers a pool, clubhouse, playground, grilling stations and a park entrance. During the past three years, Daniel has expanded DMG with the founding of DMG Leasing and DMG Capital. DMG Leasing was developed to help DMG clients either maintain or increase occupancy at existing properties or new developments, and DMG Capital is a real estate investment firm focused on creating value in the multifamily space. DMG Capital completed its first acquisition in October 2021 with the $12 million joint-venture purchase of a three-property multifamily portfolio in the Chicago suburbs, which will be marketed by DMG Leasing and professionally managed by DMG. Daniel serves as a member of the Chicagoland Apartment Association, a board member of Edgewater Uptown Builders Association and a member of the Chicago Association of Realtors.
JOHN C.L. DARBY John Darby has been with the Beach Co. for more than three decades; 23 years of which he has spent as the firm’s CEO. Under Darby’s lead, the Beach Co. has become an industry leader in the Southeastern US through successful developments, construction projects, acquisitions, sales and management of commercial properties. Darby has expanded the multi-generational company’s portfolio with new high-quality commercial property options across the region and has expanded its staff to more than 350 employees. He launched the firm’s construction company, Gulf Stream Construction; its property management company, Beach Management; and the company’s first-ever investment fund, Beach Real Estate Funds, which has contributed significantly to the company’s operational expansion and helped diversify its income stream through new investments and acquisitions. Under Darby’s leadership, the company successfully challenged Charleston’s board of architectural review after several denials of the firm’s redevelopment plans, which paved the way for an overhaul of the city’s 1930s zoning ordinances. Sustainability is another important cause for Darby and is a key component of the Beach Co.’s Kiawah River development, which is home to Charleston’s only agrihood that fosters farm-to-table living in a cooperative environment. As a steward of the Charleston community, both from an economic and philanthropic standpoint, Darby supports local hospitals, museums, schools, parks and more.
KERRI DAVIS Kerri Davis learned from her young parents firsthand the importance of hard work and determination, which helped her weather a multitude of difficult and uncertain times that have shaped her into a leader. While in law school, Davis contracted as an officer in the military, but due to a significant injury, she was unable to complete training and was released from her contract. Determined to serve her country despite this setback, Davis spent 11 months in Baghdad as a civilian contractor, where she managed human resources and payroll for 900 in-country expats. Now, as CEO of property management software firm Fortress, Davis leads the company to success and has helped double its annual revenues. With a background in accounting and law, Davis is heavily involved in the company’s financial and investment structure in addition to negotiating deals with business partners and investors. In the past 12 months, she has secured several new partnerships and contracts, including a multimillion-dollar investment from Walker & Dunlop. With this investment, Davis grew the company from 10 employees to 45 professionals in just 90 days and she added more services to the software. Previously, while at third-party property management company Elmington Property Management, where she still serves as an partner and owner today, Davis developed the firm’s first formal corporate social responsibility platform, Elmington Elevates, a 501c3. Each year the nonprofit organization gives more than $100,000 back to its communities.
BRENNEN DEGNER Less than a year after graduating from the University of Arizona, Brennen Degner was working for MJW Investments in Santa Monica when changes to the firm’s corporate structure thrust him into the role of director of asset management, where he oversaw a diversified portfolio of assets valued at nearly $1 billion. Although he knew he wasn’t prepared for the role, he refused to allow his lack of experience to hinder him, and he successfully coordinated the growth of the company’s existing portfolio, which increased the company earnings and led to him being promoted to COO. Degner’s early success provided him with the confidence to strike out on his own, and in 2018, he and partner Devin Antin co-founded DB Capital Management, a vertically-integrated real estate investment group with more than $500 million in assets under management based in Playa Vista, CA. DB Capital Management focuses on owning and operating multifamily property in strategically targeted submarkets across the US. As CEO, Degner is responsible for the strategic growth and operations of the firm. He oversees acquisitions, asset management and the back office teams, while running point on fundraising and general relationships with the company’s investment partners. In 2021, the company closed more than $200 million in acquisitions. Proving even more impressive, in the first half of 2022, the company acquired $200 million in assets, which added 1,000 units to the firm’s portfolio with the purchase of two properties in Denver and two properties in San Antonio.
MAT DOUGHERTY Mat Dougherty joined McShane Construction Co. in 2000 as a project engineer after graduating from Marquette University with a Bachelor of Science in Civil Engineering. Since then, he has become an expert in a variety of multifamily product types, including market rate, affordable, supportive, student and senior housing. Today, as president of McShane Construction Co., Dougherty oversees national construction activities and is responsible for identifying new business expansion opportunities and providing ongoing strategic planning to support growth within specific product types and geographic locales. He developed an innovative design-build MEP/FP approach for multifamily projects, which the firm has used on more than 20,000 residential units. Dougherty works directly with subcontractors who employ in-house teams that design mechanical systems specifically for apartment residences, resulting in the most efficient design and construction process. Under Dougherty’s leadership, McShane Construction Co. ranks as NMHC’s fifth largest multifamily builder in the nation and it was also named the 2020 multifamily builder of the year by the National Association of Home Builders. As a leader and mentor, Dougherty strives to provide young engineers with the tools and experience they need to succeed in the construction industry. He serves as an officer on the board of directors and on both the development and executive committees for All Chicago, a nonprofit organization that works to prevent and end homelessness in Chicago. Dougherty is also a member of the American Society of Civil Engineers, Associated General Contractors of America, Chicagoland Associated General Contractors, Hispanic American Construction Industry Association and US Green Building Council.
TERRANCE DOYLE Terrance Doyle attributes his family as his motivation and credits them with his humility. The son of immigrant parents, Doyle came from humble beginnings. He grew up in Iowa and Columbia and began buying and selling single-family homes in 2009. Five years later, he founded VareCo, short for Value Add Real Estate Co., and he worked to establish the firm as a multifamily real estate leader across Colorado and Iowa. As managing partner of VareCo, Doyle has directed the growth of the firm’s portfolio through more than 1,000 real estate transactions. Responsible for VareCo’s investor relations, acquisitions and the construction segment, Doyle has led the firm’s growth to $250 million in assets under management today, totaling more than 1,300 apartments. Doyle has steered the firm toward workforce multifamily housing, with the belief that it addresses a need in the market and maximizes value for investors. He built an integrated construction management team for VareCo that allows it to improve operations, control costs and drive value creation. The firm has also developed an in-house property management team, LivLavender, to ensure a positive tenant experience and efficient renovation and management processes. Doyle routinely makes appearances on numerous real estate and business podcasts to assist and deliver value to other investors and aspiring investors. He also has an audience of more than 15,000 followers on Instagram, where he shares his insights under the moniker of the “Value-Add Dad.”
DWIGHT DUNTON Dwight Dunton founded Bonaventure in 1999 with the goal of forming a multifamily real estate company focused on its employees, residents, vendors, partners and investors. Today, Bonaventure has grown to become an integrated alternative asset management firm and one of the nation’s largest developers of rental housing properties. The company’s 400 employees continue to operate with the core values that Dunton outlined when he launched the company: growth, attitude, impact, collaboration, accountability and reputation. Dunton employs a unique approach to problem-solving and has a tenacity toward accomplishing goals, no matter how difficult. His approach to building a high-performing, vertically-integrated multifamily development, investment and management platform has resulted in Bonaventure managing more than $1.5 billion in assets. The firm also currently manages more than 6,000 apartment units across 31 communities primarily in the Mid-Atlantic and Southeastern regions, and it is poised for continued growth with a strong development and acquisition pipeline. As CEO, Dunton oversees the strategic direction and culture of the enterprise, he helps the team identify problems that others may not be able to foresee and he works alongside everyone to find a solution. In addition, Dunton is CEO of Bonaventure’s private non-traded REIT, which launched in September 2021. Dunton is notably proud of two standout development projects, including the sale of Arbordale, which was built and leased during the pandemic, and breaking ground on Attain at Spotsylvania Towne Centre in partnership with Cafaro in Fredericksburg, VA.
BRIAN EISENDRATH For the past 15 years, Brian Eisendrath has been an industry-leading originator with an extensive track record in agency and non-agency financing. Eisendrath is executive managing director of Institutional Property Advisors, a division of Marcus & Millichap. Since 2005, he and his team have closed more than 1,000 multifamily financing transactions valued at more than $35 billion, and during the past three years, Eisendrath originated more than $8 billion in agency debt alone. He has extensive experience in development, banking and capital markets services, as well as long-term relationships with owners, lenders and equity providers, all of which have helped him become a top originator in the country. He also holds deeply rooted relationships within Freddie Mac and Fannie Mae, along with an extensive roster of bridge lenders, life insurance companies, banks and joint-venture equity providers. Exemplifying Eisendrath’s ability to complete large and complex deals in some of the most competitive markets in the country is the $191 million refinance of the Terracina Apartment Homes multifamily property in Ontario, CA. The asset consists of 46 buildings, comprising 736 units, which Eisendrath and his team refinanced with a four-year, full-term interest loan with a loan-to-cost ratio of 55%. Outside of IPA, Eisendrath is a leader in the real estate division of the Young Presidents’ Organization, he sits on a multifamily council committee for ULI and he is active with NMHC.
JEFF ELOWE After co-founding Elkor Realty Corp. and Elkor Properties in 1989, Jeff Elowe founded the Laramar Group in 2001 and he has since been instrumental in expanding the company across the US. A national vertically-integrated investment and management corporation with corporate offices in Chicago and Denver, Laramar has a presence in more than 20 markets. As CEO, Elowe oversees an institutional real estate portfolio valued at more than $2.7 billion, with a track record of owning and managing 100,000 units. Under Elowe’s direction, Laramar has built strong partnerships with institutional investors, family offices and high-net-worth individuals to invest in multifamily and mixed-use properties across 33 states. Elowe is also a principal in the Laramar Multi-Family Value Fund series, as well as a principal in the Urban Neighborhood Funds, and a managing partner in the Lakeside Workforce Housing series of funds, an affordable housing fund series that invests in former LIHTC rental housing. In addition, Elowe serves as chairman of Laramar’s investment committee and is responsible for the company’s overall strategic planning, investments, asset management and investor relations. He led the company to implement its ESG strategic plan with the expansion of social programs and he increased investment in corporate culture. Elowe’s entrepreneurial spirit extends beyond business investment to philanthropic investment in the community. An organization that has been close to Elowe’s heart for many years is the North Lawndale College Prep High School, located on Chicago’s West side, which was established to empower students and provide them with the tools necessary to earn a college degree.
SCOTT EVERETT At 19 years old, with a newborn baby to care for, Scott Everett knew he needed a career beyond waiting tables so he started flipping single-family houses, and in 2008, he formed Royal Ventures LLC to pursue distressed commercial real estate deals and provide land/brokerage services to local investors. Years of effort and dozens of failed deals taught Everett about the industry and helped him to become a successful entrepreneur. In 2012, Everett founded S2 Capital to acquire value-add multifamily real estate. Today, as CEO of S2 Capital, he oversees investments and executive strategy. During the past decade, the firm has transacted on $10 billion of real estate across 135 acquisitions totaling 46,000 units. By investing in older properties that need renovation and upgrading amenities and property management, Everett’s companies offer stable, attractive dwellings for a growing workforce while also providing returns to investors. Everett invested in a customized data analytics platform that allows S2 Capital to track its entire portfolio in real-time, with detailed information on property-level business plan key performance indicators, cash flow and debt maturities. He has also been instrumental in establishing the company’s ESG model, which prioritizes empowering the local Dallas community through support from the S2 Foundation. In addition, Everett contributes significant time and resources to local charities.
YEWANDE FAPOHUNDA As SVP, Yewande Fapohunda is responsible for sourcing, shaping, capitalizing and executing new multifamily development opportunities throughout the Houston area under Trammell Crow Co.’s High Street Residential brand. She brought more than a decade of multifamily experience when she joined HSR’s Houston team to lead its residential business line and she has made a substantial impact on the business during the three years with the firm. In her current role, Fapohunda has built a multi-year development pipeline despite pandemic disruptions by bringing projects over the finish line, starting construction and teeing up new developments. Currently, she is involved in the development of Parkside Residences at Discovery Green, a 43-story residential high-rise in downtown Houston that will deliver 309 luxury apartments. She also is working on a garden-style community in Harris County that will deliver 240 apartments and 49 townhomes in late 2023. Fapohunda holds extensive experience in multifamily development and operations, having worked previously with AvalonBay Communities and Greystar Real Estate Partners in submarkets spanning various US regions. She is skilled in site selection, due diligence, financial analysis and project feasibility, governmental entitlements, design and management of development teams. Fapohunda also has prior capital markets experience with Goldman Sachs in New York. In addition to her day-to-day development work, Fapohunda is an active speaker at industry events, where she imparts her industry knowledge to her peers in effort to make Houston an even more desirable city in which to live. She supports company leadership, peers and new recruits by advancing diversity, equity and inclusion both at TCC and within the industry.
JOHN FORESI John Foresi has created a company culture that prioritizes the resident experience through unique offerings and consistent delivery of personalized service. As CEO of Venterra Realty with 22 years of industry experience, Foresi is responsible for the overall management and growth of the company. In addition to his broader responsibilities, Foresi spends a considerable amount of time focusing on developing Venterra’s macro-economic views, ensuring a direct alignment between these views and Venterra’s investment transactions, while maintaining a company culture that attracts and maintains the most talented individuals in the industry. Among the unique experiences that the firm offers is WOW Matters, a program that allows employees to create surprise moments for both residents and colleagues. In addition, the firm does not charge application fees or collect deposits until approved, and renters receive a discount for enrolling in auto payments. If the air conditioning goes out overnight at a Venterra property, renters receive a hotel stay, and if the refrigerator goes out, renters are reimbursed for their food. The firm offered payment plans for those financially recovering from the pandemic and waived pet deposits for renters while encouraging pet adoption during National Pet Month. Under Foresi’s leadership, the firm has collected many awards related to being a top workplace, and Foresi has been recognized as a top CEO.
BRENDA GAMMIE One of Brenda Gammie’s favorite parts of her job is leading her teams with a positive mindset and seeing team members advance in their careers. Gammie, who is EVP of Avanti Residential, holds 22 years of multifamily experience, including leasing and property management, running operations, business development and managing teams. During her time with Avanti Residential, she has brought in keynote speakers, implemented health and wellness challenges, employee appreciation programs and more, all for the benefit of her teams. She has also implemented technological advances and tools, including an integrated ERP system, to make tasks and projects more efficient and as a result her team more effective. In her current role, Gammie oversees all operations of the company, including human resources, marketing, training, revenue management and construction management services. She leads the property management division with 37 properties and 9,000 units with 200 onsite personnel under her responsibility. As one of the first hires to Avanti Residential’s management division when it was created in 2018, Gammie has developed the management arm from scratch, while simultaneously leading the in-house transition of 27 properties and 5,100 units. The company has acquired an additional 3,000 units under her leadership. Gammie also partners with the Resident Relief Foundation, which assists responsible residents with rent during difficult times to avoid eviction when unexpected financial emergencies arise.
RICK B. GOLDBERG Rick Goldberg believes smart buildings are the future of the multifamily industry and crucial for sustainability. Throughout his 29-year career, Goldberg has led several progressive companies to become early adopters of an eco-friendly business model focused on sustainability. With a passion to drive green initiatives, Goldberg has spoken with Los Angeles County representatives during forums regarding Los Angeles waste and recycling initiatives, and with an emphasis on implementing sustainable practices, he recently joined Arize, a smart apartment technology company dedicated to providing services and technology to support the growth and successful implementation of ESG solutions. As VP of sales at the company, he manages and leads the sales team to maximize their industry and product knowledge and increase their sales potential. Within his role, Goldberg works to identify the best products and services in the multifamily smart technology sector by collaborating with multiple Arize departments. He notably co-developed PopCard, a proprietary CRM software that tracks rental advertising and employee performance. The patented software was acquired by Yardi Systems. In addition, along with his team at For Rent, Goldberg created and launched the Los Angeles Corporate Housing Directory, Los Angeles College Housing Guide, and earlier in his career, Apartamentos De Renta. These publications serve as resources for Los Angeles owners, operators and residents in the college and corporate housing markets. As a leader in the California market, Goldberg has been awarded the Industry Partner of the Year award from the South Coast Apartment Association, Fair Housing Council of Orange County and the IREM. Outside of work, Goldberg volunteers at a collection of senior housing communities throughout Southern California.
RICK GRAF Rick Graf approaches business as a builder, following in the footsteps of his father and grandfather, who were physical builders in the development industry. Graf, however, builds business and relationships. He takes a client- and people-centric approach to business, with the belief that when you take care of people, assets and economics will take care of themselves. As president of multifamily asset services at Cushman & Wakefield, Graf provides strategic oversight for the vision and long-term growth of the firm’s multifamily asset services platform, while managing a spectrum of assets for major institutional clients across multiple states. In 2021, Graf served as the chairman of the NAA, during which time he navigated the uncertainty of COVID-19’s impacts on the industry, including mixed enforcement of lockdowns and limitations on large gatherings. He guided the organization through planning and executing the annual Apartmentalize event in Chicago in August 2021, which was the organization’s first official event since 2019. During his nearly 50 years in the industry, Graf has been active with NMHC, ULI, IREM and the NAA. He is a former president of the Texas Apartment Association and the Apartment Association of Greater Dallas, and he has also shared his knowledge as a former professor of real estate in the Dallas County Community College District. Graf’s philanthropic spirit led to the formation of CushWake Community, a group that has raised hundreds of thousands of dollars for community impact organizations. CushWake Community encourages staff to become more involved in their communities and to work closely with residents in need to guide them to resources.
ERIK S. HAGEVIK Erik Hagevik is an expert in the Colorado multifamily market, having spent more than two decades in the sector while working for Fairfield Residential, Holland Partner Group and most recently, High Street Residential/Trammell Crow Co. Hagevik is well-versed in the broad inventory of projects across metro Denver, which has grown exponentially during the past 10 years. His strengths include financial modeling and forecasting, construction features and benefits, and technology applications for new construction to enhance a project’s leasing success and overall value. During his 21-year career, he has built or renovated more than 18,000 units. In his current role as principal at High Street Residential, Hagevik is responsible for overseeing the management, mentoring and training of younger staff members, as well as sourcing and executing potential new development opportunities. Prior to joining the firm in 2019, Hagevik was instrumental in developing iconic luxury apartment projects surrounding Denver’s Union Station development, including the 287-unit Platform at Union Station and the 580-unit Union Denver. More recent successful Denver developments for Hagevik include the acquisition and construction of 301 units in the Central Park Station residential community, 353 units at Milehouse at Belleview Station, and 325 units at Den at Belleview Station. Hagevik has a deep background in community involvement and contribution. He has held leadership roles with the Downtown Denver Partnership, ULI Colorado, NAIOP Colorado and the Apartment Association of Metro Denver.
TYLER HAGUE Tyler Hague and his partner, Will Mathews, built their business and platform from scratch; embracing an enterprising spirit fostered at Colliers. As SVP of Colliers’ Midwest multifamily advisory, Hague specializes in the disposition of multifamily investment properties throughout Chicago and secondary Midwestern markets. Institutional, corporate and private owners rely on his expertise to originate, underwrite, structure and execute commercial investment sales and capital markets transactions. He brings experience in the initiation and management of acquisition and disposition programs for all commercial property types, however, he is particularly known for his expertise in multifamily investment sales, urban land development and adaptive reuse redevelopment throughout the Chicago Metro area and the greater Midwest. During his 10-year career in the multifamily sector, Hague has underwritten and analyzed more than $10 billion in potential acquisition or disposition properties, consisting of more than 60,000 apartment units and more than 12 million square feet. He holds multiple sales records for class A luxury properties, including the notable disposition of the 996-unit Riverbend Apartments in Indianapolis, which achieved the highest ever multifamily sales price in the state of Indiana at the time. As a LEED accredited professional and an expert in green building technologies and information, Hague aims to lead the industry toward a more sustainable future. He provides thought-leadership within the sector and takes on leadership roles through industry organizations, such as NMHC and ULI.
CHASE HARRINGTON Chase Harrington has been instrumental in building the technology platform Entrata into a company that provides world-class property management software and a wide array of solutions to help operators operate, market and lease rental housing. Within his role as president of the company, Harrington serves as an ambassador to all of Entrata’s VIPs and he commands the product strategies of Entrata’s suite of more than 30 products. Under the guidance of Harrington’s customer-first approach, Entrata relies heavily on client feedback for the development and improvement of its various technologies. Harrington remains up-to-date on the needs of the multifamily industry and the issues it faces by immersing himself into the challenges and successes of Entrata’s clients. Due to his leadership, Entrata now serves more than three million apartment units across the US, while also recently entering Canada, Mexico and Europe. Last year, he helped Entrata secure $507 million in venture funding, which was the first institutional investment in Entrata and the largest private investment round in Utah history. Fueled by the investment, Entrata has invested heavily in personnel during the past year by hiring hundreds of new employees. The firm now employs a workforce of more than 2,300 employees and it brings in more than $200 million in annual recurring revenue. The company is on track to more than double its research and development spend as it aims to globalize its exclusive single-login, open-access property management platform. Harrington is a regular speaker at conferences hosted by the NAA and NMHC, as well as the annual Entrata Summit.
JOSH HARTMANN In 2012, Josh Hartmann was the first employee of NexMetro Communities, a pioneer in the single-family build-to-rent segment. He has since taken the hybrid rental home concept from NexMetro’s first neighborhood to more than 44 communities across the nation. Hartmann is now CEO of the company, where he leads a diverse team of executive leaders whose expertise in business, real estate and finance span both the multifamily and single-family sectors and he is responsible for the development and implementation of both short- and long-term business strategies to ensure NexMetro’s strategy, growth, profitability, effectiveness and sustainability. Hartmann is highly engaged in major corporate decisions, he manages the overall operations and resources of the company, acts as the main point of communication with the board of directors and corporate operations, and shares his vision with private equity investors. He brings more than 25 years of real estate management and development experience to his role and he uses his background to create innovative home solutions in the country’s hottest housing markets. During Hartmann’s three and a half years as CEO, the company surpassed $2 billion in completed projects and the development of more than 7,500 single-family detached homes, representing more than 43 projects completed or under construction nationally. Hartmann has also led the company’s growth into major metropolitan markets across Arizona, Colorado, Texas, Florida and Georgia. His leadership most recently guided a multifamily pilot program with the AZ Housing Fund to benefit Arizonans in need of housing support and solutions. Prior to joining NexMetro, Hartmann oversaw land operations for the Phoenix division of PulteGroup Inc., where he managed $2.4 billion of capitalized assets and more than $100 million in annual cash flow for acquisition and development of land assets.
GERALDINE HAYHURST Geraldine Hayhurst, general counsel at NewPoint Real Estate Capital, has been a key player in many significant multifamily developments. While at Freddie Mac, she was an integral team member in the group that created the K-Deal Program and she substantially contributed to the securitization structure that revolutionized the agency’s multifamily business by moving Freddie Mac from a portfolio lender to one that transfers risks to third-party inventors. Hayhurst also played a leadership role in the industry’s replacement of LIBOR with SOFR by leading the legal work-stream that provided key advice to management on the transition and serving instrumental in bringing Freddie Mac’s SOFR-based transactions to close. Hayhurst has similarly impacted NewPoint Real Estate Capital, where she has been involved with developing the firm’s proprietary lending platform, including its successful balance sheet bridge loan program. As general counsel, Hayhurst is responsible for all legal matters that affect NewPoint and she is also a member of the firm’s executive committee, where she provides expert and strategic legal advice to management and supporting deal teams. Hayhurst plays a key role in all strategic initiatives, acquisitions and partnerships, including the late-2021 acquisition of HHC Finance’s multifamily and healthcare originations business, as well as its loan servicing portfolio. In addition, Hayhurst is a member of Real Estate Network Empowering Women, a 501(c)(3) nonprofit organization that aims to further the professional development of women in commercial real estate finance, and MBA Promoting Opportunities for Women to Extend their Reach (mPower), a platform for women in the real estate finance industry focused on professional growth and the exchange of ideas.
SHAWN HENRY Having been involved in the institutional SFR field since it began 10 years ago, Shawn Henry is now paving the way for others by developing best practices that will intentionally expand and support the developing sector as it becomes an institutional asset class. Selected as the first expert to lead Colliers’ SFR team, Henry created the firm’s US SFR team and he is now in the process of executing a sound corporate structure that will facilitate its engagement with internal and external clients, including growing the team’s equity sales strategy and debt advisory strategy, and implementing best-practices models for closing assistance and post-sale/financing assistance. Based in Boise, ID, Henry focuses on debt and equity transactions and dispositions across the country. As managing director and head of SFR for US capital markets at Colliers, he brings more than two decades of experience to his role. At GMAC Commercial Mortgage/Capmark, Henry led loan syndication efforts from $200 million per year in loan sales in 2002 to more than $2 billion a year in 2007. He also oversaw the liquidation of distressed loans from 2008 to 2012—selling more than $4 billion in assets. Prior to his current role, Henry owned and operated Green Tree Asset Advisory, an SFR real estate advisory as well as equity and debt consultancy, where he established a sales platform/pipeline that engaged, monitored, coordinated and executed individual home sales.
NICHOLAS J. ISELIN A licensed architect, Nicholas Iselin’s architecture experience has informed his development work with a thoughtful eye and a long-term outlook. As executive general manager for development in Lendlease’s Boston office, Iselin oversees the execution and delivery of the firm’s Boston development projects. He is also responsible for pursuing and identifying urban regeneration projects throughout New England. During his time with Lendlease, Iselin has helmed the development of Clippership Wharf, a mixed-use condominium and apartment master-plan development on Boston Harbor in East Boston. The four-building, 478-residence project transformed a seven-acre, fenced-in site that had lain fallow for more than 30 years. Acknowledging East Boston’s vulnerability to sea level rise, Clippership Wharf features an array of resiliency measures that benefit both residents and the neighborhood, all of which were coordinated under Iselin’s leadership. Iselin has a forward-looking view of community needs, which is why Clippership Wharf enabled the construction of 22 new affordable rental housing units and 30 mixed-income condominiums at Boston Housing Authority’s neighboring Heritage Apartments public housing community. Not only were the existing units in need of modern updates, but they had also blocked the neighborhood’s waterfront views. The redevelopment will allow for the waterfront and skyline views to be visible by Clippership Wharf owners and renters, as well as residents of the neighboring mixed-income housing. Under Iselin’s leadership, Clippership Wharf has received the EBC Climate Change Project of the Year award, The Waterfront Center Excellence on the Waterfront awards, Honor Project and was a Boston Harbor Now Annual OnBoard Awards & Celebration honoree.
DANIEL KODSI In his role as CEO and managing partner at Participant Capital, Daniel Kodsi designs innovative, master-planned projects that include public amenities such as stores, restaurants, houses of worship, green spaces and other features, while also creating jobs and increasing business activity. His firm is responsible for constructing major mixed-use and multifamily developments, including Paramount Miami Worldcenter and Legacy Hotel & Residences, both signature properties in Miami Worldcenter, the nation’s second-largest urban master-planned development. Kodsi created the first Blue Zones Center in Miami. In partnership with Adventist Health/Blue Zones, RPC’s Legacy Hotel & Residence will deliver modern medicine, holistic healing and sophisticated artificial intelligence and technology for members, guests, visitors and residents. The luxury one-million-square-foot development will include 310 residences and 219 hotel rooms. Beyond wellness, Kodsi is dedicated to employing innovative ways to transform not only skylines but the way people live and work. At the RPC’s ParamountT Miami Worldcenter, the rooftop was designed so it can be retrofitted to accommodate vertical take-off and landing vehicles that someday will allow residents to commute by flight as easily as they travel by car. RPC’s properties also include robotic parking solutions and the latest techniques for sea level mitigation. Kodsi has created thousands of jobs in the Miami Worldcenter and intends to add thousands more as his hotel, medical center, restaurants and other facilities begin operations. Kodsi founded Participant Capital in 2011 as the capital-raising arm of Royal Palm Cos., his family’s real estate development firm. Registered as an RIA in 2019, Participant Capital has enjoyed significant growth while navigating pandemic-related shutdowns and ongoing market volatility. Between 2020 and 2021, the firm doubled its assets under management to more than $200 million.
WESLEY A. LARSON Wesley Larson left his hometown of Bremerton, WA after he graduated from high school in search of new experiences in New York City, Tokyo and Vienna. As an attorney, he accumulated 25 years of experience in international banking, real estate acquisition, investment and development, however, a vision for revitalizing the former WWII boom town where he grew up—and which had dwindled from 80,000 to 40,000 residents with an abandoned downtown core—brought him home to Bremerton. Larson bought an old Ford dealership and Sears department store and transformed them through adaptive reuse into 27 loft-style apartments with retail space. He assisted local retirees to fulfill their dream of opening a restaurant in the retail space underneath the repurposed apartments. He restored a movie theater where Frank Sinatra and Bing Crosby used to play and advocated for a fast foot ferry from Bremerton to Seattle. Twelve years ago, Larson founded Sound West Group, where he now serves as principal and CEO and is responsible for putting together deals and coming up with the equity and financing to make them happen. Currently, SWG has more than 800 apartments in development and construction and a total stabilized value of more than $650 million of assets under management. One of his proudest recent accomplishments was pivoting the $140 million Marina Square project, which was planned as two towers, a hotel and an apartment tower, during COVID-19. When the hotel market dried up, the project had to evolve and the hotel was converted to extended-stay suites and workforce housing. Marina Square was one of the first qualified Opportunity Zone projects in the state of Washington and has won many awards.
ANNA MALHARI During the past year, Anna Malhari was responsible for unifying two separate entities, Mack-Cali Realty Corp. and Roseland Residential Trust, under the single Veris Residential umbrella. She was instrumental in driving the company’s transformation from a REIT with a $4.5 billion office and multifamily portfolio into a pure-play multifamily REIT that operates in a socially, ethically and environmentally responsible manner. Under Malhari’s leadership, Veris Residential emerged as a company that primarily owns, operates, acquires and develops holistically-inspired, class A multifamily properties that meet the sustainability-conscious lifestyle needs of today’s residents. Within Malhari’s role as COO, she directly supports the firm’s CEO to make strategic decisions across departments that will position the company for future success and value creation for stakeholders. She is also responsible for overseeing the majority of Veris Residential’s operating functions, including overall operations, investor relations, communications and marketing, human resources, information technology, construction, sustainability and asset management. Malhari established Veris Residential’s ESG task force and DE&I council to spearhead sustainability initiatives, and she led the company to commit to achieving green building certifications for all new developments and expanding certifications across wholly-owned multifamily properties. At Malhari’s direction, Veris Residential evaluated its philanthropic ethos in 2021 and shifted its focus to efforts that integrate with communities in a more meaningful way. The company launched a community impact portal to create an easy avenue for residents to make donations to local organizations.
WILL MATHEWS During the past decade, Will Mathews has assisted in the sale of more than 50,000 apartment units, totaling $6 billion. In 2020, he was appointed to Colliers’ US capital markets board of advisors in the role of executive managing director and multifamily lead. He is responsible for procuring and executing institutional multifamily investment sale transactions throughout the US, leading national platform calls, and bridging resources and support for brokers from coast to coast. In 2021, Mathews ranked as the top producer in Colliers’ Atlanta office, having sold 6,200 units amounting to $1.2 billion last year. In the first half of 2022, he sold 5,800 unit s amounting to more than $1 billion with another $1.5 billion under contract or on the market. Earlier this year, Mathews notably transacted the 680-unit Residences at Vinings Mountain in Atlanta, which was one of the largest sales for a single asset in Atlanta history. He has consistently received Colliers’ top national recognition—the Everest award—every year since 2016. The Atlanta Commercial Board of Realtors also presented the L. Frederick Glass Rookie of the Year Award to Mathews to recognize him as an outstanding young council member who produced the highest volume among Million Dollar Club members. He is a member of NMHC’s political action committee and he serves as chairman of NMHC’s emerging leaders committee. He prides himself on having built a business that is relationship-focused, charitable and driven by a strong work ethic.
LEV MAVASHEV In 2014, Lev Mavashev founded Alpha Realty to address multifamily sales in the New York City market. Under Mavashev’s guidance, the firm became one of the most active brokerage firms in commercial real estate and it is now one of the top 50 investment sales brokerages in the US, with more than $5 billion in total sale transactions across more than 1,000 buildings throughout New York City. As principal at Alpha Realty, Mavashev leads a team of four brokers and two support staff in every aspect of the dealmaking process, from compiling extensive demographic and location information, to in-depth financial analyses. He is an authority on tax and zoning laws, as well as complex regulations surrounding the multifamily market in New York City. Recently, Mavashev was tasked with selling a Queens multifamily portfolio of 115 rent-regulated units. Faced with a limited buyer pool post-2019 rent laws, he was able to attract multiple investors and surpass the seller’s asking price. His work has earned him a place among the city’s top investment sales brokers and recognition as a CoStar Power Broker. In the past three years, the company has expanded its footprint beyond the Bronx to transact business in Brooklyn, Manhattan and Queens, where Mavashev is currently charting a course to open his second office. He also has ambitious plans to expand beyond New York City with offices in Miami and Tel Aviv. Mavashev is an active supporter of the Community Housing Improvement Program, the trade association for owners of more than 400,000 rent-stabilized rental properties across New York City, as well as Small Property Owners of New York, a nonprofit organization of small property owners dedicated to providing and maintaining decent housing and advocating for sound policies that help the city and its residents prosper.
FERAS MOUSSA Feras Moussa and his partner, Ben Suttles, created Disrupt Equity, a real estate syndication firm focused on multifamily acquisitions, that was created from the desire to create safe, quality housing through strategic upgrades, hands-on customer service-oriented management and targeted acquisitions in growing markets. Moussa takes on many responsibilities at Disrupt Equity as principal, including underwriting multifamily acquisitions, managing broker relationships, business development, multifamily operations, asset management, building investor relationships and raising equity for various open projects. In the past three years, Moussa and his team have bought more than $400 million in real estate and the firm now operates more than 3,000 units across the Sunbelt region. Moussa shares his multifamily expertise with thousands of new, aspiring and current multifamily investors through podcasts, events, conferences and webinars. In addition to starting Disrupt Equity, Moussa and Suttles started Disrupt Gives in 2021, a nonprofit organization with a mission to provide rental assistance and financial education to struggling renters across the US, having seen first-hand the immense need and the impact rental assistance can make on people who are living paycheck-to-paycheck with no foreseeable way out of poverty or debt. Disrupt Gives also focuses on financial education by providing tenants with real-life tools needed to not just survive but thrive during tough times and to continue empowerment through building skillsets necessary to create long-term stability. Moussa’s team at Disrupt Equity gives 25% of its operating fee on each multifamily acquisition to fund the efforts of Disrupt Gives.
ROBERT NELSON Industry veteran Robert Nelson believes good management should not only maintain a property, but also add value to it. He advocates for the use of modern technology at buildings with solid fundamentals to add state-of-the-art amenities and improve quality of living; an ambition that was amplified by the pandemic. As president of Nelson Management Group, Nelson leads the day-to-day management and oversight for 4,000 units. Nelson Management Group specializes in rent-stabilized, Section 8, Article XI and Mitchell-Lama housing, with a portfolio of mixed-income housing that currently includes the 972-unit Lafayette Boynton community and 318-unit Promenade apartments in the Bronx, in addition to other notable properties in Manhattan and Brooklyn. Under Nelson’s management, properties typically have fewer evictions, public violations and criminal activity than they did prior to acquisition, as well as higher overall market values and economic activity. Nelson is a hands-on multifamily owner and investor that values being the first to know when an elevator is out of order or when a boiler is not working properly. He reviews the weekly payroll, as well as each invoice, purchase order and requisition. He is also a founding partner for Global One Investments, a real estate investment fund that specializes in rent-stabilized, middle-income and workforce housing with more than $600 million in assets across multiple investment funds. Nelson was selected as developer of the year by the Associated Builders and Owners of Greater New York City and he is committed to advocating for a competitive market and fair regulatory environment to benefit both tenants and the industry. To champion the evolution of the industry, he serves on the board of directors of the Rent Stabilization Association and the New York State Association for Affordable Housing.
KEVIN OWENS Kevin Owens is so committed to personal connection that he traveled 47 weeks out of the year in 2021 to visit teams across 21 states, so that they could connect outside of Zoom. In 2021, Owens also played a major role in the merger of RPM Living and CF Real Estate Services, for which he was integral in creating a unified culture. Previously a part of CF Real Estate, Owens joined RPM Living upon the merger and has since helped support the firm’s exponential growth. As division president and a member of RPM Living’s executive leadership team, Owens participates in driving strategy and initiatives and setting goals for growth, client service and acquisitions. He is dedicated to personal connection and a respected leader that provides strong support, guidance and leadership to his teams. His dedication to leadership and guidance is evidenced by the nearly 20 associates that he’s led throughout the years that now serve in executive roles. Owens is involved locally and nationally with IREM, where he currently serves as the national chair for the IREM membership and credentialing committee, after serving two years as president of IREM’s Georgia chapter. His tenure as president occurred during pandemic disruption, throughout which he successfully developed a plan to host an array of frequent virtual events, from games and contests to educational activities, in order to keep members engaged remotely. During this time, Owens also developed ways to creatively re-emerge from the pandemic, including the chapter’s first post-pandemic, in-person event and the chapter’s first-ever fundraising golf tournament, which raised more than $30,000.
CLIFF PAYNE Prior to joining Core Spaces, Cliff Payne spent more than a decade investing in private real estate on a global scale, while navigating significant external risks on behalf of investors such as volatile currencies and economic shifts during political changes. As senior managing director and chief investment officer of build-to-rent at Core Spaces, Payne is currently playing a key role in shifting the firm into the build-to-rent space, after 15 years of proven success in student housing. Under Payne’s guidance, Oxenfree, Core Space’s collection of BTR homes, will create neighborhoods where unique, vibrant communities will naturally emerge, populated by houses with character reflective of the living demands that residents have today. Payne leverages his key learnings from investing internationally and in emerging markets to appreciate the external risks of events such as the pandemic, while constantly ensuring that Oxenfree and its capital partners are getting paid for the risks they are taking with any transaction. Payne is responsible for guiding Oxenfree’s investment strategy and overseeing all single-family rental investment activities on a national level, which currently involves 21 deals under various stages of development. He also leads negotiations and communication with Oxenfree’s external capital partners, and he co-leads an internal team of more than 25 individuals to further the strategic direction of the build-to-rent platform. Since joining the Core Spaces team one year ago, Payne has overseen the development of a $2.5 billion pipeline, representing more than 6,500 units in the single-family build-to-rent sector, with the largest pipeline of BTR projects in the Texas and Colorado markets. In addition, Payne directly manages the $1.5 billion single-family rental venture with Harrison Street on behalf of Core Spaces.
ANCELMO PEREZ Beginning his career in architecture at age 21, Ancelmo Perez used his gift for design and attention to both subtle details and big-picture impact to make a name for himself in the multifamily design and planning space. After 18 years, Perez has been involved in the design and execution of more than 40 projects, totaling more than three million square feet. Today he is a studio director at Nadel Architecture + Planning, where he has worked on luxury projects, hospitality developments and eco-friendly designs that have been woven into the infrastructure of several apartment projects. Perez’s responsibilities include quality control of design and ensuring that drawings are complete and on par with Nadel’s values. He is also responsible for the financial success of each project internally without sacrificing quality of design and planning. Going on three years as the multifamily and commercial director of the firm, Perez stepped into the disruption of the pandemic. Even in the thick of lockdowns, he spearheaded the design of more than 1,600 units either under construction or renovation across Los Angeles. Under his leadership, the firm never slowed down and it has continued to work on innovative and interesting projects. For example, The Rise Hollywood was under construction during the pandemic, and has since been completed and successfully leased out 95%. This project encompasses 341,600 square feet of residential space and many intricate architectural details to embrace the surrounding area, including an intentional crack in the building that allows for views of the Hollywood Sign and an existing street that runs through the building. Perez deeply understands the architectural adaptations that are needed in Los Angeles, where units are unlikely to get bigger and thus need to be designed efficiently.
W. COOPER RAMSEY Cooper Ramsey was TrueRate’s first hire and he has since brought $4.3 billion in loans to the platform, establishing himself as a leader within the firm. Since joining the team in November 2020, Ramsey has applied his know-how to the development of the TrueRate capital markets portal, he has spearheaded borrower outreach and played a pivotal role in onboarding the platform’s lenders. As VP of strategy and production, Ramsey is responsible for development of the platform’s capital market activity and he leads outreach to multifamily owners, onboards of new lending partners, and is the product owner for the capital markets portal technology development. Ramsey’s impact is measured by the technology that he built with the engineering team to benefit borrowers and lenders alike—streamlining the complex and nuanced financing processes and creating a frictionless experience from sourcing to closing. TrueRate’s clients and partners look to Ramsey for his authenticity in deal-making and accuracy in sharing insights regarding financing strategy for multifamily owners, whether it is a construction, bridge, Fannie Mae, Freddie Mac or FHA/HUD execution. Prior to joining TrueRate, Ramsey was a key team member of the top originations team at Greystone, where he focused primarily on the sizing, underwriting and package submission of more than $7 billion of FHA, Fannie and Freddie multifamily loans. As the previous president of Colgate Commercial Real Estate Club and active member of the Colgate Real Estate council, Ramsey advises college students from Colgate with interest in commercial real estate.
LOUIS ROGERS Louis Rogers has been a trailblazer in the commercial real estate industry throughout his 35-year career. One of his earliest positions was with law firm Hirschler Fleischer, where he founded and led the firm’s real estate securities practice group and was an early adopter of Section 1031 exchanges. In 2012, Rogers founded Capital Square, a company built on the desire to help investors navigate the tax-advantaged real estate space. As CEO of Capital Square, Rogers is responsible for the company’s platform and overall operations. He develops the firm’s strategy, directs its agendas and drives profitability for the firm and its investors. He directly oversees the firm’s DST programs for both non-exchange investors and investors seeking qualifying replacement property for Section 1031 tax-deferred exchanges. Rogers has grown the company into an industry-leading sponsor of DST offerings in the multifamily space— taking 15 DSTs full-cycle; each with an average hold period of less than five years. He continues to take advantage of the newest developments in the tax-advantaged space. Since 2019, Capital Square has launched five qualified Opportunity Zones constructing multifamily spaces across the Southeast. Under Rogers’ leadership, Capital Square has achieved record-breaking years for the past two years, despite the effects of the pandemic. In 2021 alone, the firm raised more than $800 million in equity and took five DST offerings full-cycle, while also doubling in size as a company. Having always been dedicated to his community, Rogers established Capital Square Cares. He also regularly works with Habitat for Humanity and has purchased a 250-acre farm, which he plans to convert into a wildlife sanctuary in the area.
JONATHAN F. P. ROSE Jonathan Rose was one of the first advocates for green building, transit-oriented development and mixing-uses and incomes. He proved this concept viable with the redevelopment of the Denver Dry Goods Building in 1992, which provided a model for sustainable developments and launched Denver’s downtown renewal as 22 other buildings quickly followed suit. Rose launched Jonathan Rose Cos. in 1989 and today he serves as president and CEO of the affordable and sustainable housing developer. Since JRCo’s founding, it has closed five affordable housing preservation funds totaling $887 million, aimed at acquiring and preserving affordable housing and implementing green strategies to reduce environmental impacts. Rose’s tireless advocacy for green affordable housing located within walking distance of mass transit, inspired the creation of the Enterprise Green Communities certification system, which has transformed the affordable housing industry and is now an industry standard for affordable housing in the US. Rose also has worked to address the issues of economic, social, health and education inequality; striving to find a way to equalize the landscape of opportunity by using affordable housing as a foundation to provide access to opportunity. JRCo is dedicated to helping bridge the digital divide to bring affordable wireless access, as well as devices and training, to its residents. The company has already delivered low-cost or free, high-speed internet access to more than 2,000 affordable units. Under Rose’s leadership, the firm’s work has won awards from ULI, the National Trust for Historic Preservation, the Natural Resources Defense Council, the American Planning Association and the American Institute of Architects. Rose was also selected as the winner of the 2021 ULI Prize for Visionaries in Urban Development.
ANDREW SCHWARTZ From his early years as a property manager to VP of Taconic Partners, Andrew Schwartz has invested in a variety of communities, enhancing their quality of living through community partnerships. His recent focus has been evolving affordable housing in the Bronx by providing more sustainable technology, recreation and learning, specifically at Eastchester Heights, where Schwartz spearheaded a partnership with Radiant Prep to offer free tutoring services to residents. Since 2007, Taconic Partners and Clarion Partners together have strategically invested more than $50 million in upgrades to improve quality of life for Eastchester’s residents and transform the complex into a model for private investment in New York City’s workforce housing stock. Each quarter, Eastchester Heights partners with local businesses to host an event for the community. Recently, Schwartz and the team partnered with a Jamaican-born, Brooklyn-based artist Pamella Allen, who led a workshop with community members to paint a mural of the Eastchester Heights neighborhood. Previous partnerships include a tutoring company for educational assistance and the Northeast Bronx YMCA to offer free swimming lessons for children. As VP of residential asset management at Taconic Partners, Schwartz is responsible for the firm’s multifamily asset management division, which includes portfolio strategy, property operations, marketing and leasing. He leads and directs the on-site property management team for a portfolio of 2,300 residential units and oversees all annual business plans, operating budgets and capital projects. During his tenure at Taconic Partners, Schwartz has been charged with developing or repositioning more than two million square feet of residential space.
MASOUD SHOJAEE Throughout his more than three-decade career, Masoud Shojaee has built a reputation as a visionary developer with the unique ability to see potential in developing often overlooked areas, laying the groundwork for what have become essential submarkets throughout Miami-Dade. Shojaee is CEO and chairman of the board at Shoma Group, where he works as a real estate advocate and investor to apply his vision and knowledge of real estate to building high-quality, mixed-use developments across South Florida. Shojaee ensures each development delivers a level of precision and the quintessential Miami lifestyle consistent with the Shoma name. This attention to detail and quality assurance has led to several of Shoma Group’s recent multifamily developments selling for more than $100 million each. After developing a vast portfolio of commercial projects across South Florida, Shoma Group pivoted with consumer demand to build multifamily properties in burgeoning neighborhoods. Since then, Shojaee has focused the company on the creation of thoughtfully-designed, mixed-use developments that are good for both residents and the communities they are built within. Considered by many to be the “King of Doral,” Shojaee was one of the first to identify and invest in the city’s potential in the 1990’s, when the area was a warehouse district. He amassed nearly 55 acres of land upon which he developed countless mixed-use projects and single family homes. A recent development that Shojaee spearheaded in Doral is the mixed-use development Sanctuary Doral Apartments, which Shoma Group sold last year for $102.5 million. The project continues Shoma Group’s impact on the city by providing a live-work-play lifestyle and a desirable social amenity.
LIA NICHOLE SMITH During her 20-year career in commercial real estate, Lia Nichole Smith has worked onsite for both conventional and affordable housing. Since her start at SatisFacts 12 years ago, she has amassed data from renters and industry employees that has helped her educate multifamily leaders on how to improve performance, increase retention and secure an authentic online reputation. Smith is SVP of education and performance at ApartmentRatings & SatisFacts. She brainstormed and built The epIQ (Experience and Performance Intelligence Quotient) Index, a single performance metric powered by verified ApartmentRatings & SatisFacts data, for renters and multifamily professionals alike based on a rolling 365-day calculation. Since epIQ’s inception in 2019, the national average score for resident satisfaction has increased. In her role, Smith also shares industry knowledge with team members and clients, and she provides industrywide education by running point on the biennial SatisFacts Online Renter Study. She also provides the industry with free renter preference data from thousands of renters nationwide by presenting education sessions at apartment associations and multifamily conferences and through both webinars and in-person classes. Smith created a monthly webinar series and grew the audience to more than 700 attendees. This webinar series has evolved from facilitator-led to a live, open discussion panel that brings in new multifamily voices each month to share their expert knowledge on a variety of topics. Smith is a NAA Apartmentalize Education Advisory board member and a member of the Georgia Apartment Association’s education committee.
CLARK SPENCER Clark Spencer was tapped by Grubb Properties in 2018 to bring his legal experience in real estate capital markets to design, launch and manage the firm’s qualified Opportunity Zone program. Since then, Spencer has grown the program to a total of more than $380 million in investments from more than 800 investors across the country in the main fund program, with an additional $80 million of single-asset and joint venture investment. Spencer believes that the Opportunity Zone program provides an ideal combination of private investment and government incentive to create positive growth in communities. As a licensed attorney in both New York and North Carolina, Spencer holds experience in public and private capital markets transactions, SEC reporting and compliance. He is a member of Grubb Properties’ audit committee and OZ investment committee. As managing director of investments at Grubb Properties, Spencer has become a thought-leader on Opportunity Zones. He advocates for and pioneers REIT structuring within the space and he has spoken at many industry and investor conferences across the nation. In 2021, he led the merger of Grubb Properties’ three prior QOZ Funds into Link Apartments Opportunity Zone REIT, a nationally diversified Opportunity Zone fund that has secured 19 assets with more than $1.6 billion in total cost. Spencer also leads Grubb Properties’ high-net-worth and private wealth capital raising platform, which provides investment capital for both the QOZ program and Grubb Properties’ flagship funds and has raised more than $500 million in the past three years. Under Spencer’s direction, the relationship base has grown from seven generally Southeast-based, registered investment advisors in 2018, to more than 45 registered investment advisors across the country. This network, along with individual high-net-worth investors, represents more than 1,400 investors across the Grubb Properties investment platform.
KIMBERLY R. STEPP Kimberly Stepp was one of the first women to own a commercial real estate brokerage firm in California when she co-founded multifamily brokerage firm Stepp Commercial in Los Angeles with her partner, Robert Stepp. Kimberly Stepp leads a team of brokers that specialize in the sale and exchange of multi-residential commercial real estate in Santa Monica, West Hollywood and prime Westside markets. As she looks to continue organic growth for the firm, Stepp seeks top-quality brokers who are highly driven and flourish under Stepp’s dedicated mentorship. Stepp’s brokerage team has continued to lead the local area in sales for small to mid-sized apartment properties and has closed more than $300 million in transactions during the past 18 months. Stepp has worked to provide creative solutions for her clients to create strategies that will be beneficial to them for the short-term and long-term. She also keeps on top of the ever-evolving and changing economic environment, the challenges and intricacies of rent control, and current and impending/potential legislation that affects investment decisions. Stepp has an expansive computer database of investor and property information and actively participates in comprehensive training sessions, seminars and investment real estate forums to advance her professional skills. Her clients and competitors regard her as one of the most significant and active investment real estate brokers in the market. An active participant in several volunteer programs, Stepp has notably been a Big Sister for the past 20 years with the Big Brother/Big Sister organization and she is on the board of the Children’s Bureau, whose operations involve improving child abuse prevention, foster care and adoption.
ROBERT STEPP Robert Stepp is a principal at Stepp Commercial with 20 years of experience in helping clients exchange into larger, newer properties throughout California and key out-of-state markets. Stepp assists clients in achieving higher returns through 1031 exchanges both within Los Angeles as well as in higher-growth markets outside of L.A. In late 2021, he led a team to complete the $41.9 million sale of a multifamily portfolio in Long Beach, CA that consisted of 115 units, including Section 8 housing, across 17 class B properties and a per-unit price of $270,000. In November 2020, Stepp completed the $14 million multifamily portfolio sale of seven assets totaling 60 units in Long Beach. The seller client was a long-time owner of the assets and decided to dispose of the portfolio to pursue a 1031 exchange into a single apartment property in Tampa, FL, and the new owner planned to add value by making unit interior updates and exterior upgrades. During the height of the pandemic, Stepp adjusted to the shift in the multifamily investment sector. He contends that in the commercial real estate world, one phrase always rings true—with change comes opportunity. Now, the markets throughout Los Angeles are seeing stronger rents and sales prices than pre-pandemic levels in many cases. Stepp continues to advise his clients on rent control laws, legislation changes and rising interest rates. Many of his seller clients have been selling and buying to out-of-state opportunities in their 1031 exchanges that are poised to create a better position for them in the long run.
BEN SUTTLES An entrepreneur for 15 years, Ben Suttles started his career in IT sales and business development before moving into management, which helped propel him into commercial real estate in 2013. During the past eight years, he has been involved in the acquisition and asset management of 12 large multifamily properties totaling more than $320 million in assets under management and the purchase and sale of more than 3,000 units. Suttles is a principal at Disrupt Equity, a real estate syndication firm focused on multifamily acquisitions that he founded with partner Feras Moussa. Suttles takes on many responsibilities at the firm, including underwriting multifamily acquisitions, multifamily asset management and the performance of the Disrupt Equity portfolio. He also shares his knowledge through various podcasts, events, conferences and webinars, and he dedicates many hours each week to inspiring other investors to take action, pursue their goals and invest in a way that dramatically improves the lives of their financial futures. Under Suttles leadership, Disrupt Equity has been named the best real estate syndication company in South Central USA by BUILD Magazine, the fastest growing syndication brand by Global Brand Magazine and the most reputable real estate investment company Texas 2022 by World Economic Magazine.
BRIAN WEBSTER Brian Webster, president of KWA Construction, leads the firm’s efforts to transform and elevate North Texas neighborhoods by building quality homes that meet a variety of needs including student, senior and affordable housing, as well as eco-friendly, sustainable projects. Under Webster’s leadership, KWA recently completed The Truman, the second phase of the Arlington Commons project, following the completion of a successful first phase. This project is one of the largest multifamily redevelopment projects in the City of Arlington’s history as well as one of the largest in North Texas. Webster leads KWA’s business development efforts to achieve overall corporate objectives, and he also leads strategic planning in the continued enhancement of the organization’s mission, culture and values. He also works closely with KWA’s clients to help facilitate the pre-construction and closing process and he works with KWA staff to ensure the company’s promise of delivering the highest value at the right cost to each of its clients. As an executive team leader, Webster works closely with the managers of each department to develop strategic initiatives and confirm that improvement programs are implemented effectively. In addition to ensuring the success of his own company, Webster also focuses on the development of the construction industry as a whole. He is active in the Dallas Builder Association, having served as a board member since 2009, and he has been a board member of the association’s multifamily builders council since 2008.
TINA WEST Tina West is described as someone who leads with her heart and whose energy helps recruit and maintain talent. With more than three decades of industry experience, West currently serves as senior managing director at Cushman & Wakefield, where she is responsible for 102,000 units in the West region. She oversees and trains a team of eight regional VPs in addition to running the local multifamily office and managing an administrative staff of two. West has been instrumental in building the firm’s multifamily property management platform and integrating it into the existing commercial real estate business model to solidify C&W’s goal of being a full-service real estate company. West is a liaison to all clients within the region and she plays an active role in business development. She recently received her sixth broker’s license for the state of Idaho in addition to Washington, Arizona, Oregon, California and Texas. Throughout her region, she spearheads and works to establish REstart programs, which is an organization that provides housing and employment to disadvantaged individuals that are recovering from the cycle of poverty, substance abuse and domestic violence. While supporting those in commercial real estate, West also gives back to her community and she encourages and expects her regional leaders to support and participate in local grassroots efforts to better their communities. West was a key proponent in sponsoring and distributing hygiene kit collections to displaced Afghan refugees, as well as collecting and hosting a school supply drive to benefit local families and school-aged children in need.
DANIEL WITHERS As SVP and senior director at Matthews Real Estate Investment Services, Daniel Withers works on dispositions and acquisitions of multifamily properties throughout Los Angeles County. He is responsible for marketing all current listings, sourcing potential investors and properties for his clients, presenting proposals, negotiating contract terms and more. He prides himself on building long-term relationships with clients, investors, agents, appraisers and lenders in the multifamily sector. During Withers’ 20 years of industry experience, he has closed more than $1 billion in multifamily investments and ground-up development sites. He has carved a niche in a wide sector by focusing on the San Fernando Valley of Los Angeles, which has helped him understand local trends, tenants, landlords and third-party management companies, which in turn has helped his clients make informed and profitable investment decisions. Withers spearheaded the opening of the company’s Encino office, which he has overseen for several years now. He is responsible for recruiting new talent, conducting office training, organizing weekly meetings and increasing company morale. His success and experience in the industry has made him a reliable mentor to numerous agents throughout this career. Withers also assists in the Matthews University six-week internship program by hosting trainings that are broadcast nationally to all 14 offices. Furthermore, he participates in the Matthews Podcast, for which he most recently spoke on how the multifamily market was impacted by the pandemic and how investors can return confidently.
TODD C. WOOD With 40 years of entrepreneurial experience, Todd Wood decided to take on the build-to-rent segment in 2016 by founding Christopher Todd Communities. At the time, he had sold an organic bakery operation that he built from scratch and was in search of an opportunity specifically in real estate when he spotted a small community of single-family home rentals. As he reviewed the country’s demographic shifts, he knew the need for rentals would only continue to grow. Wood developed Christopher Todd Communities’ first five properties totaling 943 homes in the Phoenix metro area and sold them for $235.5 million, a record price at the time. The communities are smart-gated and composed of single-story, pet-friendly homes with smart home technology and private backyards. In 2019, under Wood’s leadership, Christopher Todd Communities partnered with homebuilder Taylor Morrison to take this concept to new markets coast to coast. Christopher Todd Communities Built By Taylor Morrison has since announced locations in Arizona, Texas, North Carolina and Florida. As CEO of Christopher Todd Communities, Wood is responsible for the strategic vision of the company. He also helps educate municipalities on this new product and the benefits that it brings to their communities. Philanthropy has been one of Christopher Todd Communities pillars since its founding. With the firm’s first several communities, Wood provided a home rent-free to a veteran transitioning to civilian life. With a recent community opening, the focus shifted to healthcare and a home was provided to Banner MD Anderson Cancer Center to use at their discretion for patients needing temporary housing as they come to town for outpatient cancer treatments. Wood underwrote the furnishing of that home, while Taylor Morrison provided the home rent-free for a year.
BASIS INVESTMENT GROUP’S MULTIFAMILY LOAN PRODUCTION TEAM The multifamily loan production team at Basis Investment Group is at the forefront of the affordable housing crisis, working to help small borrowers finance and develop affordable housing. The team invests and lends in commercial real estate debt and structured equity, offering a variety of loan sizes across the US, and it provides acquisition loans and refinances multifamily residential properties through the Freddie Mac Small Balance Loan Program. It is the only minority-owned and female-owned Freddie Mac seller-servicer in the sector. The team launched in 2009 upon Basis Investment Group’s founding by CEO Tammy K. Jones. Under the direction of COO of the firm’s multifamily small business loan division May Hill, the team has expanded multifamily loan production nationwide by creating robust internal processing efficiencies to increase flow intake and efficient turn times. During the past few years, the team has quickly risen in the multifamily lending sector with an average loan size of $2 million to $3 million in agency multifamily loans. The company takes pride in providing financing solutions to a diverse array of borrowers, and the majority of its recent transactions involve mission-based affordability components. Recently, Basis Investment Group partnered with Esusu to help tenants in affordable housing gain credit from rental payments. The firm also announced a first-of-its-kind origination partnership with Genesis Bank in southern California, which represents the first time a certified minority-owned and woman-owned CRE investment platform and Freddie Mac seller-servicer has teamed up with a Minority Depository Institution. The partnership positions Basis Investment Group to deepen its commitment to underserved communities while providing Genesis with access to additional capital and lending products that will produce more business opportunities that generate wealth.
BERKADIA INSTITUTIONAL SOLUTIONS The leaders of Berkadia Institutional Solutions have been on the road during the past year, visiting more than 150 institutional clients in person in 29 cities with the mission to refresh the market’s understanding of Berkadia’s expanding institutional capabilities. BIS is a specialty resource launched last year to provide customized capital solutions to help clients meet their real estate goals. The BIS team is led by the co-head of investment sales Mary Ann King. All of the firm’s investment sales and mortgage banking teams work together to help each client find the best capital solutions to drive real estate returns to their investors. Berkadia bought its first institutional sales platform in 2014, and in 2021, BIS completed $8.5 billion in institutional-grade investment sales across 85 properties. Berkadia expanded its institutional capabilities with the acquisition of Moran & Co. and other well-respected institutional teams across the country. Highlights from its institutional practice include the $325 million sale of a 1,222-unit multifamily property in Phoenix, AZ and the $156 million sale of a 689-unit multifamily property in Tampa, FL. Berkadia Institutional Solutions’ leadership also is actively involved in charitable and mentorship activities.
CAPITAL ONE’S COMMERCIAL REAL ESTATE AGENCY FINANCE Last year was productive for Capital One’s commercial real estate agency finance team, which ranked as a top six agency lender by total agency loan volume and ranked as the top bank among GSE lenders. The firm also was named a top 10 Fannie Mae lender and a top 10 Freddie Mac Optigo lender. The team, led by SVP and head of agency finance Kate Byford, manages a $50 billion agency business, which includes conventional multifamily properties of all sizes, affordable housing, student housing, senior housing and manufactured housing communities. In addition, the team plays a critical role in affordable housing financing with a focus on providing GSE loans for new construction and affordable housing preservation. In 2021, Capital One reported more than $9.3 billion in community development loans, most of which supported multifamily affordable housing. In March 2021, the team launched its bridge-to-agency product, which has had a significant impact on the sector already by driving nearly $1.5 billion in volume during its first year. The bridge-to-agency product is valuable for borrowers with assets requiring time-sensitive financing or light to moderate rehab. Just months after launching the product, Capital One structured a deal in which it executed an 83% loan-to-cost bridge-to-FHA loan that aligned to the client’s business plan and met all time considerations. The agency finance team has also prioritized technology and data initiatives across the organization. As the industry produces more data and relies more heavily on technology, the team has developed and piloted document exchange tools and is working to capture proprietary data that can provide actionable insights to clients looking to make smarter CRE investment decisions. These projects can significantly accelerate the underwriting process at a time when speed to execution is a major differentiator.
CASSIN & CASSIN LLP’S AFFORDABLE HOUSING AND AGENCY LENDING PRACTICE With a team of more than 20 attorneys and professionals, the affordable housing and agency lending practice at Cassin & Cassin LLP is the largest of its size in the Northeast. Launched in 2017, the team is led by partners Evan Blau, John Thomas, Jordan Hersch, Scott Schwartz, Kelsey Halverson and Cassia Schaeffer. Focused on the nation’s affordable housing crisis, the team has advised clients in lending billions of dollars to finance the purchase and development of affordable housing units across the country. The practice has experienced exponential year-over-year record growth, with more than 2,300 Fannie Mae and Freddie Mac transactions during the past two years. During the pandemic, as the need for affordable housing skyrocketed, the team provided counsel for thousands of Fannie Mae and Freddie Mac transactions that amounted to nearly $30 billion in loans. The group’s deep understanding of the many facets of low-income housing tax credits, tax-exempt bonds, Section 8 and housing assistance payments contracts, including a variety of federal and state affordable housing and community development programs, has allowed it to make a lasting impact in affordable housing. The team’s attorneys hold deep expertise with all significant federal, state and local housing and community development programs throughout the country. As the need for workforce housing increased due to migrating tenant populations during the pandemic, the team helped accelerate $775 million in Fannie Mae acquisition financing to a Fannie Mae priority sponsor who purchased 13 properties across the Dallas/Fort-Worth area. The transaction was one of the largest Fannie Mae workforce housing portfolios of 2022.
CBRE AFFORDABLE HOUSING CBRE Affordable Housing began in 2000 as one of the first national brokerage teams to focus exclusively on affordable housing owners and stakeholders. Initially, the team focused on bringing Low-Income Housing Tax Credit expertise to an emerging affordable transaction market but has since expanded its focus to include all types of regulated affordable housing. In addition, its menu of services has expanded to include brokerage, debt and structured finance, and investment banking in one advisory platform. CBRE Affordable Housing, led by Jeff Arrowsmith, has impacted the affordable housing sector in several ways, including by creating a national specialty group that has helped create a marketplace for affordable properties and bringing institutional real estate capital to affordable property and business transactions. The team boasts a closing transaction track record of $37.2 billion in real estate value. The firm’s integrated team of investment sales, debt and structured finance, and capital markets advisory professionals, allows it to build long-term relationships with each client and work with them throughout all stages of an affordable housing property’s lifecycle. 2021 was a transformational year for CBRE Affordable Housing, as it represented AIG in the $5.1 billion sale of its business to Blackstone, brokered $3 billion of real estate and arranged $1.8 billion of financing. In addition to arranging financing for individual assets and supporting financing in portfolio transactions, the team closed three client Fannie Mae credit facilities. Since 2020, CBRE Affordable Housing has closed the sale of $5.9 billion in real estate and completed $5.1 billion in financing.
CBRE NATIONAL SENIOR HOUSING As a direct lender and capital intermediary to many significant developers, operators and investors, the national senior housing team at CBRE prides itself on making an impact on the businesses of those who provide care to seniors. Formed in 2007, the team is led by vice chairman Aron Will and SVPs Austin Sacco and John Sweeny. The three have completed more than $30 billion of senior housing debt, sales and equity during their careers. The trio is focused on the affordability crisis plaguing the senior housing sector and participates on industry committees that search for creative solutions to the crisis, such as better federal subsidies of innovative products that bring down costs. As co-heads of the platform, Will, Sacco and Sweeny allocate their time differently. Will splits his time evenly between the debt and structured finance practice that he founded, the investment sales practice, and the equity capital markets facet of the practice, and he also serves on several industry boards including the American Seniors Housing Association executive board and the Senior Housing ULI council. Sacco is principally focused on debt and serves on the ASHA future leaders council, while Sweeny primarily focuses on investment sales and serves on the Lifestyle Residential Development council 55+. The more than 15-member team also focuses on mentoring professionals that are working their way up the ranks. Will particularly aims to bring talented young minds into the sector, which he says can sometimes be a market that people fall into rather than aspire to. He helped create an internship program that has facilitated hundreds of internships and dozens of full-time jobs for industry professionals.
CBRE’S DENVER DEBT & STRUCTURED FINANCE Back in 2004, Brady O’Donnell had an idea for how debt and structured finance professionals should operate. Instead of the standard broker and analyst format, O’Donnell built a team of specialists, including his multifamily partner Jill Haug. The team’s members each have a specific area of focus, representing a critical point in the financing lifecycle. The team now makes up CBRE’s Denver-based institutional debt & structured finance team, led by vice chairman O’Donnell and director Haug. The team has ranked among the top CBRE producers nationally for the past eight years, and it ranked as the No. 1 producer in Colorado for six of the past eight years. The group has executed more than $13 billion in total lending volume during the past decade; encompassing 22.5 million square feet and more than 92,000 multifamily units. Described as collaborative and creative, the team is well-respected by sales teams across the country that seek it out for its connectivity to capital sources. It sources debt and equity strategies and solutions for clients ranging from institutional owners to private capital and it works across multiple property types, with 70% of its deal volume during the past three years attributable to multifamily. The team is part of CBRE’s National Multifamily Advisors network, an information network that is dedicated to capital reconnaissance and placement, and it is also part of CBRE capital markets’ institutional properties group. The team’s members mentor the next generation of commercial real estate leaders and they participated in CBRE’s national capital markets internship program this summer with 15 interns.
CHASE COMMERCIAL TERM LENDING (CTL) The commercial term lending team of JPMorgan Chase was founded in 2008 when JPMorgan Chase acquired Washington Mutual, including its CTL division. Led by Ed Ely, head of Chase CTL; Greg Newman, Chase CTL California area manager; Kurt Stuart, Chase CTL Northeast area manager; Troy Applegate, head of commercial mortgage lending; and Kaj Lea, Chase CTL Pacific Northwest/Central area manager, the Chase CTL team consists of more than 1,000 employees nationwide and provides owners and investors with term financing solutions for purchases or refinances. Term financing for multifamily lending ranges from $500,000 to more than $25 million for the purchase or refinance of stabilized apartment buildings with five or more units, and $1 million to upward of $15 million for the purchase or refinance of stabilized, industrial office, retail or mixed-use properties. JPMorgan Chase introduced a $30 billion racial equity commitment in October 2020 to help close the racial wealth gap for Black, Hispanic and Latino communities by 2025. A segment of that commitment focused on supporting the creation and preservation of an additional 100,000 affordable rental units through $14 billion in new loans, equity investments and other financing efforts. In an effort to deliver on this commitment, the CTL team introduced an affordable housing preservation program in March 2021 to offer clients economic incentives to keep rental units in their buildings at an affordable level. The program is designed to help renters that make below the area median income, who are most vulnerable to the growing affordability crisis.
COLLIERS’ NIELSEN JENSEN INVESTMENT TEAM Prior to forming the Nielsen Jensen investment team, Rawley Nielsen had a successful career in the Bay Area housing and investment market, while at the same time in Utah, Mark Jensen was working toward his passion for smart regional multifamily growth. Nielsen and Jensen met while working in the same commercial real estate office and realized that Nielsen’s investment expertise and institutional background complemented Jensen’s work in multifamily. Together, they began to cultivate a larger team at Colliers that is currently helping define and shape Utah communities by providing housing where it is needed most. Founded in 2018, the team is now led by president of investment sales Nielsen, EVP of investment sales Jensen and SVP Darren Nielsen. The team’s business has continued to soar since its formation and throughout the challenges of the pandemic, during which it provided guidance to clients and helped avoid panic sales. During the height of the pandemic, the team increased business and it became one of the top brokerage teams in Utah. Since the onset of the pandemic, the team has completed 61 transactions totaling more than $850 million in sales value. The team has consistently completed more than 50% of the brokered apartment transactions in Utah during the past four years. Nielsen has more than 18 years of high-level investment sales and capital markets experience and has completed more than $2 billion in debt, equity and investments sales transactions. Jensen has closed more than $2 billion in commercial real estate transactions since 2004 and has sold more than 10,000 apartment units in the past 10 years. In 2020 and 2021, Colliers US recognized both Nielsen and Jensen as Everest Award winners, which is bestowed upon the top 10% of US Colliers professionals based on revenue production.
CUSHMAN & WAKEFIELD | GREYSTONE Cushman & Wakefield | Greystone was established in 2021 when the two companies formed a strategic joint-venture partnership that married the valuation, advisory, property management and asset services expertise of Cushman & Wakefield with Greystone’s consistent ranking as a top commercial HUD, Fannie Mae and Freddie Mac lender. Since joining forces, John O’Neill and Steve Rosenberg, representing Cushman & Wakefield and Greystone, respectively, have committed to integrating and leveraging each other’s combined expertise to become a leader in the industry. Both firms value a focus on culture and customer service and believe their mutual people-first approach is a differentiator in the market. After founding Greystone in 1988, Rosenberg became executive chairman in June 2022, giving him more opportunity to focus on client-facing interactions and growth of the company’s core lending business. Today, Rosenberg remains active in fostering the firm’s relationships with FHA, Fannie Mae and Freddie Mac as well as banks, funds and investors who serve as critical capital partners. O’Neill serves as president of multifamily capital markets at Cushman & Wakefield, a new role appointed to lead the integration of the strategic joint-venture and leverage the power of the combined platforms to drive growth across the multifamily capital markets business. Together, O’Neill and Rosenberg lead the joint-venture operation that brings together brokers and mortgage bankers nationwide to offer integrated solutions across advisory, dispositions, acquisitions and financing for the multifamily sector. While the Cushman & Wakefield and Greystone team is not yet one year old, both firms have benefited from the integration. Recently, the team provided $67.4 million in bridge financing to Conquest Housing and BLVD Communities to refinance a portfolio of five affordable housing properties comprising 619 units across four states.
DENNIS KELLEHER & JOHN PENTORE OF HORVATH & TREMBLAY Dennis Kelleher and John Pentore, both EVPs at Horvath & Tremblay, have established themselves as market leaders in multifamily sales within the private client sector in New England, since teaming up in 2016. They are known for their work ethic, attention to detail and commitment to delivering results to clients. Kelleher and Pentore focus on facilitating acquisitions and dispositions within the Boston and greater Boston market. The duo consistently completes transactions of core assets in abutting Boston cities throughout the Middlesex County corridor; notably including the sales of a significant number of high-profile assets in the competitive Cambridge and Somerville markets. The team consistently works and communicates with net lease sector professionals at Horvath & Tremblay to move client capital into those passive vehicles. Both 2020 and 2021 were record years for the team, and in 2021, it closed 141 transactions with an aggregate value of $420 million. The team’s results were crucial in cementing Horvath & Tremblay as a top multifamily sales firm in the New England market’s private client space. Outside of commercial real estate, Kelleher and Pentore allocate time and raise money for a number of local, regional and national charities. Many team members are actively involved with organizations including Habitat for Humanity and Big Brothers/Big Sisters.
FINANCIAL REPORTING PRACTICE OF APPRISE BY WALKER & DUNLOP In January 2020, Walker & Dunlop and GeoPhy combined their industry knowledge and data science and analytics technology in an effort to make the appraisal process quicker, easier and more accurate, resulting in Apprise by Walker & Dunlop. Co-led by managing directors Adriane Bookwalter and Melissa M. Lofing, Apprise is the first female-led valuation for financial reporting practice in the country. With nearly 40 years of combined industry experience, the pair has recruited and trained a team of professionals, built trust with W&D market leaders, and established the Apprise brand within the financial reporting community. The Apprise valuations for financial reporting team is designed to benefit from team collaboration, and it uses technology to create efficiencies, while still ensuring critical senior-level input on all engagements. Leveraging their collective experience, Bookwalter and Lofing designed a deliverable that focuses on streamlining the client and external auditor review process and applying a different perspective to traditional appraisal firm structures. The solution leverages contextual data that drives the proprietary automated valuation model to support clients that are performing internal valuations, with the goal of reducing clients’ internal valuation costs and research efforts. Bookwalter and Lofing are also responsible for supporting Walker & Dunlop’s investment sale/debt origination clients to offer a full-service option, which includes leveraging and managing EVRA products to meet clients’ valuation needs and introducing ESG ratings via GeoPhy to the US CRE market. The team currently manages a significant number of institutional-level clients across the nation.
FRANKLIN STREET’S SOUTH FLORIDA MULTIFAMILY TEAM Franklin Street’s South Florida multifamily team stands out at the full-service commercial real estate firm. Founded in 2011, the team finds success by collaborating with Franklin Street’s various business lines. Working as a cross-functional team with investment sales professionals, capital advisory professionals and insurance experts, it represents investors and owners of multifamily properties throughout the tri-county South Florida region, with everything from acquisition and disposition, to financing and securing property and casualty insurance. Within the market, the team specializes in the value-add space; working with buyers and sellers of both older class B and class C properties that present strong upside through capital improvements, as well as newer class A properties that are well-positioned for long-term rent growth due to their prime location in growing submarkets. The team is also well-versed in working with properties within federal Opportunity Zones. In 2021, the multifamily investment sales team closed 20 deals totaling $82 million and it consistently ranks as a top-producing team within the company. The multifamily insurance team insures a portfolio of 60,000 units, which includes nearly 10% of the market share in Broward, Miami-Dade and Palm Beach counties.
GREYSTEEL MID-ATLANTIC MULTIFAMILY Greysteel’s flagship investment group, Greysteel Mid-Atlantic multifamily, is one of the region’s leading multifamily investment sales teams. In the past three years, Greysteel Mid-Atlantic has transacted 115 multifamily investment sales with a total volume of $1.1 billion. Founded in 2012 and led by senior managing director W. Kyle Tangney, senior director Herb Schwat and director Nigel Crayton, the Mid-Atlantic multifamily team holds extensive experience in executing deals, growing investors’ portfolios and structuring complex transactions with nonprofit organizations and affordable housing providers. As an authority on the District of Columbia’s Tenant Opportunity to Purchase Act, Montgomery County, MD, Right of First Refusal, and Prince George’s County, MD, Right of First Refusal, the team works hand-in-hand with either tenant associations, third-party representatives or government agencies. Notable assignments for Greysteel Mid-Atlantic multifamily include the D.C. 16th St. portfolio of six buildings totaling $80 million, the Benning Rd. metro station redevelopment site, a 482-unit LIHTC portfolio in D.C., a 400-unit student housing community in Baltimore, MD, and a 600-unit value-add community in Virginia Beach, VA. Greysteel Mid-Atlantic multifamily has been a long-time supporter and ally of the affordable housing sector and nonprofit organizations. The team assisted D.C. nonprofit So Others Might Eat to build a substantial development pipeline and it assembled the development site for its new seven-story LEED-certified headquarters next to the Benning Rd. metro station.
JLL’S AFFORDABLE HOUSING GROUP JLL has a longstanding commitment to the affordable housing business dating back to its acquisition of Oak Grove Capital in 2015. In 2019, with the acquisition of HFF, the debt, equity and investment sales teams were combined to form the JLL capital markets affordable housing practice, which serves as a comprehensive provider of multi-housing property solutions. JLL’s valuation advisory affordable housing practice influences the market with in-depth analysis of individual affordable programs and subsequent market perspectives of trends and changing benchmarks. The team offers services and advisory across debt, equity, social impact capital, global capital, investment sales and public sector to support affordable housing properties. In 2021, the practice reached $7.2 billion in US affordable housing volume, including $3.3 billion in affordable housing investment sales and advisory and $3.9 billion in debt advisory transactions. The group significantly grew since 2020, when its total volume was $5 billion with $1.6 billion in investment sales and $3.4 billion in debt advisory transactions. For agency lending, in 2021, JLL capital markets transacted $12.3 billion with Freddie Mac, Fannie Mae and HUD, and it ranked as the No. 3 Freddie Mac affordable housing lender.
MARCUS & MILLICHAP MULTI HOUSING DIVISION Marcus & Millichap’s multi-housing division includes many of its most successful agents. Led by SVP and national director of the division John Sebree, the group focuses on the private client market and provides apartment property owners and investors with investment real estate research, financing, advisory and transaction services. The division’s agents provide market knowledge, access to qualified investors and transaction expertise. The firm reported 4,453 closed multifamily sales in the past year for a total value of more than $46 billion. Focusing on the unique needs of institutional and major private investors, Sebree also leads the multifamily platform of Institutional Property Advisors, a division of Marcus & Millichap, which consistently ranks toward the top of the property market. Sebree successfully grew the private capital platform and in 2021, he became responsible for overseeing the institutional platform, in addition to overseeing Marcus & Millichap’s multi-housing efforts. During the height of the pandemic, the division’s professionals rallied through constant communication, transparency and commitment to ensuring clients’ needs were met. The multi-housing division professionals also participate in company-wide philanthropic efforts such as the Million Meals Initiative and Rise Against Hunger.
NEWMARK CAROLINAS MULTIFAMILY CAPITAL MARKETS The Carolinas multifamily capital markets team at Newmark consists of 20 professionals that specialize in sales and financing to offer services and expertise throughout the transaction process. Established in 2014, the team is led by vice chairmen Sean Wood, Dean Smith and John Heimburger, and senior managing directors Josh Davis and Chris Caison. The group operates collaboratively, with multiple top producers joining forces to support clients at any given time and to ensure clients receive best-in-class advisory service. Successfully navigating the 2021 lending environment, the Carolinas multifamily capital markets team transacted with 28 different lenders throughout the year and it met the needs of clients through a variety of tailored financings with banks, insurance companies, debt funds and the agencies. The team has ranked among Newmark’s top five multifamily investment sales teams consistently and it is often called upon internally and externally to offer insight into the latest multifamily sector trends and strategies. Since the onset of the pandemic, the team has closed more than $6 billion and more than 30 early pre-stabilized and presale transactions, and it also achieved a dominant presence in Charleston, SC. In the past three years, the team closed on 18 transactions that generated more than $916 million in the coastal Carolinas regions, it notably provided debt on more than 25 multifamily acquisitions in the Carolinas and other Sunbelt markets representing more than $2 billion in sales volume, it executed multiple large cash-out refinances of newly-constructed assets, and it placed more than $150 million in new construction projects in Charlotte and downtown Raleigh.
NEWMARK HOUSTON MULTIFAMILY CAPITAL MARKETS Newmark’s Houston multifamily capital markets team has worked together for more than a decade. It is the largest multifamily team in the region with 11 full-time investment sales and capital markets producers, nine translation managers/analysts, four marketing specialists and four transaction coordinators. Under the leadership of vice chairmen David Mitchell, Zach Springer, Russell Jones, Matt Saunders and Purvesh Gosalia and managing director Thomas Alleman, the team is skilled at communicating with an expansive network of owners, asset managers, acquisition/dispositions leads and lenders. Houston’s sales and finance teams regularly partner to enhance service to clients. Financing is brought into deals early to offer insight that allows clients to make the most informed decisions throughout the process. The group’s primary objective is to help multifamily clients close transactions and feel confident that the firm will generate the best, most seamless transaction possible for their investment. During the past 18 months, the Newmark Houston multifamily capital markets team handled the disposition/capitalization of a record 420 properties, totaling more than $19 billion in sales volume. The group effectively navigated the past year by decentralizing as a team but moving together in one direction, which became crucial to its success. Team members have continued to exceed annual production numbers, strengthened relationships and collaborated across the Newmark platform, with several transaction managers going on to achieve critical roles within the company at large. In addition, the Houston multifamily capital markets team is involved with various industry groups and each of the team’s partners are involved with Apartment Life, which allows multifamily owners to support and connect residents and ultimately improve community financial performance.
TRANSWESTERN’S MID-ATLANTIC MULTIFAMILY GROUP With more than 75,000 units sold, Transwestern Real Estate Services’ Mid-Atlantic multifamily group has significant transaction experience within the market. Established in 2010 and led by EVP Dean Sigmon, EVP Robin Williams, VP Justin Shay and senior associate Michael D’Amelio, the group functions as a cohesive unit where every team member fulfills an important role. Thousands of multifamily units have been upgraded to benefit residents and investors based on the group’s comprehensive property analysis, financial modeling and strategic positioning. The Mid-Atlantic multifamily team assists private, institutional and special servicer clients with broker opinions, portfolio strategies, and dispositions and acquisitions of single multifamily properties or multi-asset portfolios. Transwestern has awarded the Capital Markets Deal of the Year to the group for two of the past three years. Significant recent transactions for the group include representing Castle Lanterra Properties in the $154 million disposition of a 608-unit waterfront community in Annapolis, MD, and brokering the $65.8 million sale of a 288-unit, high-rise apartment complex in Hyattsville, MD on behalf of sellers, the Donaldson Group and Angelo Gordon & Co. In recent years, the Mid-Atlantic multifamily group has increasingly focused on capital markets projects that either preserve affordable housing or qualify as Naturally Occurring Affordable Housing. It has sold several properties to social impact investors and it consistently sells multifamily assets to operators that plan to spend capital on improving quality for residents.
A&E REAL ESTATE Since it was founded in 2011, A&E Real Estate has grown from a single 49-unit building in Fort Greene, NY to a portfolio of more than 15,000 apartments under management today. During that time, it has transformed into a fully-integrated real estate platform with in-house asset and property management, leasing and construction capabilities. The firm’s diverse portfolio spans all types of properties—from workforce housing for teachers, first responders and other essential workers in Brooklyn, Queens and the Bronx, to high-quality apartment buildings in Manhattan’s most popular residential neighborhoods. Now one of the largest multifamily owners in New York City, A&E is led by founder and executive chairman Doug Eisenberg, along with CEO James Patchett and president Maggie McCormick. In 2021, the firm closed on seven major acquisitions, adding more than 2,000 units and accounting for more than $500 million in deal volume, it launched its third and largest real estate fund to date and it expanded its vertically-integrated platform with a dedicated website for its in-house residential leasing company. A&E has accelerated its growth and the range of its portfolio with several high-profile Manhattan purchases and earlier this year, it completed the largest single multifamily acquisition in Queens since the start of the pandemic. The firm supports reading and literacy across the city through its new A&E Reads campaign, which distributes free books, offers online literacy tools and implements lending libraries in A&E buildings.
AHV COMMUNITIES AHV Communities, founded in 2013, pioneered the build-for-rent single-family rental home space at a time when there was little institutional interest in the sector. Unlike other SFR businesses, AHV operates and manages its properties like luxury class A apartment communities. While AHV Communities founded its business in single-family rentals, the company has since expanded its offerings to include attached townhome and duplex rental communities, giving the company the ability to provide the right community configuration for the land, region, metro and renter demographics it will ultimately serve. The firm is led by Mark Wolf, co-founder and CEO; Spencer Rinker, co-founder, CIO and president of homebuilding; and Gene Kim, co-founder and COO. All AHV communities are managed and maintained onsite; ensuring long-term asset quality and a stronger value proposition for renters, cities and investors alike. The past three years have marked a period of exponential growth and expansion for AHV. The firm is working to address the burgeoning demand for high-quality rental properties in markets across the US that are surging in popularity due to mass population migrations. The company is now active across numerous metro markets in Texas, Colorado, Alabama, Tennessee, Washington and California, with plans to eventually deliver and operate single-family and multifamily communities coast-to-coast. As of July 2022, the company’s assets under management encompass 19 communities under development, four operational communities, 3,625 total units and $1.4 billion.
AIMCO Aimco is a diversified real estate investment company with a more than 25-year history of growth and innovation in the multifamily sector. Since completing a strategic business separation from AIR Communities in late 2020, the Aimco platform has focused on a total return strategy that includes value-added, opportunistic and alternative investments that offer outsized returns on a risk-adjusted basis, while maintaining an allocation to stabilized properties. Founded in 1994 and led by president and CEO Wes Powell, the firm invests in markets where barriers to entry are high, where target customers can be clearly defined and where it has an advantage through local market knowledge from its regional investment teams. Thanks to experience it garnered during the housing crisis in 2009 and 2010, Aimco already had made numerous adjustments for Black Swan events that helped it weather the COVID-19 crisis. The firm looks to monetize investments during various points in their life cycle with the goal of producing the highest risk-adjusted returns. It capitalizes its activities through a combination of debt and equity sources, with a strong preference for property-level debt to limit risk. Recently, Aimco made significant progress in its efforts to reduce repricing and refunding risk associated with $1 billion of near-term debt obligations. Through the Aimco Cares philanthropic program, the company’s professionals are paid for 15 hours of volunteer service in their communities. In 2021, Aimco Cares raised more than $400,000 in the Aimco Cares/AIR Gives Charity Golf Classic; benefitting military veterans and providing scholarships for students in affordable housing.
ARIEL PROPERTY ADVISORS Ariel Property Advisors is unique within the industry because it is structured like an investment bank with separate divisions for investment sales, capital services and research. The firm’s strategic approach to commercial brokerage services allows its more than 50 professionals to deploy resources and provide consistent execution to each transaction. The New York City-based firm is led by Shimon Shkury, founder and president; founding partners Victor Sozio, Michael A. Tortorici and Ivan Petrovic; Paul McCormick, partner, sales management; and Sean R. Kelly, partner. Since 2019, the company has arranged the sale and financing of more than 150 multifamily transactions valued at more than $1.6 billion, including the $350 million joint-venture acquisition of an affordable housing portfolio comprising 48 buildings and more than 2,000 residential units in the Bronx. The firm has become a leader in the affordable housing sector by leveraging its understanding of city, state and federal regulatory agreements. Ariel’s research division provides the firm’s clients, the industry and the media with the latest data on the multifamily market via comprehensive research reports that provide an overview of market activity, benchmark transactions, revenue and expense trends and current events that affect New York City’s multifamily sector. The firm also engages with clients through bi-annual breakfast/networking events during which Shkury provides an overview of the market. Proceeds from the event are donated to Legal Outreach, a nonprofit mentoring program that helps young people from underserved communities gain admission to competitive colleges and universities.
AVANATH CAPITAL MANAGEMENT With more than 13,000 affordable and workforce housing units across the US, totaling more than $3 billion in assets under management, Avanath Capital Management is a trailblazer in the affordable housing industry. Founded in 2007, the firm approaches each deal with social impact in mind and focuses on advocating for its residents and the industry as a whole. Avanath is led by Daryl J. Carter, founder, chairman and CEO; John R. Williams, president and chief investment officer; Jun Sakumoto, president of Avanath Development and chief compliance officer; and Wesley Wilson, CFO. Even before the pandemic, Avanath was focused on health and wellness within its communities. The firm converted underutilized space in many of its communities into wellness centers where residents could receive cholesterol checks, blood pressure screenings, flu shots and other preventative care. During the pandemic, these wellness centers also provided COVID-19 vaccines, and Avanath provided access to free online gyms when community spaces and gyms were forced to close. The company offers social programs including after-school programs, financial literacy programs and a variety of classes along with down payment assistance. Avanath recently announced the closing of its first open-ended affordable housing fund, with $536 million in equity commitments. The firm recently acquired its first property in the Boston market–a 207-unit, market-rate apartment community, which it worked with the city to convert into affordable housing. Avanath’s commitment to local communities includes partnering with organizations such as ArtLifting, which helps homeless people and those with mental illnesses by purchasing their art and displaying it in its communities.
BELL PARTNERS INC. With nearly 50 years in business, Bell Partners Inc. is focused on deepening its footprint across 14 target US markets, where its investment and operational teams understand fundamentals, which help the company provide quality living experiences for residents and lucrative opportunities for investors. Bell Partners is a privately-held, vertically-integrated apartment investment and management company, focused on high-quality multifamily rental communities throughout the country. With more than 74,000 units under management, Bell Partners is one of the nation’s largest apartment operators. The company oversees an investment management portfolio totaling $7.1 billion in gross asset value as of March 2022, and it has more than 1,600 associates across 12 regional offices. Headquartered in Greensboro, NC, the firm is led by Lili Dunn, president and CEO; Jon Bell, executive chairman; Cindy Clare, COO; Nickolay Bochilo, EVP of investments; Joseph Cannon, EVP of investment management; and John Tomlinson, CFO. Through a disciplined approach to property acquisition and management, Bell Partners has maintained an average occupancy of 95% across its portfolio, while simultaneously navigating the lingering impacts of COVID-19. In 2021, the company increased its total units under management by 18%. In February of this year, Bell Partners announced the final close of its core multifamily venture, including Bell Core Fund I. With leverage, the venture intends to purchase more than $1.8 billion of well-located, high-quality multifamily properties.
BELLWETHER ENTERPRISE Bellwether Enterprise is proud of its contributions to the affordable housing mission. Its 2022 ad campaign celebrates 10 years of providing funding to create affordable housing for those in need. BWE, a national, full-service commercial mortgage banking company, launched in 2008 with 12 employees working in offices in Cleveland, OH and Cincinnati, OH. After growing to 36 offices and more than 400 employees, BWE formed a partnership in 2012 with Enterprise Community Partners Inc., a nonprofit organization focused on affordable housing. During the past decade, BWE has contributed more than $100 million to the affordable housing mission and produced nearly 400,000 affordable multi-housing units across the US. The firm works with its capital partner Fifth Third Bank, which owns a minority non-controlling interest in the firm, to provide a strong balance sheet and expand its variety of CRE lending products to include bridge and construction loans. BWE offers flexible, competitive financing solutions with streamlined underwriting and enhanced loan servicing for market rate, affordable housing, workforce housing, manufactured housing communities, seniors housing and long-term care facilities. In 2021, Freddie Mac named BWE its top lender in manufactured housing and the firm ranks among Fannie Mae’s top 10 DUS multifamily affordable housing originators.
CENTER FOR ACTIVE DESIGN (CFAD) The Center for Active Design is focused on promoting healthy building practices and certifications––purpose that has become increasingly important in the wake of the pandemic. More than 70% of multifamily residents now place an increased value on healthy building features in their apartment communities, according to the firm. With demand for healthy buildings expected to grow in the next three years, CfAD believes third-party healthy building certifications will increasingly be relied upon to offer a viable framework for consistently tracking and integrating health-related ESG metrics for the built world. Currently led by founding CEO and president Joanna Frank and CMO Molly McDermott Walsh, CfAD launched in 2012 under the Bloomberg administration to transform New York City’s Active Design program into an international movement. The program was targeted at advancing design and development practices to foster healthy and engaged communities. In 2017, CfAD was awarded the sole operating rights of the healthy building certification system Fitwel, a standard originally developed by the US CDC and the US General Services Administration. In 2021, Fitwel saw a 122% increase in certifications across multifamily properties. Today, the not-for-profit is engaged in thought-leadership that guides architects, builders, property owners and investors around the globe. CfAD’s academic reports and scorecards translate rigorous scholarly research into practical tools that empower design and development professionals to prioritize occupant health. In January of this year, CfAD launched a new business unit, Active Design Advisors Inc., to accelerate the healthy building movement globally by maintaining the highest standards of customer service and expanding Fitwel’s platform to ensure responsiveness to clients’ needs.
CGI+ REAL ESTATE INVESTMENT STRATEGIES Gidi Cohen, founder and CEO of CGI+ Real Estate Investment Strategies, believes each building has its own soul and aspires for each of CGI+’s properties to have a life of its own and stand the test of time. The firm embraces each property’s history while seamlessly blending in modern technology. Based in Los Angeles, the multifamily investment and development firm currently has $2 billion in assets under management. Established in 2013, the company utilizes its extensive construction and development capabilities to develop new diverse multifamily and mixed-use projects ranging from a 60-unit multifamily community to the redevelopment of an entire city block in Los Angeles that will include 121 market-rate apartments, 125 hotel rooms and 14,000 square feet of retail space. CGI+’s portfolio of multifamily and mixed-use multifamily assets represents 3,000 apartment units located primarily in Los Angeles, New York, Atlanta, Florida and Georgia. CGI+ is known for thinking outside the box and investing in assets where other companies might not and taking calculated risks to grow the company’s business. An example was its acquisition of a 306-unit, luxury multifamily community in Celebration, FL, which had construction defects and was abandoned. The firm renovated the seven-building property, brought it to 99% occupancy and sold it for $74.5 million––all in just over a year. The company was an early player in the extended stay building space, and it is now rethinking the need for workspaces within living units.
CHARGER VENTURES Founded in 2018 by Jessie C. Barter, Charger Ventures is an emerging manager and multifamily operator with assets in the Mid-Atlantic and Northeast. In three years, the company has grown from $0 to $500 million in assets under management, returned 18% of total equity and returned more than 10% annualized cash-on-cash, excluding deals with 100% returned equity whose cash-on-cash returns are infinite. Since its launch, Charger Ventures has been intentional about corporate stewardship and ESG, with a particular focus on championing inclusivity throughout its leadership. Its RFP process prioritizes firms that celebrate inclusivity in executive leadership. Through its third year, the company appropriated more than $5.5 million to such partner companies. In October 2020, the firm’s Spark Living business-to-consumer brand was rolled out across its portfolio, which values “sparking equity” through pay parity exercises among associates, as well as giving back to the community at large. Charger Ventures also rolled out a “round up” campaign in early 2022, which offers the opportunity for residents’ donations to Spark-aligned charities to be matched by the company. Having to navigate the pandemic not long after the company’s founding, its leadership learned to drive enterprise value through fixed-rate deals, performance metric optimizations, initiatives to enhance new operating standards, and by addressing climate change through its investment criteria, green technologies and measuring its portfolio’s carbon footprint.
CHASEN COS. Chasen Cos. is committed to revitalizing and transforming the communities it serves by purchasing class C assets in historic areas and upgrading them to class A properties designed to provide a boutique setting with moderate rents, commercial space and outsourced amenities ––all while maintaining the historic heritage of each property. The company acquires and develops luxury properties in the Greater Baltimore and Washington D.C. markets, with an expanding footprint across the US. When Chasen Cos. was founded in 2017, the team was focused on five- to 10-unit buildings with a modest capital raise of about $300,000 mostly from friends, family and close connections. The leadership team, including founder and CEO Brandon Chasen, chief investment officer and partner Paul Davis, CMO Erin Black, chief business development officer Drew Peace, chief administrative officer Laura Malagari and chief construction officer Moise Fokou, has continued to scale these investments; securing more than $100 million from institutional investors. Chasen Cos. has a full-service structure with an in-house development team that focuses on creating value in existing buildings and on raw land, a construction team that specializes in new construction and major renovations, and a leasing team that builds, owns and leases a portfolio of luxury rental homes, apartments, co-working and commercial space. The company was in a strong financial position when the pandemic hit, which allowed it to buy properties at a low price-point; an opportunity that fit well into its class C-to-class A model.
CP CAPITAL US Formerly known as HQ Capital Real Estate, CP Capital US has invested in $15 billion of real estate assets on behalf of global institutions, family offices and ultra-high-net-worth individuals, since its inception in 1989. Its investments total more than 70,000 residential units and 21 million square feet of commercial space. Co-heads Paul Doocy and Jeremy Katz lead CP Capital US to adapt its strategies to capitalize on market cycles, favorable supply and demand fundamentals, and offer solutions for investors across the risk spectrum through sponsored funds with fixed investment strategies or customized separate accounts. During the past three decades, the firm’s investment approach has enabled it to efficiently execute investments, resulting in a strong track record of more than 230 realized multifamily fund investments. Having developed deep relationships, the company has partnered on deals with top national and regional real estate developers, owners, operators and brokers, including Trammell Crow Residential, Wood Partners, Greystar, Toll Brothers and Crescent Communities. Beyond serving as a capital provider, the firm’s in-house capabilities include asset and construction management, capital markets, legal, reporting and tax structuring expertise. In August 2021, CP Capital closed on its strategic partnership with Concord Pacific and HB Management and rebranded to CP Capital US; transferring the majority interest of the business to Concord Pacific and HB Management. The deal further enables CP Capital to continue its platform growth in US multifamily investments, identify new opportunities and provide significant value through combined expertise to investors and business partners.
EAGLE PROPERTY CAPITAL Eagle Property Capital has developed a niche in the value-add multifamily space catering predominantly to the middle-income Hispanic market. EPC’s investment strategy has centered on high-growth cities with strong fundamentals and a significant Hispanic presence that have benefited from in-migration from other states, limited supply of single-family homes and favorable regulatory and tax environments. Since its inception in 2011, EPC and its affiliates have acquired 39 multifamily residential properties, comprising more than 9,300 units, and it has launched seven investment vehicles with more than $480 million in equity commitments. Led by the executive team of managing principals Gerardo Mahuad and Rodrigo Conesa, SVP of asset management Humberto Cubillos and SVP of investments and finance Mariana Robina, the company currently has more than $1 billion in assets under management. Recently, EPC completed the deployment of Fund IV, consisting of 11 properties with an equity interest in more than 2,400 apartment units across Orlando, Dallas-Fort Worth and Houston, and it launched its fifth multifamily investment fund––EPC Promecap Multifamily Partners V LLC––alongside Mexican private equity firm Promecap. EPC’s recent accomplishments include successfully remediating properties in Texas that were damaged by the historical winter storm in 2021, completing its first hotel-to-multifamily conversion of two adjacent extended stay hotels in the Tampa Bay area, and entering the Orlando multifamily market with the acquisition of two sister multifamily communities that now operate as one community. EPC also provides its residents with social programs that are aimed at helping them increase their incomes as rents rise, including after-school programs, English as a second language and Spanish classes, personal finance education, and health and wellness programs.
ENTRATA Since 2003, Entrata has set the bar for innovation in property management software by offering solutions for every step of the leasing lifecycle and offering tools to empower owners, property managers and renters to build stronger communities. Led by CEO Adam Edmunds, the company’s rental housing niche encompasses partnering with clients to develop cutting-edge technology strategies while helping them meet their operational challenges. Entrata provides an exclusive single log-in, open-access property management platform that creates efficiencies throughout the entire leasing lifecycle. The company’s growth is a testament to how it meets the needs of the multifamily sector. Entrata now serves more than three million residents across more than 20,000 communities in the US, and the company recently reached $200 million in annual recurring revenue. In 2021, the company also secured $507 million in venture funding, which it has used to hire hundreds of new employees, including key C-suite positions. The fundraise represented the first institutional investment in Entrata and it was also the largest private investment round in Utah history at that time. In addition, earlier this year, Entrata announced its expansion into the Canadian property management market. The company will initially focus on the Toronto area as it aims to significantly expand its presence in Canada throughout the next year. Entrata shares its knowledge regarding the multifamily market through webinars, conferences, research reports and thought-leadership.
FUNNEL LEASING Funnel Leasing has high expectations for its renter management software, which it has developed over the past three years. The firm projects that one in 20 renters will find their next home through their platform by the year 2025. The single, secure, enterprise-grade platform of tools delivers a connected experience from first inquiry through renewals, and it saves operators money by increasing efficiency, centralizing tasks and allowing employees more productivity. Clients have reported that the solution helps them combat employee burnout and increase agent-to-unit ratios. Under the leadership of CEO and board member Tyler Christiansen, Funnel Leasing takes cues from property management companies about what to build into its products to meet the needs of the multifamily industry. Recently, the company launched an online leasing solution, which includes FinTech integration that allows renters to use their bank credentials to qualify for and sign their next lease via a mobile-first e-commerce platform. Funnel Leasing has also made a point to identify and eliminate biases in its suite of leasing products and it ensures the virtual agent can respond to messages regarding affordable housing and finding the least expensive apartments. Steps have also been taken to accommodate foreign language messages, unsupported inquiries and messages that indicate adverse prospective renter situations, including potential exposure to trauma such as domestic abuse.
GEBROE-HAMMER ASSOCIATES What started as a boutique investment brokerage with an apartment building niche 47 years ago has evolved into a multifamily investment sales leader primarily in the Northeast. Established in 1975 by the late founders Mel Gebroe and Morris Hammer, Gebroe-Hammer Associates is currently one of the most sought-after multifamily investment brokerage firms, specializing in sales that range from new construction class A trophy properties to class B/C assets with value-add and property repositioning potential. Led by president Ken Uranowitz and executive managing directors David Oropeza and Joseph Brecher, the firm has built a leadership position throughout New Jersey submarkets and established a strong presence in Eastern Pennsylvania and the state of New York by orchestrating some of the top single multifamily asset and portfolio transactions. Between 2020 and mid-2022, the firm’s multifamily-focused sales totaled 258 deals, 24,471 units and $4.32 billion. In addition, the company’s leadership serves as mentors for Gebroe-Hammer Associates’ broker trainee program––of which Uranowitz, Oropeza and Brecher are alumni. For the program, company and industry veterans continually help identify and oversee up-and-coming talent and share industry wisdom.
HFO INVESTMENT REAL ESTATE HFO Investment Real Estate, one of the most successful commercial investment real estate firms in the Pacific Northwest, was founded in 1999 and is led by Greg Frick, co-founder and partner. Since 2006, HFO has represented the largest market share of all broker-represented buyers and sellers engaging in apartment transactions throughout Oregon and Washington. The HFO partners have brokered more than 36,500 units valued at more than $5.05 billion. In response to the pandemic, HFO implemented new communication processes and project management tools to maximize efficiency. The firm emphasizes client care and offers no-cost client services, including industry-specific events, market news, original video programming and weekly podcasts. Its HFO-TV series is entering its 12th season and its Multifamily Marketwatch podcast is on its sixth year of offering industry insights via an engaging format. The company prides itself on protecting multifamily owners’ rights locally and across the country and providing critical information on proposed laws and regulations to Oregon and Washington investors to help them participate in political decisions that impact their investments. The firm shares this information via emails, blog posts, TV interviews, podcast summaries and mailers. In 2021, CoStar ranked the firm as the top broker for buyers and sellers of multifamily communities between five and 100 units valued between $1 million and $50 million. In addition, HFO is a founding member of More Housing Now, a political action committee that helps apartment owners and lobbyists crystallize their messaging to legislators. Demonstrating its commitment to the communities it serves, the company makes a contribution to charity every time its team completes a transaction.
HILL WEST ARCHITECTS Hill West Architects founding partners L. Stephen Hill and David West have a combined 70 years of architecture experience and together, they lead the firm in creating towers across the New York City skyline. Founded in 2008, Hill West Architects has worked as both design architect and executive architect/master planner on high-rise and mid-rise residential and multi-use projects, for which it ensures that each building is visually appealing and functions at maximum efficiency. Since 2019, the firm has worked on 129 projects and completed 96 feasibility studies with 142 clients in New York City, New Jersey and upstate New York. Hill West Architects oversees architecture projects from ideation through completion; drafting site plans, planning and coordinating logistics for maximum functionality, ensuring building laws and codes are followed, and curating iconic designs for the most noteworthy multifamily buildings in the city. The firm’s interior design arm Whitehall Interiors also creates thoughtful designs from exterior to interior. Many of Hill West Architects’ has served as design architect on several new and noteworthy skyscrapers in New York, including Olympia, a sail-shaped residential development in Dumbo, Brooklyn; the award-winning 1399 Park in Harlem; Skyline Tower, the tallest condominium building in Queens; and Bankside, the South Bronx’s new luxury residential development. Hill West Architects is currently developing its first Passive House project to help make the city more sustainable. The firm remains committed to the growth of its team by partnering with architectural education organization Amber Book to help its employees become licensed in industry-related topics.
HLC EQUITY Since pivoting from a private holding group to a public-facing institutional owner/operator less than a decade ago, HLC Equity’s portfolio has expanded significantly. HLC has acquired, managed, developed and repositioned real estate in more than 25 states and has owned and managed more than 10 million square feet of commercial space and development land. Recently, the company has largely focused on the booming Dallas/Fort Worth multifamily market. By leveraging its knowledge of the sector and resident trends, HLC Equity developed the Layers brand, a real estate operating model created for the new generation of renters seeking flexible living options and the perks of modern apartment living combined with the charm of old-world hospitality. This unique model was also developed to provide higher risk-adjusted returns to HLC Equity through premiums that are earned for their serviced apartment offering. Layers is also offered as a third-party service to other landlords, and it introduces forward-thinking, profit-oriented multifamily owners to the growing mid-stay rental space, as well as the opportunity to increase financial returns by tapping into new market segments. Prior to the onset of COVID-19, the HLC Equity operating team, through the Layers brand, had already been working on a robust technology stack, which included virtual tours. During the uncertainty of the pandemic, the team was able to offer virtual tours almost instantly, and at this time, the firm also launched its direct-to-investor platform HLC Direct, which establishes digital partnerships with additional institutions, wealth management groups and high-net-worth individuals. HLC Equity believes in the democratization of real estate investments. The pandemic allowed the firm to expedite the implementation of this philosophy by providing investment opportunities that have traditionally been reserved for a select few to the masses.
INTERSTATE EQUITIES CORP. Interstate Equities Corp. started as a family-owned business in 1981 and it has since evolved into an institutional private equity firm that specializes in renovating and repositioning value-add assets in durable infill markets throughout California and Washington. As an institutional fund manager, IEC invests in and transforms apartment communities on behalf of endowments, foundations, family offices and pension funds. The company’s niche is finding dated multifamily properties and transforming them into updated, boutique-style assets at attractive price points. During the 40 years IEC has been in business, the company has invested in more than 136 communities totaling more than 10,000 units, and it has implemented renovations that enhance quality of life for residents and generate returns for investors. Led by co-president and COO Julia Boyd-Corso, co-president and chief investment officer Marshall Boyd, director of investments Brendan Gibney and director of property management Kelly Tang, IEC utilizes an investment strategy that allows the firm to capture both ends of the value-add multifamily market by targeting smaller properties in infill locations that typically have been family-owned for several years, as well as larger-scale institutional-quality assets that require a more strategic renovation. During the past year, the firm’s team has grown by 19%, it closed its fifth institutional fund with $445 million in equity commitments and it acquired more than $700 million in apartment assets. Recently, IEC sponsored a Project Destined team, for which employees served as mentors for diverse college students that are interested in real estate careers.
JAMISON PROPERTIES Although it is one of the largest multifamily operators in Los Angeles today, Jamison Properties did not open its first multifamily asset unit until 2013, nearly 20 years after the company was founded. As one of the largest owners of office space in Southern California at the time, Jamison Properties made its first foray into the multifamily space by converting a 12-story office building into a 127-unit community. Upon observing a growing need for housing in Los Angeles, the firm was an early entrant in the office conversion trend and it has now delivered 4,700 multifamily units in Southern California, with an additional 2,500 units currently under construction. As the privately-owned, full-service development arm of the Jamison organization, Jamison Properties provides expertise in acquisitions, entitlements, permitting, design, construction, financing, marketing, leasing and management. Under the leadership of siblings CEO Jaime Lee, president Garrett Lee and president of asset management Phillip Lee, the firm built its multifamily inventory by converting one-third of its existing office buildings into residential properties and developing the other two-thirds of the projects from the ground-up. Jamison Properties’ initial multifamily projects were focused on Koreatown and those efforts helped revitalize and transform the area into one of Southern California’s hottest markets. Due to its successful Koreatown projects, the company has been involved in many large-scale multifamily projects, including Circa LA, a two-million-square-foot development that encompasses two 35-story towers, spanning 648 luxury residences, in downtown Los Angeles.
KWA CONSTRUCTION The KWA Construction team has built thousands of units across Texas, totaling more than $1 billion in contracted work since its formation in 2004. The KWA portfolio includes a broad range of multifamily projects, including traditional apartment communities, complex urban infill developments, state-of-the-art student housing, low-income housing and luxury senior living facilities. One of the firm’s organizational values is to transform and elevate neighborhoods by building quality homes that are sustainable, while supporting the rapid growth of North Texas. KWA Construction’s ability to deliver quality apartments on time and on budget has attracted repeat clients and garnered it a reputation as a trusted partner with several local and national developers. Led by president Brian Webster, KWA Construction is adept at meeting challenges, such as inclement weather that can slow or halt construction work. For example, lack of drainage and prolonged direct sunlight exposure created challenges at the firm’s project, The Truman. It collaborated with all parties to install a temporary rock base over filter fabric at the project’s fully-enclosed pool courtyard, which provided temporary drainage and allowed the firm’s construction team to continue to work, resulting in saving time. KWA Construction also prides itself on maintaining high ethical standards and providing honest and clear communication with clients. During preconstruction, the company vets every scope item and collaborates with trade experts, and during construction, the firm recognizes that project management is pivotal to ultimate success. KWA Construction works with every project team member to continually identify inefficiencies and improve project execution. The firm’s management teams use forward-thinking, technologically advanced project management solutions to ensure that each project runs effectively and that communication is streamlined to provide the most up-to-date information possible.
LOWNEY ARCHITECTURE Lowney Architecture faces a variety of challenges in its quest to provide forward-looking, climactically appropriate and community-focused solutions to multifamily design. These include pandemic impacts, regulatory red tape and the rising cost of labor and materials. Despite these challenges, the company recognizes the importance of producing housing for all demographics and strives to confront challenges holistically. Founded in 2003 and led by president and CEO Ken Lowney, the firm’s projects span demographics and multifamily product types, including affordable, supportive, student, senior, workforce and market-rate housing in forms of townhomes, walk-up units, and mid- and high-rise developments. With more than a decade of experience in prefab construction, Lowney Architecture is a national leader in modular design. The firm has more than 50 projects at various development stages within the space. The Modular Building Institute has recognized Lowney Architecture on several occasions for its design excellence and dedication to modular building, and in early 2022 it welcomed Ken Lowney as its first board member architect. The company also has a strong urban infill specialty that helps repurpose existing, underutilized space with projects that revitalize and maximize properties where land is scarce and costs are high. Lowney Architecture ensures that every project connects to the local community and enhances the physical, social and environmental context of its surroundings. Whenever possible, Lowney’s multifamily projects include public art and mixed-use components that add vital resources to foster thriving live/work experiences.
LUXURY LIVING CHICAGO REALTY Developers and investors seek out Luxury Living Chicago Realty for its leasing, pricing and renewal strategies, paired with award-winning apartment marketing. Established in 2007 and led by founder and CEO Aaron Galvin, the firm specializes in suburban marketing and leasing assignments, renewal management and multifamily development. Luxury Living Chicago Realty has secured more than $5 billion in capitalized value for owners and serves as the exclusive leasing broker for 35% of all new multifamily developments in downtown Chicago. To date, the company has leased more than 20,000 units and sold 200 condos. In April 2022, Luxury Living Chicago Realty entered the development arena. In partnership with Mavrek Development and GW Properties, the firm is co-developing a mixed-use project in Chicago that will feature 248 residential units, 8,000 square feet of ground-floor retail space, and 41,000 square feet of office space. The firm has been recognized as one of the fastest-growing companies in North America and garnered recognition for its COVID-19 response measures. Between mid-March and late-May of 2020, the company conducted 1,353 showings––91.3% of which were virtual. In 2019, only 3% of the company’s business came from virtual or sight-unseen leases. Luxury Living Chicago Realty’s updated messaging and processes not only aided the company’s 2020 success, but it set a precedent for a path toward future success.
MERIDIAN CAPITAL GROUP Since its launch in 1991, Meridian Capital Group has become one of America’s most active dealmakers and a leading commercial real estate finance, investment sales and retail leasing advisor. The firm represents many of the world’s leading real estate investors and developers and its clients benefit from its long-standing relationships with more than 250 traditional and non-traditional lenders, transactional capabilities and market intelligence across all property types and asset classes. Multifamily loans have historically constituted a substantial component of Meridian’s business. During the past five years, the company has arranged more than $134 billion in financing for multifamily properties nationwide, ranging from individual properties to multi-building complexes and multi-state portfolios with thousands of units. Under the leadership of chairman and CEO Ralph Herzka and president Yoni Goodman, Meridian closed $57.5 billion in financing last year, representing a nearly $20 billion increase from the prior year. Of these 2021 transactions, 82% were for multifamily properties. Mortgage Bankers Association ranked the company ranked as the No. 1 intermediary for multifamily properties in 2020, and No. 4 in 2021. During the past three years, Meridian has arranged more than $100 billion in financing for multifamily properties across the country and it closed more than 9,600 multifamily transactions, with $47.15 billion in financing and 4,250 transactions closed in 2021 alone. Meridian is an active sponsor of Project Destined, which creates career mentorship and internship opportunities for high school and college students nationally.
MLG CAPITAL MLG Capital is celebrating its 35th anniversary this year after coming off its best year ever in 2021. Last year, MLG Capital surpassed $1 billion in acquisitions annually for the first time, encompassing more than seven million square feet of space, including 6,900 units in 37 multifamily properties across 10 states. Founded in 1987, the firm has experienced a decade of unpresented growth since shifting to a diversified fund strategy in 2012, which allowed investors the opportunity to participate in portfolios of real estate rather than individual deals. Not one to sit on its laurels, the firm launched a first-of-its-kind fund last year that offers owners of appreciated real estate assets a passive, tax-deferred and diversified exit strategy by allowing them to contribute their real estate assets in exchange for units in MLG Capital’s Legacy Fund. It is a unique solution in the industry that acquired its first property in February 2021 and has grown significantly to include more than $420 million of property value across 13 states. Led by principal and CEO Timothy J. Wallen, MLG Capital employs nearly 650 professionals via several business lines across the country. Since its inception, MLG Capital and associated entities have had active, exited or pending investments totaling more than 36.1 million square feet of total space across the US, inclusive of more than 31,000 apartment units, with exited and estimated current value totaling more than $5 billion.
MORGAN PROPERTIES Despite challenges facing the sector amid the pandemic, Morgan Properties was determined to continue acquiring properties. In February 2021, the firm bought the North Star portfolio, which included 48 multifamily communities of 14,414 units across 11 states, totaling $1.75 billion. The deal signaled the firm’s entry into five new states and led it to hire 400 new employees. In November 2021, Morgan Properties closed on a $780.5 million acquisition of the Middle Street Partners and Northland portfolios, which included 18 apartment communities totaling 4,724 units. The company closed out 2021, with more than 95,000 units nationwide under its ownership and operations. Founded in 1985 by CEO Mitchell Morgan, the national real estate investment and management company has more than doubled its size within the past few years under the leadership of Jason and Jonathan Morgan. The firm is now one of the top three largest apartment owners in the country. In 2019, Morgan Properties achieved its most active year by acquiring more than $3 billion in transaction volume, including the company’s largest acquisition ever––an 18,000-unit portfolio for $1.9 billion. The months-long, complex portfolio transaction added nearly 95 apartment communities to Morgan Properties portfolio and it brought the firm into new markets and significantly grew its portfolio to 75,000 units. In 2021, the firm was the most active Freddie Mac K-series B-piece buyer upon acquiring eight B-Piece securities across $9 billion in debt with a market value exceeding $400 million.
MOSSER COS. Since it was founded in 1955, Mosser Cos. has become an experienced leader in rent-stabilized urban community housing, specializing in West Coast gateway markets. The company owns and operates boutique mixed-use apartment properties and ground-floor retail spaces in historic and culturally vibrant neighborhoods throughout San Francisco, Oakland and Los Angeles. The firm is led by CEO Neveo Mosser, who started his career in the family business as a janitor and learned every facet of the company through firsthand roles in every department. His hands-on approach has contributed to Mosser Cos.’ continual growth. To this day, Mosser and other family members reside in Mosser apartments; a testament to their belief in the quality and value of the housing that they have invested in for more than six decades. With deep community roots, the company prioritizes its involvement in highly diverse neighborhoods where it can improve affordable housing options for those who live there and offer new opportunities for those that want to relocate or operate a business there. As a long-term sponsor in communities, the team prides itself on being hands-on, active and engaged in supporting diverse and inclusive neighborhoods. Mosser Cos. was acknowledged for its excellence at the San Francisco Apartment Association 2021 SFAA Trophy Awards, which honors the firms, employees and properties that lead San Francisco’s rental housing community. The company also demonstrates its commitment to the environment by upgrading thousands of workforce apartments with water-saving fixtures and energy-efficient appliances. Mosser Cos. also supports Urban Alchemy, a company that cleans up drug paraphernalia and waste from the streets of San Francisco.
NEWPOINT REAL ESTATE CAPITAL Last year, through a collaboration of Meridian Capital Group and Barings, NewPoint Real Estate Capital acquired Barings Multifamily Capital to focus on being a future-oriented financial partner to multifamily investors. The firm’s leadership, including CEO David Brickman and president Jeff Lee, shares a collective view that the industry needs a better way of doing business. The firm has built dedicated production and underwriting teams to support investors in conventional multifamily, affordable housing, seniors housing and healthcare. With more than 16 locations throughout the US, NewPoint is attuned to local market forces and positioned to find opportunities where others see challenges. As one of only a handful of lenders with licenses from Fannie Mae, Freddie Mac and HUD/FHA, NewPoint has a multitude of agency and government-insured loan solutions to match a borrower’s specific needs and can further support clients with a flexible, short-term bridge financing program as an effective solution for investors that are acquiring, rehabilitating or stabilizing multifamily assets. In addition to servicing loans in-house, NewPoint also services a full range of commercial loans on behalf of leading institutions. The company recently celebrated its first anniversary, and the past year has been marked by several significant achievements, including growing its team from 95 professionals to 236 employees, acquiring HHC Finance, and launching a proprietary lending platform, initially focused on bridge lending in the $10 million to $100 million range, and a preferred equity referral program.
ODYSSEY PROPERTIES GROUP Odyssey Properties Group operates 44 properties across 14 states with a total value of more than $1.5 billion. Consisting of 7,217 multifamily units, 1,200 senior housing units and 1.2 million square feet of commercial properties, the Odyssey team offers its investors a diversified portfolio that meets the firm’s criteria in what it views as superior locations. Recently, Odyssey shifted its focus to spearhead the charge on market-rate multifamily investments. In the past year, the firm has closed on eight acquisitions totaling 1,676 units. Founded in 2004, the firm’s operating philosophy is based on locating value-add opportunities––which frequently have complex issues but offer potential to provide superior cash flows and long-term upside for the firm’s investors. Odyssey also embraces a unique end goal of improving each investment to provide a higher level of livability for residents while remaining sensitive to affordability. The firm’s principals personally investigate all aspects of a property, including conscientious underwriting, extensive market research, thorough inspection of construction and deferred maintenance, and understanding the location, community, local demographic and future projections. During the past three years, the firm has remained active despite challenges; completing a total multifamily transaction volume of $588.2 million. One of the firm’s greatest accomplishments during this time has been its expansion into Texas, Arizona and Florida, driven by its value-add and community improvement philosophy.
ONEWALL COMMUNITIES Stamford, CT-based OneWall Communities approaches the multifamily market with vertically-integrated management, rigorous data-driven asset selection and repeatable processes that produce consistent outcomes. The real estate owner, operator and investment firm focuses on transit and lifestyle-oriented multifamily workforce housing in the Northeast and Mid-Atlantic regions. Founded in 2009, OneWall Communities started in the student housing sector before soon identifying opportunities in the senior living market. In 2012, the firm pivoted to multifamily housing and formulated a strategy that has successfully guided the firm’s investments ever since. OneWall Communities has rapidly grown in recent years; acquiring more than 5,500 units since 2018. In 2019, the company closed its largest single acquisition to date totaling $180 million, and since January 2020, it has bought and sold $631 million worth of naturally affordable workforce housing, including the purchase of nearly 2,000 units in the Harrisburg, Baltimore and D.C. metro areas, and the sale of more than 2,400 apartments in Essex County, NJ. Rather than buying and developing luxury housing in urban centers during the pandemic, OneWall Communities focused on acquiring low-risk assets at favorable prices, adding operational and financial value and generating excess risk-adjusted returns. The company was also early to the workforce housing investment market by buying well-located suburban assets below replacement costs and investing capital in amenities and renovations.
PRESIDIUM Presidium has a very specific market in mind for its multifamily endeavors. The firm invests in markets that have higher job growth rates, a preponderance of higher paying jobs, greater population growth and lower unemployment rates compared to the national averages. The firm manages a nationwide portfolio valued at $2.5 billion assets under management and it has expanded from a focus on the Dallas market into 11 new markets, while building more than 60 communities nationwide and creating sustainable housing for thousands of Americans. Under the direction of co-founders and co-CEOs John Griggs and Cross Moceri, Presidium has generated returns from its projects exceeding 30% IRR on more than $1 billion of realizations and improved more than 10,000 apartment units. Presidium’s offerings include acquisitions, development, property management, asset management, construction, law, finance, accounting and public-private partnerships. With its focus on sustainability, the firm has prioritized installing sustainable amenities in its developments, including aerating/low flow devices to reduce water consumption, LED fixtures and solar installations to reduce electricity consumption and solar car charging stations. In total, the firm has installed three megawatts of solar and saved more than 118 million gallons of water annually. Presidium launched a development arm in 2016 that has since grown a new development pipeline of more than 25 million buildable square feet.
QUINN RESIDENCES Established in 2020, Quinn Residences entered the build-to-rent market at the onset of the pandemic and it has remained aggressive since then. In 2022, Quinn Residences tripled its portfolio to more than 3,000 homes in varying development phases across five states. The firm also recently raised more than $905 million dollars of equity; nearly quadrupling its original goal of $250 million. Since its inception, the Atlanta-based firm has acquired and developed units across 22 communities in North Carolina, South Carolina, Georgia, Florida and Tennessee. The firm entered the Tennessee market this year with the acquisition of The Guild in Chattanooga. Under the leadership of CEO Richard Ross, the institutionally-backed real estate operating company focuses on acquiring, developing and operating well-located, purpose-built, single-family rental homes. The company offers class A multifamily amenities, while also allowing residents to have their own space with backyards and detached homes. Each home is equipped with SmartRent technology, which allows property managers to monitor vacant unit activity and residents to control their smart devices through an app. Quinn Residences is also adding solar panels to its communities and providing electric vehicle charging stations. As a part of its community outreach efforts, Quinn Residences offers a program that provides rental discounts on newly built homes for active and retired military personnel and hometown heroes, such as nurses, doctors and teachers.
RESIA Resia, formerly AHS Residential, is hoping to impact the US housing crisis by focusing on a particular group of Americans––the 12 million American households that currently spend more than half of their income on rent. The vertically-integrated real estate company specializes in developing, building and managing quality multifamily communities across the US. Founded in 2012, Resia is led by president and CEO Ernesto Lopes. A key to Resia’s accelerated growth is its modular construction approach, which enables the company to build apartment communities 30% to 40% faster than traditional methods, resulting in cost savings that are passed on to residents. The firm’s proprietary construction techniques have been refined and improved for more than a decade and they enable Resia to build high-quality, weather-resistant concrete buildings in under a year. With support from its parent company, MRV, Resia has been rapidly expanding. The firm is purchasing land for development in major markets throughout the Southeast and it has more than doubled its workforce in the past two years. Resia currently has more than 5,000 units under development in fast-growing metros across Florida, Texas and Georgia, and it has plans for developments for Colorado, Washington D.C. and Arizona. The firm’s communities appeal to renters across the spectrum, from young families and working millennials to small business owners, entrepreneurs, empty nesters and active seniors. The Builders Association of South Florida recently recognized Resia as builder of the year.
RET VENTURES During the past five years since its inception in 2017, RET Ventures has been on a mission to drive innovation and improve technology in the multifamily and single-family rental industries. The firm is an industry-backed, early-stage venture fund that is strategically focused on cutting-edge technology for multifamily and SFR rental real estate. RET Ventures’ strategic investors own a collective 9,000 apartment communities and 137,000 SFR units across the US and Canada, which well-positions the company to keep its finger on the pulse of the market and the industry’s inefficiencies. Access to this knowledge base allows the firm to identify which PropTech companies are best positioned to improve processes across the multifamily sector. Ultimately, RET Ventures brings together entrepreneurs and the institutional owners and operators that power the $7 trillion multifamily and SFR industries to drive innovation and create a better, more efficient and more sustainable housing sector. During the height of the pandemic, RET Ventures identified self-leasing as an accelerating trend and several of the firm’s portfolio companies were instrumental in streamlining the rental process and implementing safer best practices for consumers and leasing agents. Some of these investments included SmartRent, a smart lock and smart home automation platform; CheckPointID, which provides identity verification prior to a tour; Engrain, a property mapping technology that helps guide users around a property to find appropriate areas; and Funnel, a CRM tool that facilitates online leasing. Since 2019, RET Ventures has invested in 20 technology companies that serve the multifamily, SFR and short-term rental space and it has provided these technologies with the capital and support needed to scale and refine their solutions.
SABAL CAPITAL PARTNERS LLC, A WHOLLYOWNED SUBSIDIARY OF REGIONS BANK Sabal Capital Partners provides both educational background and real-world finance solutions designed specifically to draw attention to the US housing affordability crisis and to help maintain the nation’s existing affordable and workforce housing stock. Sabal is a nationwide commercial real estate lender that has originated nearly $6 billion in financing and maintains a $5 billion servicing portfolio. Launched in 2008, the firm’s leadership team includes group head of real estate capital markets project finance at Regions Bank Troy Marek, head of agency lending Ed Hussey, chief credit officer Sarah Suther, head of business development and term loan production Jason Hull, chief fulfillment and servicing officer Vartan Derbedrossian, and sizing manager John Maalouf. The company’s leaders have authored numerous white papers, industry articles and company blogs, as well as spoken publicly on the topic of affordable housing, and the firm dedicates a significant portion of its loan programs and pipeline to finance affordable and workforce properties across the US. Sabal is also widely recognized for advancing the multifamily finance sector from a fintech perspective. The company architected SNAP, an innovative and proprietary technology that both powers and optimizes the firm’s loan origination and servicing functions and processes while enhancing the borrower experience. Sabal, along with parent company Regions Bank, which it joined last year, is a prolific lender partner to Fannie Mae, Freddie Mac, FHFA and USDA, as well as to the US Department of HUD; providing a wide range of loan offerings serving the spectrum of multifamily borrowers, asset types and sizes. The company also hosts its own loan programs, including a CMBS conduit program that finances multifamily properties nationwide.
SANDS COS. Founded in 2014, Sands Cos. was a pioneer in the development concept of building deconstructed apartments. The firm initially focused on delivering a unique product to its home base of Myrtle Beach, SC and then expanded to markets throughout the Southeast and beyond. Its debut detached, horizontal apartment project, ISLE Cottage Apartment Homes, is a 99-unit community that served as a case study for future Sands Cos. developments and proof of concept for investors and capital markets. During the past three years, Sands has dramatically expanded its portfolio from a single development to more than 2,000 units. Led by president and partner Joe Morrison and VP and partner David Wilkes, the firm has an in-house construction arm that allows it to ensure workmanship and craftsmanship on projects as well as on-time, on-budget completion. Sands Cos.’ model delivers horizontal, detached cottages within spacious communities that feature many exclusive amenities. The company’s Seaglass Cottage Apartment Homes in North Myrtle Beach exemplifies the company’s strategy to redefine the SFR genre. The entire community was meticulously planned with homes that purposely face each other, with parking in the rear to encourage walkability throughout the neighborhood. The groups of homes each have their own outdoor amenity to enjoy, such as a courtyard garden, fire pit or lawn games, and they feature carefully thought-out landscaping, with more than $1.2 million spent on lush and fully-grown flowers, greenery and trees at the community. During the past year, Sands Cos. has hired 20 new employees and it moved into its brand-new headquarters, which is more than double the size of its previous office.
STEINBERG HART Steinberg Hart is breaking new ground in Los Angeles by designing micro-housing projects and developing the first tommie brand hotel in the city. The international architecture, interiors and planning firm is focused on creating human experiences and designing spaces that define the relationship between clients and their environment. Through an idea-driven, results-oriented design practice, the firm aims to create new models of housing without parking for middle-income residents in urban areas. Its project at 1317 S. Grand features 147 studios, including 130 market-rate units and 17 extremely low-income, rent-restricted units. The company is currently working on the design and development of multiple urban mixed-use projects in central Texas with developers such as Morgan Group, PlaceMKR, and Townbridge Capital. Founded in 1953 and led by president and CEO David Hart and managing partners Douglas Moss, Dan Stewart, Asheshh Saheba and Simon Ha, the firm has built a diverse and talented team that works collaboratively across seven offices. Its team members challenge one another to develop designs that build community, enhance business, support learning and connect people with place. The firm holds an annual giving drive that benefits nonprofit organizations that work to raise up underrepresented communities of color. Since 2020, the firm has collectively raised nearly $60,000 in support of organizations such as Community Coalition, ACE Mentorship, Girl’s Garage and Second Harvest of Silicon Valley.
THE PRAEDIUM GROUP The Praedium Group identified tailwinds supporting suburban growth markets, including job growth, before many institutional investors looked at the suburbs, and it focused its investment strategy on markets with strong in-migration. This research-backed thesis has positioned Praedium as a leader in the multifamily sector, where it has successfully remained active for more than three decades. Founded in 1991 as a diversified manager, Praedium has evolved into a firm focused on multifamily properties in suburban growth markets, primarily in the South and West. The firm is led by founding principal Russell Appel, Praedium demonstrates thought-leadership within the sector by publishing research that focuses on domestic migration patterns, municipal fiscal stressors and demographics. During the past 31 years, Praedium has established a series of 10 private equity vehicles that have completed more than 390 transactions, representing $12 billion of gross invested capital, including more than 60,000 market-rate multifamily units and more than 47 million square feet of commercial space. At the onset of the pandemic, the firm shifted its property operations and leasing efforts to protect residents while still providing crucial resident services during government-mandated shutdowns. The company also continued value-add renovations and amenity additions with a focus on the health and safety of residents and on-site personnel. Praedium is committed to incorporating ESG and DEI factors into its business and investment processes. The firm signed the UN-supported Principles for Responsible Investment in 2022, and it has started reporting sustainability measures at its properties to GRESB.
THEGUARANTORS TheGuarantors provides insurance and financial products aimed at improving renting accessibility and protection for rental owners and operators across the US. With rents hitting record highs nationally, the firm believes its work is more critical now than ever. TheGuarantor’s tenant default protection Lease Guarantee product acts as an insurance policy and eliminates the risk of default for owner/operators while opening doors for renters. The firm’s Security Deposit Replacement product allows renters to pay a non-refundable fee to purchase a security deposit replacement at a cost lower than the cash deposit otherwise required by an owner. Since its founding in 2015, TheGuarantors has helped hundreds of renters and has partnered with more than 1,000 owners and operators to guarantee more than $1.5 billion in rent and security deposits, and it has also retained 99% of the landlords who have used its services. The company has invested years into developing proprietary, state-of-the-art, AI-based underwriting technology that assesses and identifies renter risk and takes into account more than 1,000 data points. The technology allows the company to predict renter default with an 85% accuracy rate. Within the past three years, TheGuarantors has experienced explosive growth. It completed its series B funding round with $15 million in 2019 and it has also expanded its international footprint by opening its first office outside of its New York headquarters in May of 2020 with an engineering and development outpost in Montreal. In Q1 of this year, TheGuarantors launched its own captive insurance company, making it the first venture-backed company in its category to insure its own risk.
VERIS RESIDENTIAL In December 2021, Mack-Cali Realty Corp. and Roseland Residential Trust joined together to form a single entity with a commitment to become a socially-conscious REIT that primarily owns, operates, acquires and develops holistically-inspired class A multifamily properties. In celebration of this decision, the firm announced its rebranding to Veris Residential and formally launched Embrace by Veris Residential, its ESG program. While initiating this transformation, Veris Residential continued its focus on quality resident experiences, with an average asset age of only six years and an average monthly rent that is $500 higher than its competitors. Five of its properties made it to the national ORA 1%, and its Capstone addition ranked 42 nationwide. The company also ranked among the top 25 companies in Division IV for online reputation in the 2021 Division ORA Power Ranking. Among its notable projects is the Port Imperial neighborhood, which was once the site of abandoned rail yards and has undergone a radical transformation during the past 30 years, largely due to the work of Veris Residential. The firm brought in 15 new buildings, including two recent developments––a 360-unit luxury building The Capstone, which was fully stabilized at 95% capacity in just eight months, and RiverHouse 9, which stabilized in just six months. Both buildings received LEED certifications. Founded in 1997, Veris Residential’s executive team includes CEO Mahbod Nia, CFO Amanda Lombard, COO Anna Malhari, chief investment officer Jeff Turkanis, SVP and head of sustainability and ESG Karen Cusmano, and SVP of marketing and communications Nicole Jones.
VILLAGE GREEN To ensure renter and owner satisfaction, third-party property management company Village Green constantly keeps a pulse on best practices within the property management division and challenges its team to think outside the box to improve efficiencies and strengthen its relationships with renters. This includes launching and adopting new technologies and conducting pilot programs to enact positive change across the industry. In business for more than 100 years, the firm is currently led by CEO Diane Batayeh, EVP of marketing and brand loyalty Ashley Sinclair, VP of people services Lee Ann Varner, and EVP and controller Dennis Czuchaj. In the past three years, Village Green has added 117 properties to its portfolio, encompassing 24,225 units and including 33 new lease-up assignments. In the past 12 months alone, Village Green has experienced significant growth with the addition of 44 new properties and seven new lease-up assignments, resulting in more than 10,175 units added to its portfolio. While expanding its physical footprint throughout the US, the company simultaneously enhanced its tech stack to automate and streamline operations and elevate the rental experience. This investment in technology allowed the team more time and energy to focus on communities, which in turn helped elevate the renter experience for residents. Among the technologies unveiled was the digital platform LeaseTrack, a renters insurance program built to ease the burden of enforcement from its property managers to ensure all residents are in compliance. Other digital offerings include SightPlan Maintenance Management Software, VGDash Business Intelligence and Data Analytics Platform, and a customized ownership dashboard platform. A point of pride for the company is that many of these technological advancements were created by its internal team of technology experts.
WOODMONT PROPERTIES Since its founding in 1963, Woodmont Properties has been at the forefront of the nationwide movement toward lifestyle-oriented multifamily properties, focused on transit-oriented residential communities in New Jersey, New York, Pennsylvania and beyond. Woodmont Properties has developed, built and managed more than 5,000 apartment units and it plans to develop and build an additional 3,000 units in the next three years. Led by CEO Eric Witmondt, VP of property management Louis DeVos, VP of construction Howard Irwin, chief investment officer David Trager, EVP and general counsel Stephen Santola, and EVP and director of development Steven M. Varneckas, Woodmont Properties manages all aspects of the development process with an in-house team, from acquisition and planning to construction and leasing. The firm also self-manages its communities. The company has continued to thrive and has celebrated several successes during recent challenging times. Most recently, the company opened The Waterton, a luxury rental apartment community in Secaucus, NJ, developed in partnership with Canoe Brook Development and PIRHL, and within two months, the community was already more than 50% leased. In early 2022, the company broke ground on a 120-unit luxury apartment community in Independence, NJ, which spans an 11-acre property. Woodmont Properties has been recognized as a top workplace and is committed to the professional development of its employees.
ZRS MANAGEMENT Stand-alone third-party management company ZRS Management LLC manages more than 60,000 units for various institutional clients, partnerships and individual owners across seven states. Led by Steve Buck, CEO; Darren Pierce, president; Luanne McNulty, SVP for Texas; Jackie Impellitier, VP; Jeremy Brown, director of marketing; and Seth Otey, VP, the firm holds extensive experience managing quality garden-style apartments, urban mixed-use projects, fractured condominium projects and luxury high-rise buildings. The company has grown almost entirely through recommendations from existing clients. Since its inception in 2010, ZRS Management has demonstrated the ability to find new opportunities for its clients, including seeking out new ways to run properties more efficiently and ensuring its communities remain stable for the long term. ZRS Management prides itself on staying ahead of the curve and anticipating the needs of clients. The company has experimented with different ways of doing business, including requiring a 12-month commitment from the owner on all management agreements; something other management companies do not generally require for fear of losing business. During the past few years when many companies reduced marketing spend, ZRS Management increased the amount it spent to market its companies and properties that it manages. ZRS Management’s success and client approval led NMHC to rank the firm 27th on its 2022 NMHC 50, the annual ranking of the nation’s largest apartment owners, managers, developers, builders and syndicators.