Influencers in Multifamily | GlobeSt

These are interesting times for multifamily. Once the golden child of the CRE family, it still is considered to be a long-term favorite. But the short-term is fraught with problems. A supply pipeline that is reaching a 50-year high. An interest rate regime that has made refinancing harder and cut margins. A rental growth rate that is slowing, in some cities, dramatically. Navigating this environment for the past year has not been easy and the men and women who have made this particular sector their careers have had to muster all of their skills and knowledge to do so. In the following pages you will read about the people, teams and companies that have made their mark on multifamily in the past 12 months by not only fielding these issues but also figuring out how to thrive in what has become a difficult environment. We hope you enjoy their stories.

INDIVIDUALS

KENNETH BACON The theme of Kenneth Bacon’s career has been to consistently and conscientiously give back, as evidenced early on when he left a lucrative position for an opportunity that allowed him to help others. After graduating from Harvard Business School, Bacon spent three years working on Wall Street, but he left that job to join Fannie Mae, where he felt he could genuinely help people. After a long career at Fannie Mae, where he tripled the portfolio to $195 billion during his 12-year tenure as EVP, Bacon retired. But he wasn’t finished giving back. Along with two partners, he co-founded RailField Partners in 2013 and today serves as a managing partner. The company’s mission was to look for affordable housing opportunities in working-class communities, improve neighborhoods and provide quality, affordable housing opportunities. Since its launch, RailField has attracted top institutional investors like Citibank and GCM and was one of only five investment firms nationally chosen by Citibank as part of Citi’s Action for Racial Equity, which seeks to increase investment capital to Black investment managers focused on preserving workforce and affordable housing across the country. At RailField, Bacon identifies financing sources and regularly connects with leaders in the investor community, leveraging his longstanding relationships developed during four decades in the industry. In addition, Bacon helps a variety of charities, mentors young people and serves on several boards. One charitable organization he is particularly passionate about is Martha’s Table, a nonprofit operating nationally accredited education programs and pairing healthy food access with mental and physical health services. As a charity that moved to Washington D.C.’s poorest neighborhood intentionally, it provided 1.6 million meals to families in 2021. Bacon has been a board member for the past seven years and is the organization’s current chair.

RON BALYS SVP of capital markets Ron Balys is one of Marcus & Millichap Capital Corp.’s top originators. He has closed more than 370 transactions totaling $1 billion in volume in the past three years, placing him among the top 10 nationwide within the firm. Balys has been with MCC for more than a decade, including six years in his current role. He is responsible for placing permanent and bridge debt for all asset classes nationwide with a focus on California. His most notable transaction was a recent closing consisting of a $38 million multitenant retail center in Santa Ana, CAF. His team locked in a rate of 4.9% with no prepayment penalty and a 30-year amortization during the height of recent economic turmoil and was able to hold all terms as promised. Beyond simply signing and closing deals, Balys considers each deal on an individual basis and strives to understand the client’s goals while finding 5-10 lenders with options that best fit the scenario. He typically closes with 30 different lending sources on average each year. Balys is described as a remarkable leader with an unwavering sense of integrity who values client relationships first and foremost. Last year, Balys closed 151 transactions, 89 of which were in the multifamily sector, and most were in California, where he maintains a strong presence. His transactions range from $1 million to nearly $20 million, facilitated by close relationships he has built with a wide variety of individual capital sources. Balys is a willing teacher to newer originators inside and outside the office and makes it a priority to be home for dinner every night with his wife and their son, Brady.

EVAN E. BLAU As chair of Cassin & Cassin LLP’s agency lending and affordable housing practice, Evan Blau has emerged as one of the most sought-after legal counselors to multifamily affordable housing lenders. Blau and the Cassin team represent nearly every major agency lender for both Fannie Mae and Freddie Mac. Under Blau’s stewardship, the practice has worked on more than 2,400 Fannie Mae and Freddie Mac transactions during the past two years. For the past several years, he has also served as lead counsel for a variety of Fannie Mae and Freddie Mac lenders who are originating loans in connection with the New York City Housing Authority Rental Assistance Demonstration (RAD) conversions whereby public housing units are converted into long-term affordable units privately held for the purpose of substantial rehabilitations. He has deep knowledge of many facets of low-income housing tax credits, tax-exempt bonds, Section eight and housing assistance payment contracts, including a variety of federal and state affordable housing and community development programs. In addition, he has significant experience representing public housing authorities and governmental authorities, working with both for-profit and nonprofit borrowers and developers in commercial real estate transactions. Prior to joining Cassin, Blau served as in-house counsel for the New York City Housing Authority, spearheading affordable housing deals and other economic development initiatives through its Real Estate and Economic Development group. He is a member of the Freddie Mac Multifamily and Fannie Mae DUS Legal Advisory Councils and is active with several industry organizations, including NMHC, Mortgage Bankers Association, Mortgage Bankers Association of New York, Young Mortgage Bankers Association and the New York State Association for Affordable Housing.

GERI BORGER URGO Geri Borger Urgo joined Freddie Mac Multifamily as an underwriting analyst in 2006 and quickly rose through the production ranks. Under her leadership, Freddie Mac Multifamily’s aggregate Southeast loan volume tripled from $7 billion in 2014 to $21 billion in 2019, the year she became the youngest VP ever appointed within the organization when she was named VP of production and sales for the Northeast and Southeast regions. In 2021, Borger Urgo joined the inaugural leadership team at NewPoint Real Estate Capital as head of production, a role in which she works to expand the finance platform’s originations prowess. Within a year, she had tripled the size of the firm’s agency and proprietary lending-focused originations team, and under her guidance, NewPoint originated nearly $6 billion in volume last year, a 1,000% increase compared with the 2020 volume of the predecessor firm. She is described as a charismatic, smart and poised leader with a deep knowledge about how to get financing done and how to make deals work. She is credited with helping create a culture at NewPoint that is competitive and deal-focused but also fun. Borger Urgo’s responsibilities include hiring and managing NewPoint’s national originations team; representing the firm and building relationships with borrowers, brokers and correspondent partners; and working closely in the process of financing and getting deals done. She is a frequent participant on industry panels, where she is often the youngest panelist and only woman, and a regular contributor to industry trade publications and thought-leadership pieces. Among her notable achievements, she points to running Freddie Mac Multifamily’s conventional production efforts from her home with two young children, who were frequent contributors to Zoom meetings, during COVID-19. She kept a clear head, ensuring that her family unit stuck together and her staff had the support they needed to thrive during trying times.

SHEA CAMPBELL With two decades of industry experience, including two in his current role, Shea Campbell leads CBRE’s Southeast capital markets group as vice chairman and managing director of the firm’s Southeast multifamily group. Under his leadership, the group closed $5.2 billion in multifamily transactions last year, including $3.6 billion in the Atlanta metro area. Campbell’s responsibilities include business origination and execution of high-profile investment sale assignments across the Southeast. Campbell and his team represent institutional and high-net-worth investors in the disposition of multifamily properties across the region. He also is a multifamily thought-leader and has provided insights and interviews for numerous publications. As the multifamily market has become somewhat of a safe haven for investors in recent economic turbulence due to a steady income stream, Campbell has provided expertise and guidance to new investors interested in the market. During the past three years, Campbell helped lead and execute a number of multifamily portfolio sales, some in excess of $1 billion for clients across the Sun Belt region. Most recently, he helped close on a nearly $150 million high-rise apartment complex in Atlanta. He has been recognized as a Top 10 investment sales broker in Atlanta for the past four years. Outside of the office, he has served on the board of directors for Open Doors Atlanta, an organization aimed at providing unique solutions for homelessness. Campbell also actively volunteers for the Atlanta Apartment Association and coordinates the organization’s bi-annual Apartment Market Outlook conference. As part of his responsibilities with this conference, Campbell helps organize speakers and content and also provides a capital markets overview.

KELLI CARHART Recently appointed to serve as CBRE’s executive managing director and leader of multifamily capital markets in the US, Kelli Carhart leads the firm’s multifamily platform that combines investment sales and financing as well as investment banking into a fully integrated service offering. She oversees CBRE’s multifamily growth strategy and continued expansion of its multifamily business nationally. CBRE was the intermediary for more than $76 billion in multifamily engagements in the US last year and has been the top firm for investment sales activity in the sector since 2001. Carhart has two decades of experience. Colleagues say she has an expert understanding of the sector and deep relationships with capital sources, allowing her to provide leadership and create real-time market connectivity. In her first year overseeing the multifamily debt platform, the multifamily team had its second-best year on record at $35 billion. Carhart is a frequent panelist for national conferences including MBA, NMHC and Multifamily Executive. This year, she was invited to join a ULI multifamily council, which will be her first as a ULI council member. In addition, she will represent CBRE on the NMHC executive committee. Carhart has been active in several of CBRE’s focused efforts including its women’s network and the working parents collective. As a relatively new parent, she continues to learn how to thread the needle professionally and personally.

LENI M. CUMMINS Since joining law firm Cozen O’Connor in 2015, Leni Cummins has built a sophisticated condo/co-op group from scratch and now chairs the firm’s condominium and cooperative practice. Cummins and her team represent prominent New York City-based condo/co-op boards and sponsor-developers in transactions, disputes, development projects and corporate governance matters. In a historically litigious and confrontational legal field, Cummins emphasizes practical settlement solutions, reasoning that litigation can result in poor publicity that negatively impacts property values, loan applications, investor relations and opportunities for future financing. She finds alternatives to litigation by identifying each party’s core interests and negotiating mutually agreeable solutions. For instance, when resolving multimillion-dollar construction defect claims, rather than demand cash payments that cut into sponsors’ net profits, Cummins pioneered the use of “exchange of property” settlements, which allow developers to monetize the value of parking spaces, superintendent units or air rights as indirect compensation to condo/co-op boards. In an example of her recent work, Cummins negotiated a settlement on behalf of the board of an iconic luxury condominium with international architectural significance with the owner of a $30 million-plus unit in the building. This owner had added a non-approved large outdoor pergola, marring the building’s exterior. Cummins designed a creative tri-party settlement through which the retrofit was removed at no cost to the board and the architecture firm that designed the building redesigned the outdoor space with an aesthetically suitable pergola. This settlement kept a potentially high-profile dispute out of court and out of the public eye. In addition to her role as practice group chair, Cummins holds several firm-wide leadership positions. She is currently the youngest member of Cozen O’Connor’s board of directors and chair of the shareholder nominating committee.

LAWRENCE H. CURTIS WinnDevelopment president and managing partner Lawrence Curtis, a developer and trained architect, has spent his career working to create affordable and workforce housing, rehabilitating historic developments and advocating for policies that address homelessness. Since 1987, he has led a full range of real estate development and acquisition activities, playing an instrumental role in helping the company grow from 3,000 units when he joined to the more than 105,000 units currently under management in 23 states and the District of Columbia. Under Curtis’ leadership, WinnDevelopment has converted 42 historic structures in seven states into more than 5,000 units of apartment housing. In 2012, he co-founded Boston nonprofit New Lease for Homeless Families to provide a clearinghouse of affordable housing units for families staying in state-funded shelters and motels throughout the state. New Lease has housed 478 families in partner developments. As a member of the board of directors of WinnCompanies, Curtis was part of the leadership that implemented the company’s housing stability program, which proactively works with tenants to avoid financial hardship evictions. Since March 2020, the effort has helped more than 55,000 households avert eviction for nonpayment and accessed more than $55 million in emergency rental assistance. In 2019, he created the WinnDevelopment Energy and Sustainability Division, which is a leader in the affordable housing industry in green construction practices, including the adoption of passive house standards in almost all new developments. In the past two years, these efforts produced 10 million kWh of solar power, saved 13 million gallons of water, and diverted 3,500 tons of construction waste from landfills. Next year, he will become a lecturer in the Master of Real Estate Program at Harvard’s Graduate School of Design, where he earned his master’s degree in architecture 40 years ago.

PAUL DOOCY With more than four decades of experience in the multifamily industry, CP Capital US co-head Paul Doocy has solidified himself as an industry thought-leader with a deep understanding of the market, long-standing relationships with industry professionals, and a proven ability to create value for investors. Doocy has been instrumental in CP Capital’s growth and its strategy of targeting opportunistic and value-add rental apartment investments in US growth markets. Under his leadership, the firm’s investment portfolio has grown to more than 70,000 residential units, 21 million square feet of commercial space and more than 230 realized multifamily fund investments. His skill at building meaningful relationships with many of the country’s top real estate developers has resulted in numerous repeat partners. Doocy has weathered many storms in the industry, including the 2009 financial crisis, when he encouraged his team to expand rather than pause, venturing into new asset classes like office, retail and the low-income housing tax credit space. This experience has been helpful in navigating subsequent headwinds and tailwinds. In his role, Doocy jointly manages the day-to-day operations of the business, implements the firm’s strategic initiatives, and is responsible for the overall strategy of the company as part of the senior management team. He sits on the firm’s investment committee and is instrumental in building strong investor relationships. Throughout the past three years, Doocy has played an integral role in helping the firm finalize 10 new joint-ventures with leading development and management partners, including White Oak, a joint-venture with the NRP Group that will bring 390 units to Silver Spring, MD; Azola Avery Centre, a joint-venture with Zom Living that will bring 359 units to Round Rock, TX; and Thayne, a joint-venture with Greystar Real Estate Partners that will bring 288 units to Brighton, CO.

ALEXANDRA EICHNER When Alexandra Eichner joined Continuum Co. four years ago, she volunteered to lead the company’s effort to re-enter the South Florida market. Previously, Continuum developed its South Beach property, one of the most successful luxury condominium projects in Miami, but it had not developed anything in the market in more than two decades since then. As president of Continuum Florida, Eichner’s goal is to bring New York sophistication and style to projects in undervalued neighborhoods. Under her leadership, the firm has helped revitalize Bay Harbor Islands in Miami, introducing La Baia condominiums to the area. She also is working on the transformation of the residential neighborhood North Bay Village, and she recently secured approvals for Continuum’s third residential development, a 31-story tower with a complicated workforce housing component. She oversees the development of one million square feet of residential real estate in South Florida, totaling more than $600 million in sales. Eichner leads a team of three full-time employees and more than 20 consultant teams. Her responsibilities include making decisions on entitlements, architecture and design, go-to-market strategy and everything related to sales and marketing in Florida. Colleagues say she is constantly growing and learning through her compassionate and engaging attitude, leading to a positive environment for her team and allowing them to flourish. She also believes communication is key and respects everyone’s perspective on development questions and situations. Eichner is on the advisory board of ULI Southeast Florida/Caribbean. She also is an active player in her community and seeks to give back where she can, including supporting both ASPCA and Ace New York, a nonprofit that provides job training to New Yorkers with a history of homelessness, incarceration and addiction.

DAVID FERBER After achieving top status as a multifamily broker at a large, publicly traded firm, David Ferber joined Matthews Real Estate Investment Services as an associate AVP and director earlier this year. Ferber, who specializes in Hudson County, NJ, has been directly involved in $250 million in transaction value and more than 1,200 units in volume during his nearly four years as a broker. In just under six months at Matthews, Ferber has already closed almost $25 million in transaction volume, even with transaction velocity down 70%. His current pipeline with listings and under contracts includes more than $100 million in deal volume. Ferber is a licensed CPA and started his career in the real estate tax department at Ernst & Young. This understanding and passion for numbers and the debt markets have given him an edge as a broker, allowing him to better price deals and negotiate for clients. In his latest role, Ferber actively engages in client meetings and conducts site visits, promotes existing property listings, identifies potential buyers and sellers, and communicates with relevant third parties throughout transactions. Because of his local specialization, Ferber is often the sole broker representing the seller and procuring the buyer on transactions, which results in a strong ability to get deals to the finish line. Ferber is active in local charitable organizations, giving 10% of his annual earnings to different charities each year. He also actively participates in Matthews’ corporate social responsibility program and supports several nonprofit organizations such as Together We Rise, Support Our Troops and St. Jude’s Children’s Hospital.

BILLY FOX Billy Fox started his career as an intern at MLG Capital nearly 10 years ago while pursuing a bachelor’s degree in accounting and real estate from the University of Wisconsin-Madison. He joined the firm as a private equity associate after graduation and immersed himself in the analytical review of private real estate investments while pitching the company on investment opportunities. Since then, he has risen through the ranks at the company and now is an SVP and a member of the firm’s operations, valuation and investment committees. Fox played a critical role in making 2021 and 2022 the most successful years yet for the firm when it exceeded $1 billion in acquisitions in both years. Last year, the firm acquired more than 7,100 multifamily units and 1.8 million square feet of commercial space in 14 states. With his strong accounting and tax background as a CPA, Fox also was instrumental in launching and leading the day-to-day efforts of MLG’s Legacy Fund, which offers owners of appreciated real estate assets a passive, tax-deferred and diversified exit strategy by allowing them to contribute their real estate in exchange for units in the fund. Its first acquisition was in February 2021, and it has grown significantly under Fox’s leadership. Today, it exceeds $1 billion in assets, including interests in 81 properties across 17 states that encompass more than 13.8 million square feet and around 14,500 multifamily units. Colleagues describe Fox as smart, talented and hardworking, with a true passion for real estate. While much of his time outside of work is spent caring for his two young children, Fox also participates in charitable initiatives through the MLG Cares program, which has served more than 30 nonprofit organizations in the Milwaukee area through volunteer hours and corporate sponsorships.

STEPHANIE FUHRMAN Entrata SVP of corporate development Stephanie Fuhrman has long been interested in pushing the multifamily industry toward innovation and greater use of PropTech solutions. As an active property tech investor and advisor, she has been instrumental in positioning companies to employ scalable real estate technology platforms. In her current role, she provides leadership and expertise in the company’s efforts to expand its geographical footprint, improve its existing solutions and develop new technologies for the rental-housing industry. Fuhrman also was an Entrata customer for years before joining the company, during which time she provided invaluable feedback and insight to help the company optimize its offerings, and as a veteran of multifamily operations with a wide array of relationships across the industry, she is able to provide insights into how Entrata’s existing solutions can be improved as well as new solutions the company can develop. Prior to joining Entrata in 2022, Fuhrman led several facets of asset and corporate operations for Catalyst Housing Group and served as the managing director of global innovation for Greystar. Fuhrman is currently a strategic advisor to Flex, an app that allows residents to pay their rent on a schedule that is aligned with their cash flow, and Tailorbird, a software that reduces the time it takes to make renovations to multifamily properties. Previously, she was a board member and advisor to STRATIS IoT, a provider of smart-home solutions for apartment communities. She is a member of the board of directors for the Immigration & Refugee Community Organization, headquartered in Portland, OR.

ROBERT GAULDEN A 15-year veteran of the security industry, Robert Gaulden is focused on developing strategy, channels and PropTech partnerships for the multifamily market, bringing a unique perspective on the role of technology in delivering a holistic experience for owners, developers, property managers and residents. Gaulden is Allegion’s go-to-market director for multifamily access. His passion for multifamily led him to start the “Solving for Multifamily” podcast last year to discuss the market and highlight companies and individuals solving the multifamily industry’s pain points. The podcast, which features insights from experts at leading PropTech and multifamily companies, educates property managers and owners about how to increase revenue, improve efficiencies and deliver a better resident experience. Since its launch, the podcast has published 10 episodes and amassed listeners across the multifamily, security and PropTech industries. This year, Gaulden played an integral leadership role in launching Zentra, Allegion’s new brand focused on access solutions for multifamily properties. Zentra was created to provide simple, smart and secure property access using a single software platform with integrated hardware and support services to enhance back-end efficiency for property managers and improve the overall resident experience. Gaulden is developing and nurturing PropTech partnerships to enhance Zentra’s integration opportunities and working closely with property managers and owners to uncover their tech stack needs, pain points and use cases while increasing awareness of Zentra. Gaulden is an active contributing member of both the Real Estate Technology Alliance and the Security Industry Association’s PropTech advisory board. He is also an associate for Allegion Ventures, Allegion’s corporate venture fund, and is an active volunteer in his local community.

CLAY GRUBB This year, Grubb Properties CEO Clay Grubb will celebrate the 60th anniversary of the company his father founded as a regional homebuilder in North Carolina focused on making housing accessible to those who have been shut out of homeownership through redlining and other discriminatory practices. Grubb started in the family business by collecting mortgage payments from borrowers. This personal contact gave him a look beyond the bricks and mortar of building houses to the impact housing had on real people. Recognizing the need for an unconventional housing model that appeals to Millennials, Grubb pioneered a new approach to urban multifamily housing the company calls “essential housing,” targeted to residents in the middle of the income spectrum. The firm’s Link Apartments brand exemplifies the essential housing concept, filling the gap between affordable housing and luxury apartments that currently dominate. Using innovative construction, design and permitting strategies, Grubb offers market-rate apartments affordable to those earning between 60% and 140% of the local median income. One of those strategies revolves around parking, which can be a barrier to affordability, according to Grubb. He has been vocal in his opposition to parking minimums, and Grubb has devised new models to more efficiently utilize parking. An avid biker, Grubb has also been a strong advocate for alternative transportation, and access to greenways is one of the key criteria used when selecting sites for Link Apartments. Under Grubb’s stewardship, the firm has grown from a regional Southeast developer into a nationwide multifamily developer with projects in Los Angeles, New York, the Bay Area and Washington D.C. Grubb currently has 15 Link Apartments communities either open or actively leasing, nine communities in active development or under construction, and 11 communities in pre-development.

JOEY HAGUE With a focus on clients from small multifamily owners to large real estate funds, Lument director Joey Hague has been instrumental in 150 closings totaling $1.5 billion during his 16-year career. He has extensive experience in affordable housing, and in his current role he specializes in structuring tax-exempt, FHA and Fannie Mae debt financings for affordable housing transactions. He also advises local housing authorities in his home base of Columbus, OH, as well as nonprofit developers and for-profit housing developers on capital structures and financings. Last year, he closed more than $141 million in multifamily transactions, including a $14 million HUD/FHA Section 221 loan and $34 million of tax-exempt cash collateralized bonds issued by Cuyahoga Metropolitan Housing Authority to refinance and rehabilitate a 143-unit multifamily community in Cleveland. The loan and tax-exempt financing make up a portion of a larger $66 million redevelopment of the Carver Park development and Asset Management Project, containing 319 total units overall. Carver Park III is being redeveloped as part of the Rental Assistance Demonstration program and has strong commitments of support from HUD and CMHA. Hague joined Lument’s predecessor firm, RED Capital Group, in 2007. Before that, he worked as a financial analyst in National City’s commercial banking development program. He earned his Bachelor of Business Administration degree from Ohio University, where he majored in accounting and finance. Hague is active in his local community, currently serving as the treasurer for a high school cross-country booster board, and he volunteers for various committees related to his children’s schools. Hague and his wife also set up the Joseph R. Hague scholarship fund five years ago, which gives college scholarships each year to students in the community.

ELI HANACEK CBRE’s vice chairman and managing director for multifamily Eli Hanacek is well-known in the Seattle multifamily real estate market, where he employs a multi-dimensional approach that has led to market-leading pricing and new international capital. Since joining CBRE’s Pacific Northwest multifamily team, Hanacek has been involved in more than $25 billion in transactions, including more than 1,200 properties and more than 110,000 existing units. He also has been involved in more than 100 land transactions. Hanacek has more than 21 years of experience in the multifamily industry with a broad range of expertise in brokerage, acquisitions, dispositions, development, asset management, marketing and construction. Specializing in complex transactions, Hanacek has executed multistate portfolios, retail-anchored mixed-use properties, condominium conversions, unentitled land, and property types ranging from suburban and urban value-add to trophy urban core. Hanacek is a Top 10 producer for CBRE in the Pacific Northwest and has been every year since he joined the firm in 2012. A two-time SIOR Investment Broker of the Year, Hanacek was also named a Puget Sound Business Journal 40 under 40 honoree in 2016. Significant transactions from the past few years include representing ownership of the Uplund apartments which traded in July of 2022 for $242 million, setting a record for the largest multifamily transaction in the city of Kirkland and one of the largest in the Seattle area. In another high-value deal, Hanacek represented the buyer of Kiara, a 461-unit property located on the border of Seattle’s Denny Triangle and South Lake Union neighborhoods. The purchase was made in December 2022 for $322 million. Hanacek contributes to ALTER Farm, a nonprofit therapeutic equestrian and life school program dedicated to enhancing the lives of its participants.

JOHNNY HANNA With a knack for seeing opportunities in the market, Johnny Hanna founded two companies before joining Funnel, where he serves as chief revenue officer. Hanna co-founded and was president of Entrata for 12 years, helping grow the company’s annual recurring revenue to more than $100 million and adding more than $1 billion in monthly rent payment processing. After leaving Entrata, Hanna co-founded Homie, a disruptive real estate technology company that changed the way homes are bought and sold, raising more than $80 million in funding within seven years. He exited Homie by laying himself off during a large company downsizing in September 2022 to save the company his salary, but he volunteered to work for free and remains on the board as chairman and co-founder. Through Entrata and Homie, Hanna gained experience scaling complex, enterprise-grade RentTech software to market, which aligns with Funnel’s current growth trajectory. His move to Funnel brings his impact on the multifamily sector full circle and aligns his ability to disrupt industries, solve problems and accelerate growth. Funnel’s technology allows property management companies to centralize tasks and develop role specialization, creating clear career paths for leasing professionals, improving their daily work/life balance, and providing a modern e-commerce experience for renters. Hanna is tasked with scaling Funnel’s growth to meet industry demand for renter-facing technology that allows multifamily leaders to uproot the traditional operating model in which an operator has one onsite leasing team member for every 100 units. Hanna works to reduce stigmas around mental health and mentor individuals who may be experiencing mental health-related struggles. He rolled out an extensive mental health program for Homie that was life-changing for hundreds of employees. Hanna used LinkedIn to share resources with a broader community and built a community around mental health awareness and advocacy.

JAMIN HARKNESS With a people-first mindset, the Life Properties president Jamin Harkness values his team members and recognizes that their well-being, growth and satisfaction are instrumental to the success of the firm. Prioritizing his team’s needs, Harkness creates a positive work environment that fosters employee loyalty, motivation and productivity. One initiative he implemented is a recurring company-sponsored lunch for which team members can suggest their favorite restaurant. His team-centric approach extends beyond the workforce to the careful management of assets as well as a focus on satisfaction for customers and residents. Accessibility for the disabled is a key priority for Harkness, and he is particularly excited about a playground with accessible play equipment being installed at one of the firm’s properties. Harkness leads a team of more than 250 property management professionals at the Life Properties, the property management arm of Olive Tree Holdings. He is responsible for the overall management and direction of the team and ensuring the smooth functioning of day-to-day operations. He places a strong emphasis on centralization, leveraging new technology to streamline and optimize workflows. An example of this is the utilization of an AI bot named Lisa, which assists in converting incoming traffic into appointments. To help the Life Properties team members at all levels of the organization progress, Harkness and his leadership team created Financial Literacy, a proprietary module-based e-learning course designed to show team members how their roles affect each community’s overall performance. He also spearheaded the Water Warriors program, which focuses on ESG practices, particularly in reducing water consumption across the company’s communities. Recent data derived from the effort indicates a decrease in water consumption by 23.76% since the project’s completion. Outside of work, Harkness is a Duluth City Councilman and past president of the Duluth Cluster Schools Foundation.

BLAIR HILDAHL A licensed professional engineer with 20 years of construction experience, BASE4 chief business officer Blair Hildahl brings technical expertise and sharp business acumen to his role leading global business development and marketing for the firm. Hildahl is a founding partner of the global architecture, engineering and construction administration company that expanded into industrialized construction in 2019. He has worked on multifamily projects across America and palaces in the Middle East, which led to his understanding of the potential for industrialized construction and prefabrication in the AEC industry. He has emerged as a thought-leader in the space, educating industry stakeholders through weekly emails, magazine articles and speaking gigs. He is also the director of a construction college and assistant professor of the Master of Applied Science in Prefabrication, Modular and Offsite Construction program for STONEPILE LLC. A prolific LEED accredited engineer, Hildahl mentors BASE4’s global team totaling 270 design professionals from the Dominican Republic, Georgia and India. Under his leadership, BASE4 has moved to 100% 3D Revit models, replacing 2D drawings entirely. He also led the firm into becoming a technology entity in the AEC space by adopting promising technology, including advanced BIM and its customization through Dynamo scripting, virtual reality, automation, design for manufacture and assembly-centric operations, and RVT, 3Max, and several other Autodesk products.

JESSE HUTCHER In 2015, Jesse Hutcher analyzed the debt and equity market and identified that the New York City middle-market lending space was underserved, non-institutional and fragmented, creating an opportunity for a new entrant. He founded Derby Copeland Capital to carve a niche in middle-market investments of $1 million to $25 million per transaction. DCC’s lending platform is intentionally concentrated in the NYC market where the firm can proactively add on-the-ground management value, and as the founding principal and CIO, he has built the firm into a trusted private middle market investor that has invested in more than $1.1 billion of real estate. DCC has made middle-market investments primarily in multifamily, across about 1.5 million square feet totaling more than 1,350 units. Hutcher is responsible for investment strategy, credit analysis, underwriting and business development. He led DCC through the turbulent pandemic years while delivering a 13.4% gross internal rate of return between 2020 and today with zero losses, and DCC’s office exposure, while small, had no defaults. Before forming DCC, Hutcher was a director at Cushman & Wakefield where he performed underwriting and provided consulting services for several prominent NYC investment funds and owners. He started his career with Somerset Properties, a private, full-service real estate and operating company. He attended NYU Stern School of Business and graduated from Binghamton University. He is an active member of the Real Estate Board of New York and has been involved in the Family Justice Law Center and City Meals on Wheels.

AARON JUNGREIS Rosewood Realty Group founder and CEO Aaron Jungreis leads one of the most active single-office investment sales firms in the country. Last year, Jungreis and his team brokered more than $2.2 billion in total sales, closing 85 deals in New York City and nearly 20 states across the country. Since he launched the firm in 2007, Jungreis has sold more than 2,300 properties with an aggregate value exceeding $23.4 billion. He got his start in real estate in 1993, quickly establishing himself as a prolific dealmaker in the New York investment sales arena and building a reputation for his ability to source off-market opportunities and find creative solutions for complex transactions. In response to the pandemic, Jungreis led the company to pivot in early 2020 and create a national investment sales division that gave it a reach outside New York City. One of the firm’s largest deals was the $230 million multifamily acquisition in Louisville, Kentucky, where the buyer was Stoneweg US and the seller was Lifestyles Communities. In addition to being the lead broker, Jungreis is involved in every facet of operations, including the oversight of 25 investment sales professionals who work at Rosewood Realty Group closing deals almost daily. Among Rosewood’s largest national deals in 2022 was the $150 million Hearth Homes Portfolio in Ohio and Kentucky, including 53 one-story apartment building complexes, with a total of 600 apartments and 620 parking spaces. Another was the $109.75 million Overall Creek Apartments in Murfreesboro, TN, including 16 class A three-story apartment buildings consisting of 384 apartments. Finally, the $101 million Royce At Trumbull property in Trumbull, Connecticut, is an apartment complex consisting of 11 three-story walk-up apartment buildings that contain a total of 340 apartments and 988 parking spaces.

MORRIS KAPLAN With more than 50 years of experience in the engineering, real estate and construction sectors, Kaplan Residential president Morris Kaplan has developed more than 30,000 homes and three million square feet of projects throughout the North and Southeast US. Under his guidance, Kaplan Residential has built a strong market presence and a pipeline of projects totaling $1 billion and has transformed from a family business into an institutional company capable of handling complex projects. Kaplan and his organization transformed underdeveloped areas such as Sawtell in metro Atlanta. Recognizing the potential of this area as an opportunity zone, Kaplan Residential took an overlooked area and created a community of 2,000 apartments just half a mile away from the Beltline. The Atlanta project Waterford at Piedmont is another notable illustration of Kaplan’s trailblazing spirit as the pioneering force behind the first-ever concierge high-rise in Downtown Atlanta. Kaplan Residential’s single-largest project in the past three years has been the purchase, development and sale of Generation Atlanta, a 17-story high-rise multifamily building. Kaplan Residential sold Generation Atlanta in 2021 for $126.9 million, marking the largest multifamily sale in Downtown Atlanta’s history. One of Kaplan’s most notable accomplishments is the conceptualization of Generation Wilton Manors, a planned mixed-use project with 190 apartments, and his first project in his hometown’s neighboring community. This project holds special significance as it includes a memorial for the Parkland shooting, an event that had a profound impact on the local community. In addition, the firm has helped build and develop five synagogues pro bono and Kaplan has made significant financial and volunteer contributions to organizations like Young Israel of Bal Harbour, KSpace, Bris Avrohom, Monmouth Torah Links, Scheck Hillel Community School and more.

DAN KAPLAN In his role as managing partner of Property Markets Group, Dan Kaplan oversees the acquisition, financing, operations and enterprise-level scaling of the firm’s nationwide multifamily portfolio aided by an understanding of both local real estate and global financial markets. Under his leadership, PMG expanded its Society Living multifamily brand nationally, which since 2019 has facilitated the continued economic growth of major mixed-use community centers that create and integrate immersive retail and commercial spaces. This is exemplified by phase one of the brand’s flagship property Society Las Olas, which redeveloped the Riverfront district in Downtown Fort Lauderdale through stand-out retail and beautiful art installations that attracted foot traffic to the space. In addition, Society Brooklyn and Sackett Place, two independent mixed-use multifamily towers with nearly 57,300 square feet of commercial and retail space, recently received a $520 million capitalization under Kaplan’s oversight. Last year, he also oversaw the groundbreaking of the 31-story multifamily development Society Atlanta, which will include 460 residential units, 81,000 square feet of office space and 16,500 square feet of retail space. Society Living projects currently consist of more than 8,500 units across Miami, Fort Lauderdale, Atlanta, Orlando, Nashville, Denver and Brooklyn. Also last year, Kaplan forged a partnership with PropTech company Sentral to develop a two-phase, 803-unit multifamily community with more than 15,000 square feet of retail space in Miami’s Brickell neighborhood. During his tenure, PMG built The Green Initiative, a collaborative effort between PMG and the Miami Parking Authority to create two new blocks of green space that will bring an inviting sanctuary to the center of Downtown Miami. The green installation will integrate parking with native trees and shrubs, benches, decorative lighting and pavers.

LEVI KELMAN Blue Onyx president of development and CEO Levi Kelman is inspired by a belief that multifamily is inherently a hospitality industry. The firm works as a placemaker alongside residents and community stakeholders to not only deliver assets but also build anchors that support the surrounding community. Kelman has built the full-service commercial real estate firm from the ground up during the past 14 years, leading his team to success through a resident-centric approach to multifamily investment, development and property management, primarily in the Greater New York-New Jersey region. To date, the firm has completed more than 120 transactions involving more than 1,000 apartment units in the area, and it currently boasts a development pipeline of more than $850 million. In East Orange, Bayonne and Paterson, NJ, Blue Onyx projects have transformed blighted and vacant buildings, many of which previously fostered vagrancy, vandalism and safety concerns, into economically productive properties that create tax revenues, beautify neighborhoods and encourage new investment into the surrounding areas. In addition, the firm has established partnerships with nonprofit organizations and key local stakeholders to help ensure that residents have access to economic, social and cultural resources that help them live better lives. Within his role, Kelman is responsible for leading Blue Onyx’s team of business and real estate professionals, providing strategic oversight for the firm’s investment, development, construction and property management operations. He builds strong relationships in the region, actively participates in conversations with stakeholders, and keeps a close eye on multifamily trends and market fundamentals. He is passionate about embracing cutting-edge technologies to help improve Blue Onyx’s residential service offerings and continuously explores emerging PropTech solutions and prospective tech applications in the multifamily space, investing in and deploying relevant technologies across the Blue Onyx portfolio.

CONNOR KERNS Before he turned 27 years old, Connor Kerns had already distinguished himself as the first employee at Matthews Real Estate Investment Services to close a multifamily transaction east of the Mississippi River. Since then, Kerns and his fellow multifamily agents in the Atlanta office have executed more than 150 apartment deals and led the expansion of the company’s Southeast multifamily division, which now includes nearly a dozen specialized investment sales agents. Kerns, who is an associate VP at the firm, got his start in commercial real estate in 2017 and has quickly risen through the ranks while closing more than 60 transactions totaling more than $216 million in sales volume. He played a significant part in launching the Atlanta office, which has surpassed $1 billion in sales in less than four years. In his role, he specializes in the disposition and acquisition of multifamily properties nationwide, specifically in the Atlanta MSA and surrounding submarkets, as well as assisting buyers and sellers in navigating complex transactions. In 2022, Kerns was awarded the Matthews Circle of Excellence, and in 2021, he earned the Matthews Sales Achievement Award for his productivity and business growth. Kerns takes pride in mentoring others and currently mentors five multifamily agents throughout the Southeast, helping them foster personal and professional growth. Within the Atlanta office, Kerns hosts training sessions for the firm’s interns and new hires, and he maintains an open-door policy that welcomes others to ask questions and learn about the local market and economic trends. Kerns is also a member of ULI.

LAURA KHOURI With nearly four decades of industry experience, Laura Khouri leads one of the most prominent property management firms in the West as president of Western National Property Management. She is known for her drive to bring innovative ideas to life, exemplified by her 2021 Robert A. McNeely Trailblazer Award which recognizes individuals who “have pursued remarkable pathways to success in their respective industries.” Described as a visionary and philanthropic leader, Khouri leads a team of 750 associates and oversees a portfolio of more than 175 apartment communities that are home to more than 23,000 households with a combined value of more than $8 billion in real estate. During the pandemic, Khouri’s leadership was instrumental in navigating quickly changing legal and regulatory environments and maintaining employee and resident health and safety. She leads the firm’s growth and success serving some of the largest commercial property owners and driving bottom-line profitability for their properties. Driven to help employees who were suffering financial stress due to the layoff of family members or loved ones, she spearheaded a company-sponsored, zero-interest loan program allowing each associate to borrow up to $2,000 to alleviate immediate financial pressures. Her care for others also extended beyond employees. She created a rental assistance program in conjunction with her clients that ultimately issued more than $7 million in assistance to residents across the firm’s managed portfolio. Khouri is a longtime board member and secretary for Laura’s House, a nonprofit agency that provides emergency shelter, transitional living, counseling, life skills, and legal support to those fleeing domestic violence. She also serves on the advisory board for the Susan Samueli Integrative Health Institute of UCI Medical Center and is director of the Treasures of History Foundation, an organization that preserves millions of historical documents and parchments contained within the Vatican Apostolic Library in Rome.

JOHN KIRK EMBREY managing director and EVP of development John Kirk is dedicated to staying on top of the industry’s technology trends to ensure the firm remains competitive and innovative. He extends this interest to the entire industry by encouraging the adoption of technology for improved project outcomes and operational efficiency as well as participating in a variety of industry organizations. For example, he participates on the NMHC design and construction committee where he collaborates with peers, shares insights and works to shape industry standards. He oversees and manages complex development projects, including 7600 Broadway, which started in 2016 and completed in 2022. The project involved 66 different condominium owners and negotiations with local homeowners’ associations and city officials. He also was instrumental in creating EMBREY’s build-to-rent single-family rental projects. In addition to overseeing the firm’s development pipeline, Kirk works with other executive team members on corporate culture and fosters teamwork and collaboration among the firm’s employees. He has led the firm’s expansion into the Charlotte market, including identifying its potential, conducting market research, establishing local partnerships and laying the groundwork for the firm’s entry. He also was instrumental in the company’s return to central Florida after two decades. As a thought-leader, Kirk is frequently invited to participate as a featured speaker. He is active in the San Antonio Real Estate Council and the national and local chapters of ULI. He serves as a mentor to individuals within the organization as well as through the EMBREY UTSA real estate finance and development program.

NATE KLINE Long before the term ‘impact investing’ became popular, Nate Kline and his partners were working on the concept when they developed a unique strategy focused on multifamily workforce housing. They bought a 25-unit apartment building and grew it into a $1 billion business focused on providing naturally affordable housing to an existing resident base. In what was a highly fragmented space when Kline and his team founded it in 2009, OneWall Communities targeted a supply-demand mismatch, finding a way to provide decent, affordable homes with long-term, sustainable rent growth, consistently high occupancy and a profitable multiyear exit strategy. Rather than acquire, renovate and sell properties, Kline led OneWall to upgrade buildings with features that reduced energy consumption and saved money operationally, then invested that money into less-efficient buildings to create a cycle of incremental improvement capacity across a growing portfolio. As chief investment officer at OneWall Communities, Kline primarily formulates investment strategies; sources, underwrites and executes acquisitions; monitors performance and compliance; and provides day-to-day management oversight of the portfolio. Throughout the past three years, Kline has completed more than $550 million in transactions, including the $23 million acquisition of 5215 Morris Avenue in Suitland, MD; $130 million of recapitalizations in Pennsylvania; the $30 million sale of 103 Chancellor Ave. and 25 Van Velsor Place in Newark, NJ; and the $97 million acquisition of Heather Hill Apartments in Temple Hills, MD. He devised a national partnership with Esusu, a financial technology company that leverages rent reporting for credit-building, to help OneWall residents improve their credit scores, and he has served as a thought-leader on workforce housing as a resilient investment. Kline co-founded the Lions on Wall Street Alumni Society and served on its board of directors, and he shares his finance, strategy and marketing expertise across a variety of industries with students seeking internships and full-time roles in the commercial real estate and financial services sectors.

JOHN KOBIEROWSKI ABI Multifamily president and CEO John Kobierowski has distinguished himself as someone who is changing Arizona’s business landscape, including building one of the most successful multifamily brokerage firms in the state. With more than 30 years of commercial real estate experience, Kobierowski has personally closed more than 1,200 multifamily transactions, developed more than 800 condominium units, and owned more than 1,000 apartment units, homes and condos. Seeking a change in how multifamily brokerage was done, Kobierowski and his founding partners created a company where all brokers worked collaboratively as a team without internal competition. He directs company growth and oversees operations at the Phoenix, Tucson, San Diego and Las Vegas offices. Some of his direct responsibilities include planning, budgeting, maintaining business compliance, negotiating leases, enhancing culture, recruiting, hiring, and establishing strategic partners for a myriad of business needs. He also has a depth of knowledge and experience that make him the go-to person around the company for much of the real-time, day-to-day decision-making – meeting with staff, attending a new client introduction, giving attention to a deal issue or considering a new piece of technology. He has also been instrumental in the success of Neighborhood Ventures, a crowdfunding platform that allows investors to become partners in multifamily real estate projects. This venture opens up investment opportunities for the average person and breaks down barriers to an otherwise more exclusive industry. He was a finalist for AZ Business magazine’s ‘Champions of Change’ award. Kobierowski is a role model and mentor for other young professionals in the field and works to inspire a new generation of real estate entrepreneurs. He is actively involved in the Arizona Housing Fund, which is combating homelessness in the state by providing funding for more permanent and supportive housing solutions.

JORDAN KORNBERG At just 37 years old, Jordan Kornberg can already be considered a seasoned real estate professional with more than $4 billion of single asset and portfolio transactions under his belt. A South Florida native, Kornberg is a managing director and head of acquisitions at Mast Capital, one of Florida’s most active real estate development and investment firms. In his role, Kornberg identifies and evaluates investment transactions and collaborates with the firm’s functional groups on acquisition, asset management, development and disposition decisions. Since joining the executive team three years ago, he has had a hand in all of the firm’s deals and developments and has helped Mast Capital expand and further diversify its portfolio of residential and commercial properties throughout the state, with a significant focus on South Florida. He earned his bachelor’s of science degree in economics from Duke University and went on to work for the real estate, gaming, lodging and leisure investment banking group at Deutsche Bank in New York after he graduated. He gained extensive experience working on corporate advisory assignments, capital markets transactions, and mergers and acquisitions primarily within the hospitality and gaming sectors. He then spent nearly a decade at Northwood Investors, a privately held global real estate investment firm, progressing to managing director where he was responsible for evaluating real estate equity and debt investment opportunities. Kornberg has led some of Mast Capital’s most transformative projects across Florida, with acquisitions since December 2020 representing about $2.5 billion in total project capitalization. This includes the development of 2,300 residential units, ranging from garden apartments to luxury condominiums, with projects in Miami’s Brickell and Miami River Districts, Miami Beach, Fort Lauderdale, Palm Beach, Orlando, Fort Myers and Tampa, and three resort deals spanning from the Florida Keys to Tampa.

MARC KOTLER During his more than 25 years working in the real estate industry, Marc Kotler reflects that the New York City skyline has changed significantly, from the completion of New York by Gehry to the introduction of supertall residential structures. Kotler has been part of some of the city’s next generation of iconic structures. These include Rafael Viñoly’s 432 Park Avenue; One Wall Street, the largest commercial-to-residential conversion project completed in Manhattan to date; Jean Nouvel’s 53 West 53rd Street supertall tower above the Museum of Modern Art; and the reinvigoration of the historic Waldorf Astoria. Kotler was promoted to president of FirstService Residential New York’s New Development Group last year, recognizing his success in establishing the group as a leading consultancy for multifamily developers and institutional investors. Since its initiation in 2015, Kotler’s team has consulted on more than 160 multifamily residential developments representing nearly $45 billion in construction costs and millions of livable square feet. Kotler keeps livability, design and efficiency in mind on projects, giving thought to every detail from elevator size and access points to lobby design. Under Kotler’s leadership, the team also offers resilience consulting for newly constructed and steady-state buildings based on lessons it learned during preparation for Superstorm Sandy, including how to prevent and mitigate water damage, power loss and plumbing interruptions. Among its solutions are relocating mechanical facilities to upper floors, installing flood barriers, modernizing elevators and balancing efficient interior organization with resilient design. Following the pandemic, the team also forged national relationships that address the pressures of supply chain interruption. Recently, Kotler participated as a lecturer for New York University’s Schack Institute of Real Estate, instructing on the state of the market, the lifecycle of a building from predevelopment to completion, the potential of commercial-to-residential conversions, and the growing need for talented professionals in the multifamily sector.

RUSS KRIVOR As a child working summers at his uncle’s high-rise and commercial construction sites in Chicago, Russ Krivor developed an interest in real estate at a young age. Later, while studying economics at Northwestern University, he observed an incredible demand for affordable single-family homes in South Florida. He decided to leave college and launch a homebuilding company in 2004 with an initial goal of building 5-10 houses annually. By the end of 2006, the firm had built and sold more than 300. In 2007, Krivor noticed some new trends, including widespread foreclosures diminishing credit for many Americans, Millennials willing to rent for longer, and Baby Boomers downsizing to rentals to avoid homeownership headaches. Consequently, Krivor transformed his business into a developer focused on building Texas multifamily properties that delivered high-end interiors and amenities at an affordable price. Pooling his own capital with money from friends and family, he invested in Dallas-Fort Worth and Houston at a time when institutional investors, REITs and lenders all considered the region a tertiary market for commercial real estate. In 2010, Dolce Living Mansfield, his first rental community, opened its doors. Since then, Krivor has executed a thoughtful and deliberate strategy of opting for quality over quantity in his deals. After nearly 15 years, he has developed more than 6,000 apartments across the US. Sovereign Properties, which he launched in 2017, currently has more than $500 million in capital under management and develops and owns multifamily developments throughout the Southeast with Krivor at the helm as principal and CEO. Beyond managing his firm, Krivor is a frequent speaker on housing market trends and developments and has contributed his insights to the Forbes Real Estate Council since 2018.

EDDIE LORIN Despite the adversity he faced growing up – including losing both of his parents at a young age and growing up in a lower-income neighborhood – Eddie Lorin dreamed of a better and more prosperous future for himself. He worked his way through college at UCLA as a paid intern for a real estate syndication firm in the 1980s, where he says he found his calling for multifamily value-add investing. During the course of his career, he has acquired more than 200 properties, or 40,000 units, in more than $4.3 billion in real estate. He made it his mission to rehab exhausted working-class multifamily properties into new apartments with a luxury feel. Under his leadership as co-founder and CEO of Alliant Strategic Development, the firm is focusing on creating attainable and affordable multifamily communities throughout Los Angeles and Southern California to help develop new class A multifamily assets that don’t place a severe burden on the working class. The firm has broken ground on four transit-oriented multifamily housing communities that will add more than 700 attainable and affordable rental units to Los Angeles’ San Fernando Valley. The developments are financed with bonds issued by the California Municipal Finance Authority and California Housing Finance Agency. Lorin is also a co-founder of Strategic Realty, whose mission is to provide value to its shareholders and its residents. Since 2008, SRC has purchased close to 10,000 units in more than 40 transactions and has built a strong-performing portfolio. All of SRC’s apartment assets were purchased opportunistically and successfully re-positioned into thriving communities. “By breathing new life into neglected multifamily properties, we turn ‘blight into light,’” Lorin says. He and his wife, Jane, co-founded the 501c3 HAPI Foundation, which was developed to promote health and wellness in apartment communities.

JOHN MAALOUF With more than a dozen years in the multifamily finance industry, John Maalouf’s efforts to get countless borrowers the financing they require for either the acquisition or refinance of properties serving Americans with lower incomes is meaningful work because the sector is under significant pressure. In 2006, Maalouf joined Freddie Mac’s Structured Transactions Group directly out of graduate school at George Washington University. In this first role with the agency, he managed and coordinated the underwriting of large, complex structured transactions of $100 million to $2 billion for multifamily properties across the nation. After six years away from multifamily finance while he helped lead a family import business in Ecuador as well as obtained his broker/dealer license and worked as a financial advisor, he returned to his calling and re-joined Freddie Mac. This time, Maalouf joined the agency’s small balance lending program, which serves workforce multifamily housing property owners nationwide. This position marked a key milestone for Maalouf, as he stepped into the position of underwriting manager and led the program’s efforts across the South Central US, including Texas, Oklahoma, New Mexico, Colorado, Wyoming and Montana. Maalouf spent a total of a decade with Freddie Mac, which recognized him with two awards for achievements during his tenure – one for Rookie of the Year and the other for participating in the largest and most complex transaction completed to date – a $2.8 billion tax-exempt bond securitization. He then transitioned from agency to lender, joining Sabal Capital Partners in 2021, just a few days after Regions Bank closed on its acquisition of the company, as director of small loan sizing. Maalouf was tasked with leading a team that provides competitive, accurate agency loan quotes within 24 hours. Maalouf is widely known across the organization and multifamily lending sector as an up-and-comer who has successfully built a notable brand and enhanced the reputation of the Regions Real Estate Capital Markets sizing team.

HENRY MANOUCHERI Universe Holdings founder and CEO Henry Manoucheri’s ability to think outside the box and see potential where others might not has led the firm to robust growth and success. For example, under Manoucheri’s leadership, Universe envisioned building a large inventory of multifamily housing in the Los Angeles submarket of Inglewood, an area many investors avoided due to its reputation for crime and difficult tenants. Recently, Los Angeles Rams owner Stan Kroenke decided to build a multibillion-dollar stadium and entertainment complex in the city, where Universe now owns 10 thriving properties. Manoucheri also has led the company to invest in rent-controlled properties, using a formula built on understanding the market as well as the nuances of that city’s regulations. The result has been a steady income stream even during difficult economic times. Niche properties are another favorite investment opportunity for Manoucheri. Universe acquires often-neglected historic Los Angeles art deco properties and restores them to their original condition, enhancing both the value of the property and the neighborhoods in which they are located. Manoucheri oversees all areas of operations for his company. During the past 24 months, Universe has expanded its holdings around Southern California, acquiring three multifamily communities in Ventura and one in the Inland Empire. It also opened a regional office in New York aimed at facilitating the firm’s growth into a national investor. In 2021, Universe made its first East Coast acquisition, a 226-unit multifamily asset in New Jersey for $60 million, and it has several other properties in the pipeline. Throughout the past three years, Universe has more than doubled the number of people it employs, and with a relentless goal of growing diversity among its staff, the firm’s 95 employees now include 72 people of color and 40 women.

CHRIS MARSH Revitate Cherry Tree co-founder and general partner Chris Marsh, a 30-year industry veteran, believes quality housing is a right, not a privilege. He knows that when it comes to providing quality housing at reasonable rates, working-class Americans often fall through the cracks. This large demographic includes teachers, first responders, public service employees and others who earn too much to qualify for Big A – Affordable Housing, but don’t earn enough to pay for the high rents typically commanded by class A apartments of newer construction. This disparity is why Marsh joined forces with Revitate to launch Revitate Cherry Tree with the goal of acquiring and maintaining quality workforce housing. To date, Revitate Cherry Tree has acquired 841 workforce housing units. Marsh, who possesses decades of experience in the multifamily space and a passion for community development and education, is also working to ensure the housing provided meets the needs of its working-class American residents. His first priority is finding the right naturally occurring aging housing (NOAH) that provides safe and worthwhile housing for this middle demographic. He then focuses on adding quality amenities that include services and spaces that promote a positive future for children. To this end, Revitate Cherry Tree properties offer on-site educational centers with tutors to help keep kids on track in a supportive, healthy environment. These community centers provide a safe space for kids after school, where they can study and get help with their homework. In addition, most of the firm’s properties are situated near prime employment centers and/or public transit points to help ensure better access to work for residents. Marsh previously served as president of apartment development with the Irvine Co., where he presided over the fastest period of growth in the company’s history by adding 22,000 new multifamily units to the portfolio while overseeing acquisitions, due diligence, entitlements, product development, design and delivery.

PAYTON MAYES Payton Mayes didn’t waste any time setting his strategic vision in motion upon taking the reins as CEO of JPI. Within the first days of his promotion in 2021, he orchestrated an intense planning and organizational workshop with the firm’s executive leadership team and developed a 12-month thematic goal for JPI with the help of an organizational health consultant. Among the goals and accomplishments that came from that plan were the hiring and onboarding of more than 100 new associates in 2022, a complete rebrand of JPI’s corporate website and the implementation of a new HRIS system. With an eye toward the long term, Mayes continues to define JPI’s operating model, including expanding into new markets and investing in construction technology. During the past year, he sponsored and led a strategic sourcing group, a project that has saved the company about $450,000 per project through master service agreements and project bundles. Mayes has also been laser-focused on diversifying and growing the business, championing JPI’s new affordable, attainable and senior portfolio lines and completed three projects last year. He led the team in completing $1.5 billion in total project costs in 2022, double its pre-pandemic volume. Mayes joined JPI as EVP and regional partner of the Central region in 2019, bringing more than 20 years of experience originating and managing real estate as well as operating company investments. In 2022 under his leadership, JPI continued leading the Dallas-Ft. Worth market by starting more than 4,000 homes, accounting for just under 5% of the total multifamily market in the region. This year, JPI is poised to start 12 projects in DFW, adding 4,500 apartment homes for residents.

TADD MILLER When many were shying away from real estate during the Great Financial Crisis, Milhaus founder and CEO Tadd Miller saw an opportunity. Founded in 2010, Milhaus acquired a 105-unit multifamily development in Indianapolis and within five years raised roughly $307 million in equity to develop 13 assets accounting for 2,366 units across five Midwest cities. The firm today is an award-winning, mixed-use development, construction and property management company that specializes in class A, urban, multifamily residential buildings. Miller was already a rising star in the industry when Milhaus’ first Indianapolis developments began to take shape. He was recognized several times as a Who’s Who, a Forty Under 40 and an influential leader in local publications. Milhaus also has gained companywide recognition, including being named No. 2 on the 2016 Indianapolis Business Journal Fast 25 list and receiving a $75 million investment from FrontRange Capital Partners and a $100 million joint-venture from StepStone Group Real Estate LP. Expanding from its Indiana roots, Milhaus has grown into the Midwest, North and South Carolina, Florida and Oklahoma. To date, Milhaus has developed 48 projects totaling more than 10,500 units across 12 markets and has more than $1.8 billion in assets under management. Miller has also led Milhaus to become one of the largest developers and allocators of Opportunity Zone investment funds in the nation, now managing or in the process of building 13 QOZ developments across six markets to bring crucial redevelopment, jobs and investment activity to deserving census tracts. Miller leads corporate strategy and business development and serves on the Milhaus board of directors. His commitment to Indianapolis began years ago in Milhaus’ first office located in downtown Indianapolis’ Cole Noble neighborhood. The property was its first project in the neighborhood. Miller and Milhaus have come full circle to bring its new, larger headquarters back to its roots in Cole Noble. The office space officially opened in June and supports the firm’s mission to impact every community it serves.

NICHOLAS MINOIA Working in one of the nation’s most competitive commercial real estate markets, Diversified Properties founder and managing partner Nicholas Minoia has built a successful four-decade career as a developer known for creating value even in complicated and challenging real estate investments. Since Minoia founded the Montville, NJ-based company in 2000, he has overseen the development of real estate valued in excess of $1.5 billion and growth to more than 50 employees. Under Minoia’s leadership, the company has become one of the region’s most experienced and trusted commercial real estate developers and owners with expertise across asset classes and markets and a current portfolio valued at more than $500 million. Beginning his career as a project manager for several Manhattan-based real estate developers, Minoia gained construction experience that continues to provide him with a unique viewpoint on the development process. Minoia later oversaw loan workouts, liquidation of joint-ventures and REO sales and property management for a Bergen County Savings & Loan institution. Venturing out on his own, Minoia co-founded Pinnacle Communities, an affiliated Garden Homes Company based in Short Hills, NJ in 1992, where he oversaw the construction of luxury custom single-family homes, townhomes and condominium communities as well as the acquisition and development of apartment complexes, office buildings, industrial spaces and retail properties. In 1998, Minoia continued to climb the corporate ladder, becoming president of Westminster Communities, one of the largest private development companies in the Northeast. His guiding mantra is that the more difficult and unique the project is, the better. Minoia served as a project manager for Habitat for Humanity for 10 years, overseeing the construction of several hundred single-family homes nationally and internationally.

SUSAN MUDRY Susan Mudry is applying 25 years of experience at Freddie Mac to her new role as COO of NewPoint Real Estate Capital. Mudry started at the agency as a financial analyst in its financial research division focused on pricing. She earned her CFA and ascended through the ranks, working in the enterprise risk management, capital markets and multifamily divisions. She was named VP of strategy, marketing & offerings within the multifamily division and grew Freddie Mac’s Multifamily Conference into a leading industry event. Most recently, Mudry was VP and chief of staff for the office of the CEO at the organization, where she helped it navigate the COVID-19 pandemic. She joined NewPoint in April 2022 as senior managing director for process reengineering and strategic execution and quickly applied herself to refining and optimizing the operations of the expanding real estate finance program. Her initial work at NewPoint has focused on new product development, organizational infrastructure and technology, and DEI efforts. She managed the development, launch and process integration of Freddie Mac Targeted Affordable Housing and Seniors Housing loans, Fannie Mae Seniors Housing loans, and NewPoint Impact, a proprietary affordable housing lending platform that pairs private capital with government-subsidized products. In Q4 2021, NewPoint Real Estate Capital acquired assets of HHC Finance — a leading HUD lender — including its multifamily/healthcare originations business and its loan servicing portfolio. Mudry has worked to integrate the new teams, business pipeline and servicing portfolio into NewPoint’s infrastructure. She also has overseen the development and continuing execution of NewPoint’s DEI efforts, including the formation of NewPoint’s DEI Council, a cross-departmental group of employee volunteers focused on establishing and maintaining a diverse and inclusive workplace.

JANET NEMAN During her career spanning more than 36 years, Kidder Mathews EVP and Shareholder Janet Neman has sold more than $1.8 billion in assets and is consistently a top producer within the company. For the past three years, she ranked as the top producer at Kidder Mathews for the Southern California region and has received numerous awards throughout her career for her work and success in CRE. Neman is often quoted in local and trade press as a thought-leader on the real estate market, and she is a frequent guest speaker at real estate conferences. Known as an outside-the-box thinker, Neman finds opportunities others may have missed and structures deals creatively. Throughout the past three years amid the pandemic, she has closed nearly half a billion dollars in transactions, including a record-setting seven-acre development site in the heart of Culver City, which closed for $56 million. Neman sourced the seller and buyer and was able to complete the transaction off-market. In addition, she sold a portfolio of four architecturally significant 1920s buildings in Koreatown, totaling 259 units, that she originally sold to the owner 20 years ago. She generated multiple offers before securing the highest pricing possible for the owner. Amid the uncertainties caused by the pandemic, Newman counseled clients to acquire ideally located assets with strong cash flow and significant upside potential. A few months ago she listed and sold a 42-unit luxury multifamily building in Downtown Los Angeles that had been listed by another agent who was unable to sell the property. She generated multiple offers and sold the building before the effective date of Measure ULA, which imposes a transfer tax on properties that sell for more than $5 million. Neman is a member of the International Society for Children with Cancer, City of Hope, St. Jude Children’s Research Hospital, Jewish Federation, and Beverly Hills Greater Los Angeles Association of Realtors.

MAHBOD NIA Mahbod Nia took the reins as CEO of Veris Residential in March 2021 at a pivotal time in the REIT’s evolution into a public company that owns, operates, acquires and develops class A multifamily properties. With more than two decades of experience, Nia has guided the company through its transformation with a simplified business plan, larger multifamily portfolio and strengthened balance sheet. Under his leadership, Veris executed $800 million of nonstrategic asset sales last year, repaid nearly $1 billion of debt, and optimized its cost structure, exceeding its target of $5 million in cash expense savings and reducing general and administrative expenses to a multidecade low. Nia has taken a differentiated approach to ESG and DE&I integration. The company has achieved more than 58% green certification of its wholly owned multifamily portfolio, procured company-controlled portfolio electricity from renewable sources, joined the Climate Group’s EV100 with a goal to provide electric vehicle charging points at each property by 2030, and launched the Veris Innovation Lab to explore solutions that reduce the company’s carbon footprint, generate operating efficiencies and create new revenue streams. Throughout his career, Nia has held several leadership roles, successfully executed more than $12 billion of multifamily transactions and led company evolutions that resulted in value creation for investors. He previously led NorthStar Realty Europe Corp. as CEO during which time he spearheaded a strategic transformation that drove per-share growth of more than 40% through a series of value-enhancing, property-level and corporate initiatives that led to the eventual sale of NRE to AXA Investment Managers. Among the many philanthropic activities the firm has engaged in under his direction, Veris plants a tree for each resident and employee in collaboration with the National Forest Foundation.

RACHEL PALMER American Landmark Apartments chief administrative officer Rachel Palmer has elevated the firm’s reputation as a leading national multifamily owner/manager through forward-thinking customer service, marketing and community engagement initiatives. She also leverages a down-to-earth management style and an ability to bring people together for a common cause to shape the company’s culture. In her role and as a member of the firm’s senior executive management committee, Palmer is responsible for strategic planning and property management for the company’s portfolio of 103 multifamily communities across the US, including operations, training and marketing. She oversees a team of directors who support the company’s regional managers and local property teams, and she is a member of American Landmark’s ESG committee, playing a crucial role in all initiatives related to recruitment, philanthropy and DEI. Under her leadership, American Landmark has achieved several major operational milestones with respect to leasing and property performance, as well as team training, recruitment and ESG initiatives. In 2019, Palmer oversaw the national launch of the company’s new resident-center customer service program “Landmark 360,” which provides a move-in satisfaction guarantee, a 48-hour work order completion promise, and hassle-free relocation commitment. She is the mastermind behind American Landmark’s annual “AL Gives Back Week,” and has built strong partnerships with organizations including Urban Teachers, Millionaire Mastermind Academy, Entryway and the Derrick Brooks Charities Inc. Palmer launched her career in 2004 with Landmark Residential and worked her way through the ranks, starting as a leasing associate and eventually earning the title of VP. In 2013, Palmer joined Invitation Homes as director of operations, and in 2017 she joined American Landmark as EVP of operations. Palmer serves on the board of directors for the Derrick Brooks Charities, whose mission is to provide educational opportunities for socio-economically challenged youth.

JAY PARSONS Following COVID-19, RealPage SVP and chief economist Jay Parsons realized there was an urgent need for real-time data and commentary. An expert in macro- and micro-economic trends both in the national and local real estate markets, Parsons began a social campaign to share his knowledge via LinkedIn and Twitter, as well as via webinars. With nearly 60,000 followers on LinkedIn and Twitter, and nearly 18 million impressions during the past year, Parsons is one of the most-followed economists in multifamily and commercial real estate. He also has appeared in national media and has supplied commentary for trade publications. Parsons leverages his access to proprietary RealPage data to keep the industry informed, especially about the shortage of housing across the country. He takes on topics that are often misunderstood, including the affordability crisis, oversupply and inflation, and gives color to better explain what they mean within and outside the multifamily space. Parsons created the RealPage Voices campaign, an annual feature in which industry leaders are interviewed about the most pressing issues of the moment in real estate. The pandemic was not Parsons’ first encounter with a Black Swan event. During the Great Financial Crisis, he was among the first advocates for investing in suburban Sun Belt multifamily during a time when institutional investors still favored core gateway markets, and he continued to advocate for investment in Sun Belt markets for the next decade. Parsons has been a passionate advocate for affordable housing and subsidy programs for low-income families, devoting much of his commentaries to these topics. On a professional level, he is involved with NMHC, MBA, ULI, NAA and NRHC, and he serves on the advisory committee of Waymaker Funds, a Christ-centered multifamily real estate investment platform.

PAT A. PATTERSON Pat Patterson’s 30-plus-year career in multifamily and single-family rental housing has taken her from onsite leasing operations to critical leadership roles at both operators and supplier partners. Prior to joining PetScreening in 2017, Patterson held sales, marketing and leasing positions at CoStar Group, Invitation Homes, RealPage, RentPath and Insignia Residential. Today, she is senior director of multifamily at PetScreening, where she partners with clients to address their pet policies to attract and retain residents. She provides thought-leadership on the value of welcoming pets at properties and addressing the various issues that come with them. With the PetScreening platform, apartment and rental-housing operators can implement more pet-inclusive policies and make more pet-related revenue. The software, which is offered at no charge to property owners and managers, allows operators to individually screen pets and their owners to get an accurate sense of any risk they pose, allowing operators to more effectively manage their pet and animal populations and protect their assets. One of her favorite parts of PetScreening is protecting the rights of disabled people with accommodation requests for assistance animals, which can be time-consuming and present an array of complex legal and Fair Housing considerations. Under her leadership, PetScreening’s platform is now in place in 4.5 million apartments and rental homes across 21,000 rental communities and properties. The company estimates it has helped owners and operators capture more than $72 million in pet-related revenue that otherwise would have been lost. It also has generated more than 1.4 million user profiles and completed more than 400,000 assistance animal reviews. Patterson has served on the NAA’s board of directors and was named the NSC Supplier of the Year.

SARAH POTTER The past three years have been transformative for Sarah Potter. It started with her return to school where she completed her MBA with a focus in real estate and finance from the University of San Diego in 2020. She earned her degree in two years while working full-time and chairing CREW San Diego’s first-ever CREW Careers program, introducing historically underserved students to careers in commercial real estate. Upon graduation, and during the height of the COVID-19 pandemic, Potter pivoted her career from business development and marketing to asset management at Community Housing Works, where she worked to provide stable housing for vulnerable populations. Now, as Cisterra’s development and asset manager, she is working on one of San Diego’s most-anticipated luxury multifamily projects, a 22-story, 241-unit development anchored by the first downtown Target location. Potter and her team oversaw the construction of the project, including preserving an existing one-story historic façade and adding a single-level below-grade basement. Potter’s team has already successfully pre-leased 22% of the project. She previously operated and eventually divested her family’s East Coast construction company after her father passed away unexpectedly. She took over landlord duties as the office property’s owner/operator and used her network to find property managers and brokers to sell, lease and/or operate other properties her father had developed. Her “zero-to-100” business education program, as she calls it, rounded out her 360-degree understanding of the commercial real estate industry. Potter has served on various industry boards, participates in panels/events introducing youth to career opportunities in commercial real estate and has co-authored a white paper on retaining women in the AEC industry.

PAUL RAHIMIAN Paul Rahimian founded Parkview Financial in early 2009, right at the height of the Great Financial Crisis. Under his leadership as CEO, Parkview has since originated hundreds of commercial and residential loans and has expanded to offices in Los Angeles, New York, Denver and Atlanta. The firm has built a reputation as a respected private construction lender that can provide creative financing solutions to borrowers who need more leverage and certainty of execution. Rahimian manages a national debt fund that provides construction financing to ground-up real estate development projects, the majority of which are multifamily. Since launching the fund in 2015, Parkview has executed more than $4 billion in financing for multifamily, retail, office, industrial and mixed-use projects with executed loans ranging from $5 million to $300 million. In 2022, the firm’s activity included 30 transactions totaling $1.1 billion and its assets under management increased by 60%. Known for his unique hands-on management style, Rahimian has been recognized as an industry pioneer who was one of the first to offer complete integration of loan origination and servicing under one roof. Prior to becoming a lender, Rahimian was a third-generation real estate developer and general contractor. He completed more than $350 million in commercial and residential projects before founding Parkview. That expertise in the construction and development industry has benefited both Parkview and its borrowers. Rahimian received his bachelor’s degree in business and economics from UCLA and his Juris Doctorate from USC.

ADAM RANDALL During the pandemic, Newmark Group Inc. vice chairman Adam Randall thought that it seemed as if every loan created some sort of challenge, whether it was a decline in occupancy, increasing insurance costs, a lease-up deal with increasing concession, or stalled new leasing traffic. Since the onset of the pandemic, through the current unstable financial markets, Randall and his team have closed every deal, totaling more than $1.6 billion in loan volume in more than 130 separate transactions. Randall has deep experience structuring loans collateralized by conventional multifamily, workforce housing and commercial and has worked on loan requests that have included tax-exempt bonds and tax credits as well as structured complex credit facilities and affordable forwards. He has fostered many long-term relationships throughout his 27-year career with a genuine personality and particular attention to intrapersonal work. His strong relational history with repeat clients has earned him several referrals due to his experience in navigating the fast-changing landscape working with Fannie Mae, Freddie Mac and other lending sources. Randall’s team specifically covers Newmark’s Memphis and Birmingham multifamily investment sales offices, where they provide the sales teams with insights on the current debt markets and provide in-depth debt analysis on the transactions to better assist with the sales process. Since 2001, Randall has closed $10 billion of Fannie Mae, Freddie Mac, commercial and bridge loans, and during the past five years, he has been a top producer at Newmark, consistently earning the annual Newmark Chairman’s Circle award. Randall is a member of the NMHC and MBA. His charitable work includes supporting Shelter to Shutters, now Entryway, which is a 501c3 organization that transitions individuals and families out of homelessness to economic self-sufficiency by educating and engaging the real estate industry to provide employment and housing opportunities.

MATTHEW A. RIEGER At the helm of multifamily developer Housing Trust Group, president and CEO Matthew Rieger oversees the firm’s $3 billion portfolio while working to change the industry’s perceptions of what affordable housing can be. An 18-year veteran of the industry, Rieger believes affordable housing can be modeled after environments typically found in high-end, luxury apartment communities. Case in point is Hudson Village, a 100% affordable community in the heart of downtown Hollywood, FL. The property has terrazzo-like porcelain flooring, plush furniture and a custom-designed Murano glass sculpture in the lobby, giving it the look of a high-end boutique hotel. Developing beautiful communities for residents who fall into the low-income or extremely low-income demographic allows Rieger and HTG to give residents a sense of pride in their homes and build support among community officials and leaders. HTG is a sought-after development partner to a variety of organizations, agencies, nonprofits and municipalities — leading to land-grant opportunities, new sources of funding and increasingly ambitious projects. For example, HTG is now on its eighth affordable housing collaboration with NBA Hall of Famer Alonzo Mourning’s nonprofit AM Affordable Housing, and in both Miami and Fort Lauderdale, HTG was approached by local churches to help build housing for seniors on church-owned land. A third-generation native of Miami, Rieger is a former corporate and real estate attorney who worked at a large law practice before joining the family business in 2004 as general counsel. He has served as president and CEO of HTG since 2011, where he has focused on expanding HTG’s capacity and development pipeline, both in the affordable and market-rate apartment categories. Rieger leads every aspect of HTG’s business, including development activities, talent acquisition, relationships with joint-venture partners, lenders/funding organizations, and state and local officials.

REUBEN ROBIN Under Reuben Robin’s leadership as CEO of Concord Companies, the firm has grown from a one-person operation to more than 80 employees. Robin has closed more than $1 billion in real estate investment properties since 2001, when he began his career at Marcus & Millichap. He spent five years at the firm and was responsible for $250 million in multifamily investment sales, which earned him rookie of the year and five sales and two national achievement awards. That success gave him the confidence to start Concord, which provides a vertically-integrated platform that provides a full suite of investment services. Employees describe Robin as a great leader who guides people while keeping the overall goals and objectives of the firm at the forefront. He believes having the right team is key to success and works hard to create an environment of meritocracy where people are rewarded for a job well done. He also strives to create a workplace that is filled with joy, creativity and purpose. Robin oversees virtually all aspects of the company’s activities, including sourcing new assets and recruiting investors, and he is the driving force behind the firm’s continued growth and expansion. Since inception, Concord has acquired more than $1 billion in real estate including more than 500,000 square feet of commercial space and 5,500 units of residential and student housing throughout the US. During the past 24 months, the firm has acquired multiple assets that include a multifamily community in Milwaukee, a multifamily asset in Los Angeles and a large student housing portfolio in Illinois that includes 80,000 square feet of retail space. Concord also purchased the building that houses the majority of its associates to cement the property as its permanent corporate headquarters.

MARC RUTZEN An early player in the PropTech industry, Marc Rutzen launched his first startup in 2016 and helped focus the industry’s attention on the potential of machine learning and data visualization to transform traditional real estate processes. Rutzen has often been at the forefront of moving the industry toward the adoption of technology. His career history includes producing dynamic flythrough data animations as a data analytics officer at multifamily brokerage firm KIG and building and selling machine learning startup Enodo to a publicly traded company. Rutzen joined HelloData.ai in 2023 as CEO, and his responsibilities include accelerating the company’s growth in the real estate space and working with real estate investors, analysts and underwriters to adopt technology that improves accuracy, efficiency and deal-making. He draws on his experience at Walker & Dunlop, where he led an interdisciplinary team of data scientists, product owners and customer success managers to build internal tech that reduced controllable underwriting times and helped source billions a year in refi loan volume. As part of W&D’s investment in Fortress property management software, the company asked Rutzen to join Fortress as CMO, and later CIO, to help accelerate its inbound lead generation and machine learning initiatives. Rutzen worked with Fortress for several months, launching its new CRM system, enhancing its web presence and content-driven growth strategies, and helping build its accelerated onboarding technology. He is a frequent contributor and commentator in media, podcasts and panels speaking about how real estate professionals can use today’s technologies, and he also is a member of the Forbes Technology Council. He launched a charitable initiative called WD Code Academy during his time at Walker & Dunlop, which focused on teaching children from disadvantaged backgrounds to code.

GEORGE SKAFF Since joining Newmark Group Inc., vice chairman George Skaff has been directly involved in more than $12 billion in multifamily asset sales while maintaining more than 85% market share in a high-volume market. He has more than 17 years of real estate experience, dealing exclusively in Midwest multifamily and the Ohio market in particular. He is engaged in all aspects of the marketing process, including market research, business development, underwriting, valuation, contract negotiation and closing. He is known as someone who uses outside-the-box thinking and provides insightful guidance to his clients. Skaff and his team have closed more than $6 billion of multifamily transactions in the Midwest during the past three years, with most taking place in Central Ohio, including $2.2 billion of multifamily housing Skaff sold personally. He was responsible for selling the largest multifamily portfolio in central Ohio history at $465 million in 2022, the same year his team achieved its largest year ever at $2.8 billion in transactions closed. He has been recognized with the Columbus Board of Realtors top producer award five times and has consistently been the top-producing multifamily broker in the Columbus region. He also has been a Newmark Chairman’s Circle winner for the past six years. Skaff is a member of NMHC and donates to the Big Brothers/Big Sisters organization and to other civic/philanthropic organizations and causes in his local community.

VICTOR SOZIO Throughout his industry career, Victor Sozio has maintained a strong presence in the multifamily market, selling both individual buildings and multifamily property portfolios. He has developed an understanding of various city, state and federal regulatory agreements, including rent stabilization, Section eight vouchers, HUD agreements and LIHTC. He is a founding partner of Ariel Property Advisors, a privately held commercial real estate services and advisory company based in New York City, where his primary responsibility is to originate and execute the sale of commercial real estate transactions throughout NYC’s five boroughs. Sozio has been one of the firm’s most active brokers of affordable housing transactions in the city, arranging the sale and putting into contract 300 affordable buildings with more than 15,000 units totaling more than 15 million square feet and $3 billion in value. Further, he is one of New York City’s leading commercial real estate advisors, arranging the sale of more than 1,000 properties valued at more than $5.5 billion during his career. He was the lead broker on the $150 million sale of the Sea Park affordable housing portfolio, consisting of three multifamily properties with 818 units and one development site in Coney Island, Brooklyn, and the $232.8 million purchase and preservation of a 15-building affordable housing LIHTC portfolio consisting of 1,624 units in Manhattan, the Bronx and Brooklyn. Sozio is a sought-after resource by Ariel team members and uses his market knowledge to help the investment research team improve the accuracy of the company’s data. Sozio serves on the board of directors of the New York State Association for Affordable Housing and is an active participant and supporter of the Real Estate Board of New York, Bronx-Manhattan North Association of Realtors, HELP USA and Saint Jude Children’s Research Hospital.

THOMAS STANCHAK Stoneweg US LLC’s director of sustainability Thomas Stanchak has a talent for improving building performance, innovating sustainable practices and persuading key stakeholders — including LP investors, acquisition teams and asset managers — to integrate a sustainable approach to investing. Stanchak joined the firm in 2017 as an asset manager for 17 assets in the Midwest region, and his exceptional leadership in overseeing operations, maximizing occupancy and driving performance led to a promotion to senior asset manager in 2019. At that time, he assumed operational responsibility for more than half of the company’s total assets under management. Sustainability and innovation are his highest passions in the industry, and in 2020, he redirected his focus to implementing sustainable practices across his portfolio, including water use conservation measures and energy-efficient retrofits all with the experience of residents in mind. These initiatives were instrumental in shaping Stoneweg US’ ESG strategy and earned Stanchak a promotion to director of sustainability, a new role in which he spearheads all ESG endeavors. Stanchak piloted a water-use technology that detects underground leaks at the firm’s The Village at Mayfield community, which resulted in a 31% reduction in water expense and saved 2.7 million gallons of water. Under his leadership, the company’s portfolio has achieved 12 ENERGY STAR performance certifications. Stanchak actively promotes education to foster sustainability across the portfolio. He created 52 short films on ESG subjects to educate his peers and the hundreds of individuals working within the portfolio’s communities. Due to his accomplishments advancing sustainable practices within the industry, Stoneweg US was recognized with the 2023 Sustainability and Innovation Award presented by the Utility Management Advisory.

SCOTT SULLIVAN With undergraduate degrees in mathematics and engineering, as well as the mentorship of an architectural firm with decades of experience in affordable and market-rate developments, Scott Sullivan uses left-brain logic to elevate a creative profession. Sullivan leads Relativity Architects’ collaborative efforts for accessibility- and amenity-focused design across North America for new multifamily developments as well as upgrades to existing ones. Sullivan has led the creation of more than 5,500 keys of affordable housing in Southern California designed around his appreciation of green building techniques, alternative materials and simple architecture. Notable recent projects include 7th & Witmer in Los Angeles, a 76-unit permanent supportive housing development for individuals experiencing chronic homelessness. Located a few blocks from Skid Row, the project achieved LEED for Homes certification and was the first development approved in the city of Los Angeles to use both stormwater and greywater to supply toilets and irrigation. The project won a 2022 Multifamily Affordable Housing Award from the Los Angeles Business Council and was a 2020 finalist for the ULI Jack Kemp Award for Excellence in Affordable & Workforce Housing. The latest award-winning affordable housing project under his design direction is the historic Castle Argyle Apartments in Hollywood, a 1928 Art Deco hotel-apartment formerly home to Clark Gable and Howard Hughes. Scott and Relativity Architects worked with the developer to modernize the 99-unit building to current seismic and energy standards, saving it from proposed market-rate conversion and preserving it for an existing population of low-income seniors. Sullivan co-founded Blue Accessibility Consultants, a national firm that specializes in navigating the regulatory requirements of various state and federal disability laws — specifically the complexities of ADA, FHA and California Building Code legislation. The Relativity Architects/Blue Accessibility partnership is particularly beneficial to clients who are adapting and retrofitting older buildings to current affordable housing needs, especially for seniors and veterans.

ALEX VALENTE Committed to mastering the art of multifamily best practices, Alex Valente spent 18 months living in six different multifamily projects. The experience helped him learn and observe every element of operations, positioning, leasing and design from his competition and through the eyes of a tenant. Early in his development career, Valente carved out a niche in the Los Angeles Multifamily industry when he started with High Street Residential as an intern while earning his MBA from UCLA. Now a principal at HSR, Trammell Crow Co.’s residential subsidiary, Valente has delivered 1,000 multifamily units during the past four years. In his role, Valente is responsible for identifying new development and investment opportunities, building and maintaining HSR’s debt and equity partnerships, securing entitlements and handling community outreach, influencing project design, as well as managing the construction and leasing teams. At Llewellyn, a 318-unit multifamily community in LA’s Mission Junction neighborhood on the eastern edge of Chinatown, Valente and his team embarked on a significant outreach to partner with local businesses during and after construction, curating exclusive offers and events as an additional amenity to its current and potential residents. This resulted in strong leasing as well as a jolt of activity for local businesses which, at the time, were still struggling to bounce back after pandemic restrictions. After delivering Llewellyn, Valente started work on Vivo on Harbor. Located in the San Pedro Waterfront Arts District neighborhood, Vivo will offer 137 waterfront apartments, including 16 affordable units, and 1,488 square feet of ground-floor retail. For the past nine years, he has taught the Intro to Real Estate class for the Riordan Scholars Program at UCLA, having created the curriculum and led its growth.

PAMELA VAN OS Since joining Greystone in May 2020, SVP and head of West Coast agency loan production Pamela van Os has strengthened Greystone’s lending team with a focus on breaking down silos, integrating teams and creatively meeting client needs. Under her direction, Greystone saw a 67% increase in West Coast production in 2020 year over year, and in 2021, Greystone achieved record loan origination volume of $16.6 billion, due in part to her cross-functional team approach to managing originations. Os works to improve processes so Greystone’s originators can have the right tools to better communicate with each other, which she believes is especially important during times of economic uncertainty. Under her direction, the company increased Freddie Mac Index Locks and Fannie Mae Streamlined Rate Locks in 2022 given rate volatility and saw an increase of 200% vs. 2021. So far in 2023, Streamline rate lock continues to increase, better positioning borrowers in the volatile rate environment. In addition, she is also overseeing the rollout of a program for incorporating preferred equity behind agency loans. Although Greystone has historically done this for clients, the capability is the company’s first structured, scalable offering. Prior to joining Greystone, Os was a chief underwriter at Newmark Knight Frank, where she oversaw credit and underwriting as part of Berkeley Point Capital. She holds a bachelor’s degree from the University of Texas, Arlington, and an MBA in international business from California State University, Dominguez Hills. Os is part of the Greystone Women’s Network and is deeply committed to helping women succeed as originators. Together with colleague Pharrah Jackson, Os created and now co-hosts the GLOW CRE podcast to help women in commercial real estate finance chart a career path.

CARLOS VAZ CONTI Capital founder and CEO Carlos Vaz came to the US in 2001 as a Brazilian immigrant with $300 in his pocket and no connections when he arrived in Boston. He has since built a career with more than $2.5 billion in real estate transactions. Determined to make his mark, Vaz worked odd jobs and took evening classes until he was able to start a construction company in 2004, and he then started a residential real estate company in 2005. Every company Vaz has started has borne his mother’s maiden name, Conti, to honor the example she set for him. When financial turbulence hit the residential real estate market in 2008, Vaz shifted his focus to commercial real estate and moved to Dallas, closing on his first multifamily property that year. Since then, CONTI Capital has evolved from a focus on value-add properties in Texas to include core and core-plus properties across the Sun Belt states. The company’s first two funds closed and performed above pro forma with a 20.6% IRR. The firm recently acquired its 50th property, with nearly $600 million in equity deployed. Vaz plays a pivotal role in securing the necessary financial resources for property acquisitions and deals, collaborating with financial institutions, investors, and other stakeholders to raise capital in partnership with the investor relations team. Vaz’s involvement as a board member of NMHC showcases his dedication to shaping the future of the multifamily real estate sector on a national level. Through this position, he actively contributes to discussions, policy formulation, and industry advocacy, ensuring that the voice of the sector is heard and its interests are represented. In addition to his professional engagements, Vaz devotes his time and resources to charitable organizations that focus on education and youth empowerment.

KITTY WALLACE With an eye toward helping solve the affordable housing crisis in Greater Los Angeles, Colliers senior EVP Kitty Wallace seeks out creative solutions to foster growth in the region’s multifamily market. Her well-established focus on the multifamily industry, built over 25 years, allows her to navigate complex regulations, including California’s intricate Regional Housing Needs Allocation, and close layered deals. She currently is representing the seller of a 20-acre property in Calabasas, CA. The mixed-use, low-density office site once sold will be able to provide up to 871 units. Wallace is known for her success with complex negotiations, including a recent deal in the City of Orange, CA, that required flexible timelines and renegotiation of affordability restrictions. She represented both buyer and seller after leveraging Colliers’ database to find the perfect buyer. She also successfully negotiated the sale of Hollywood’s famous Yamashiro Restaurant as part of a seven-acre parcel that included a hotel and apartment building. Wallace transacted a nuanced deal to overseas clients who were known for refurbishing historic properties, succeeding where other brokers tried but were unable to negotiate an appropriate deal for the property. Wallace joined Colliers International as an EVP in January 2010 and has serviced every facet of her clients’ multifamily real estate needs from the sale of apartment buildings and residential land developments to condominium conversions, student housing, affordable housing and special assets. Her solutions have included loan assumptions, AITD financing, partial interest sales, entity purchases and others to facilitate a deal. In the past three years, her accolades have included multiple CoStar Deal of the Quarter awards, and she was named SoCal Power Woman at Bisnow’s Southern California Women Leading Real Estate event in December. Wallace mentors a dozen young leaders annually through ULI, and she serves on the board of the Upward Bound House, which provides transitional housing for homeless families.

DAN WALSH Drawing on his extensive experience co-founding KeyBank’s real estate private equity group in the late 1990s and overseeing it through the 2008 financial crisis, Citymark Capital founder and CEO Dan Walsh has developed a deep national network of more than 300 experienced sponsors, brokers, banks and financial intermediaries. Citymark Capital raises institutional real estate funds to create attractive risk-adjusted returns for investors by investing across the capital stack in multifamily properties. Since its founding in 2015, Citymark has invested in 21 multifamily properties in 15 different US markets totaling $1.1 billion in value. In the past three years, Citymark exited Fund I and completed deployment of Fund II. Most notably, Citymark Capital’s disciplined investment strategy and market conviction led to a call to sell Fund II assets in early 2022 prior to the market dislocation, exiting 10 of the 11 Fund II assets and distributing strong realized profits to its investors. With a mission to unlock opportunities and with the ability to invest in all tranches of the capital stack, Citymark works to improve living experiences, create attractive homes for residents and build up communities in the cities where it invests. Walsh has built a culture at the company embedded with an entrepreneurial spirit, compassion and philanthropy.

GREG T. WEST For more than 25 years, Greg West has been CEO of ZOM Living during which time he has guided the company to become a leader in the multifamily space with offices in several major cities across the country. ZOM Living has developed more than 24,000 apartment units nationwide, with a total value of nearly $5 billion, earning more than 200 industry awards for project design and development expertise. Under West’s leadership, the company has accelerated its growth in the past decade, developing more residential and mixed-use projects during this period than it had in the first 30 years. West, who joined the firm in 1997, takes a particular focus on development activities at a national level and oversees the company’s 50-plus employees. His unique vision for rental living includes modern amenities from sun decks with infinity pools to state-of-the-art fitness centers with cycling and yoga studios, workstations for remote workers, pet spas and parks, digitized resident markets, walking and biking trails, game rooms, and waterfront amenity centers featuring paddle boards and kayaks. One of the firm’s latest developments, Atelier, is a testament to West’s innovative approach. Located at the entrance to the Dallas Arts District, Atelier boasts 53 loft-style and 364 high-rise units with breathtaking views of Klyde Warren Park, Uptown and Downtown Dallas. The lobby, which is open to the public, showcases rotating public art installations, and Atelier works with local artists to curate art events and activities on-site, including painting classes for residents. Under West’s guidance, the firm established ZOM Senior Living and has already delivered three senior living communities in Florida. West serves on the board of directors of the NMHC and the advisory board of the University of Miami’s Master of Construction Management program.

TEAMS

AFFINIUS CAPITAL’S MULTIFAMILY DEVELOPMENT Through its multifamily development team and housing platform development program, Affinius Capital addresses the supply-demand imbalance in US rental housing stock by identifying markets that lack adequate workforce housing and acquiring and developing sustainable multifamily assets that integrate social and environmental benefits. The team also focuses on the increasing need for congregate-care facilities for aging baby boomers, particularly in the wake of COVID-19, which has created new health requirements for modern senior housing products. Previously known as USAA Real Estate, Affinius Capital’s multifamily development team was founded in 1997 and is led by executive managing director and head of housing investment and development Hailey Ghalib. The team has completed more than 31,000 units totaling more than $11.6 billion in total project capitalization. Launched in October 2021, the team’s housing platform features a diversified and green-attainable portfolio that consists of 5,484 units with 16 geographically diverse projects across the US and two projects in the UK, with assets that address a wide range of renter price points and affordability needs. The team takes a highly selective, disciplined approach to new development, including extensive research on more than 50 US markets and submarkets and acquiring assets below-replacement cost, with value-add potential through renovation and enhanced property management, as well as monitoring for distressed situations resulting from interest rate increases. Among its recent accomplishments is the development of Union Square, a master-planned mixed-use development in Somerville/Boston, MA. The initial phase of residential development includes 450 multifamily units and 17,420 square feet of commercial space in a high-rise and adjacent mid-rise. The team also entered a new target market through the UK residential investment program. Current existing investments include build-to-rent projects in Liverpool and Milton Keynes.

BERKADIA JV EQUITY & STRUCTURED CAPITAL The Berkadia JV equity & structured capital team takes a unique exclusive focus on raising equity and structured capital from international and domestic qualified capital sources and has brought a diverse roster of new capital sources to the table, including high-net-worth investors, private equity, pension funds, insurance companies and family offices. Founded in 2019, the team is led by senior managing director Chinmay Bhatt and works hand-in-hand with Berkadia’s debt originators and investment sales teams to structure joint-venture equity, senior equity, preferred equity/mezzanine debt, ground leases, stretch senior A/B notes and co-GP/entity-level partnerships. The team has played a key role in driving the expansion of many emerging and established local and regional sponsors operating in market-rate multifamily acquisitions, ground-up multifamily projects, single-family-rental/build-to-rent communities, hotel-to-multifamily conversions, student housing assets and property recapitalizations. The team has also been instrumental in forging long-term programmatic relationships between sponsors and capital partners — allowing them to act quickly and decisively in a highly competitive marketplace to expand their portfolios rapidly. Spread out across the US, the 10-person team has a deep understanding of the drivers and key players in New York, Dallas, Atlanta, Miami, Los Angeles, Phoenix and Austin. The team has capitalized more than $5.4 billion across more than 100 property transactions, which comprises more than 22,000 multifamily, build-for-rent units and student housing beds across 22 states. A recent accomplishment for the team is the new alliance between Berkadia and privately-owned capital markets platform Knight Frank that solidifies its global reach.

BERKADIA SINGLE-FAMILY RENTAL/ BUILD-TO-RENT Since 2012, Berkadia has provided single-family rental financing options, including the development of a pilot program with Freddie Mac to finance affordable single-family homes and increase the availability of affordable rental housing across the country. In 2021, Berkadia’s single-family rental/build-to-rent team at Berkadia was founded and is led by VP of client services Jeff Coles. The team provides investment sales, mortgage banking including a joint-venture equity and structured capital specialization, and loan servicing. It has completed nearly $4 billion in combined transactions, including the sale of Overlook at Buffalo Park in Flagstaff, AZ, for $75 million; a $150 million refinance/acquisition facility for SFR Portfolio in Texas and the Midwest; and the $250 million joint-venture equity/structured capital raise in Texas, Missouri, Indiana and Georgia for SFR Portfolio. In addition to its transaction accolades, Berkadia has made substantial investments in proprietary data and research platforms backed by $410 billion of loan servicing, investment sales and mortgage banking data. The team also works closely with the firm’s BeEngaged program to help create innovative solutions for clients. The program provides startups with resources, strategic counsel and a collaborative network to test and grow disruptive concepts. An example is an agreement Berkadia signed with Esusu to help residents establish a financial identity to unlock greater equity for renters, improve property performance and reduce lender risk. With a goal of dismantling barriers to housing for working families, Esusu reports on-time rent payments to the three major credit bureaus to establish and boost credit scores for residents. The collaboration has expanded to more than 34,000 units and established credit scores for more than 5,300 residents to date. Berkadia provides thought-leadership on the market through webinars, blogs, industry white papers and conferences.

CAPITAL ONE’S AGENCY FINANCE TEAM Strong relationships with government-sponsored enterprises and access to a wide portfolio of customizable financing options sets Capital One’s agency finance team apart. A top-five agency lender by total agency loan volume, the team, which is part of Capital One’s commercial real estate platform, was founded in 2013 and is led by head of agency finance Kate Byford. The team’s portfolio grew to more than $50 billion and closed more than $9 billion in 2022, and it was named a top-10 Fannie Mae lender and a top-10 Freddie Mac Optigo lender. The team’s portfolio includes conventional multifamily properties, affordable housing, student housing, senior housing and manufactured housing communities. It leverages programs such as Fannie Mae’s Healthy Housing Rewards and Green Rewards programs as well as Freddie Mac’s Green Advantage programs, which reduce interest rates for properties with resident services and allow the lender to underwrite energy efficiency savings from green investments. Last year, the firm reported more than $7 billion in community development loans, most of which supported multifamily affordable housing for low- to moderate-income households. Among its significant recent transactions was the financing it provided for White Eagle Property Group’s $315 million Fannie Mae-backed debt package to refinance six multifamily properties. The team rate-locked the portfolio within 24 hours of signing the term sheet with Fannie Mae and locked in the index and spread at a favorable rate. It also provided a full suite of financing to Foulger-Pratt to develop a 148-unit affordable housing community in Washington D.C., including a $39.2 million construction loan provided by Capital One’s community finance team, a 36-month forward commitment for a $21.1 million Freddie Mac fixed-rate loan, and a $34.2 million LIHTC investment provided by the company’s community finance team.

CAPITAL SQUARE DEVELOPMENT Founded in 2018 under the corporate umbrella of Capital Square, Capital Square Development, led by chief development officer Adam Stifel, focuses on opportunity zone investments and development and has brought more than $600 million to historically under-invested neighborhoods in urban centers. The Capital Square Development team is a tight-knit group of professionals who bring nearly half a century of combined experience to every project, having completed more than 32 developments with 6,500 multifamily units, including more than 500 multifamily units last year. With expertise in acquisition, capital raising, design and construction, cost management, asset management and disposition, the development team is equipped to manage the full lifecycle of a development project, including identifying potential sites, underwriting and developing a business plan, overseeing the capitalization of the project with debt and equity, running a competitive selection process for the design and construction teams, overseeing construction and lease-up and managing the asset through disposition or refinancing. The team currently has nine development projects representing about 2,000 apartment units, with total development costs exceeding $600 million. Leveraging tax benefits provided by the Tax Cuts and Jobs Act of 2017, Capital Square Development is among the first groups nationally to raise opportunity zone investments. To date, Capital Square has launched eight funds focusing on real estate investments in opportunity zones for investors seeking to invest in economically distressed communities. Five of these funds helped enable the construction of five mixed-use projects in an opportunity zone located in the Scott’s Addition neighborhood of Richmond, VA, which created 1,483 jobs and generated $9.7 million in annual state and local tax revenue. The team has three other opportunity zone developments under construction in Raleigh, NC; Charleston, SC; and Knoxville, TN.

COLLIERS’ CHESLER CAPITAL MARKETS & INVESTMENT SALES TEAM During the pandemic, Colliers’ Chesler capital markets & investment sales team was instrumental in helping stabilize the multifamily industry and achieve resilience. Founded in 2013 and led by vice chair Jacklene Chesler and VP Patrick Norris, the team diversified its services into a multifamily focus at a time when markets were turning and lenders were struggling with landlords who could no longer care for their properties. Chesler and Norris worked to find investors with vision who could help stabilize properties, including one situation in which it arranged the sale out of receivership of three distressed apartment buildings totaling 140 units to New Jersey-based investor Dan Young, owner of Nice Home for Rent. Young made capital improvements that avoided gentrification and produced quality housing for the local workforce, which was in high demand. For the past decade, Chesler has provided investment sales and advisory expertise to institutional and private investors.  As a middle-market investment sales broker, she focuses on sales and acquisitions including multifamily residential, mixed-use and land. She has experience and national prominence working with special servicers, asset managers and other fiduciary agents on CMBS and balance sheet properties and other types of distressed assets. She also markets and sells properties via online auctions, notably Ten-X. Norris specializes in institutional as well as private investor marketing and sales transactions of multifamily assets throughout New Jersey and the surrounding tri-state metropolitan region. Norris is an expert at selling properties via online auction platforms including Ten-X Commercial, RIMarketplace and Crexi. In 2022, the team closed 55 transactions totaling more than 3.5 million square feet, sold more than 1,200 multifamily units and handled more than 50 receiverships.

COLLIERS’ DEVINCENTI AND LAGOMARSINO MULTIFAMILY INVESTMENT SERVICES TEAM Made up of eight experts in the San Francisco Bay Area, the Devincenti and Lagomarsino multifamily investment services team at Colliers was founded in 2013 and is led by vice chairs James Devincenti and Brad Lagomarsino, along with EVP Dustin Dolby. Housing shortages are a critical issue in California, especially in San Francisco, and the team focuses on dealmaking that provides affordable homes for the community. It has specialists in research, marketing, advisory and negotiations for clients ranging from multigenerational mom-and-pop owners to institutional investors and municipal representatives. For example, the team represented a long-term multigenerational mom-and-pop landlord in the sale of a property in Pacific Heights that preserved 48 units for the community. The buyer, a large institutional landlord in San Francisco, purchased the property for $18.4 million in Q4 2022. D&L’s influential marketing pieces include a robust website and regular market reports as well as popular video-format market reveals produced by SVP Payam Nejad. When COVID-19 locked down San Francisco, the team sustained a local market share at 50% of all 10+ unit transactions. The team has transacted more than 15,630 units since 2013 and its active portfolios encompass more than 25 buildings valued at more than $250 million. For three years, the team’s leaders have been inducted into Colliers’ Everest Club, which recognizes the top 10% of the firm’s producers. CoStar and MLS rank the team as the top apartment building listing/selling team in the San Francisco market, and it is the most prolific broker of rent-controlled products with more than $5 billion in sales.

CUSHMAN & WAKEFIELD LAS VEGAS MULTIFAMILY ADVISORY GROUP Cushman & Wakefield’s Las Vegas multifamily advisory group was founded in 2016 and is led by executive directors Taylor Sims and Carl Sims. The team prides itself on a data-driven brokerage model that tracks the local market in real-time — including sales, offerings, operations and developments — using proprietary data tools and compiles the information into custom reports. The team also leverages management data from 20,000 units in Las Vegas managed by the firm’s CW Living multifamily management division. Within the past two years, the team has conducted more than $1 billion in sales volume, making it a leader in the Nevada multifamily market. This includes some of the largest recent single-asset transactions such as the sale of Verona for $103.5 million and the sale of South Beach Resort for $97.5 million. The March 2022 sale of South Beach at more than $443,000 per unit achieved more than double the market average and was the highest price per unit for a garden apartment complex in the area. The team brokered six sales and advised on two additional transactions above $360,000 per unit, accounting for a more than 45% market share in this high-end price range. Taylor Sims represents investors and landowners in property acquisitions and dispositions, and other real estate objectives unique to their business investments. Carl Sims has been building relationships in the Las Vegas commercial real estate industry for more than 40 years, representing owners and investors in their real estate pursuits and business objectives.

CUSHMAN & WAKEFIELD NORTHEAST MULTIFAMILY TEAM Joining Cushman & Wakefield amid the pandemic in 2021, the firm’s Northeast multifamily team set new records in the region’s middle market and institutional commercial real estate market despite being a relatively new team to the firm. Founded in 2011, the team is led by executive managing director Chris Sower. It has closed 56 transitions totaling $816 million, including multiple $100 million deals, such as the $160 million sale of a 500-unit multifamily property in New Haven and the $113 million sale of Kennedy Flats, a 374-unit multifamily property. In addition, Sower and his team completed the February 2022 sale of Rising Sun Mills, a 135-unit multifamily community in Providence, RI. The final sale price was $26.94 million. The team attributes part of its success to its strategic business plan and unique structure. It has been diligent about tapping into new revenue streams as interest rates have inched up from historic lows and has been heavily involved in land market deals. Sower leads a seven-member team, four of whom scour the region for potential deals. The other three focus on preparing properties for sale, launching the listing through negotiations and functioning as a closing concierge. Based in Boston, the team has extensive experience throughout New England, including New Hampshire, Rhode Island, Vermont, Connecticut and Maine. The team has facilitated the sale of multifamily properties ranging from class A trophy assets in the urban core to infill development projects within a number of the region’s prominent suburban communities.

DESIMONE CONSULTING ENGINEERING’S MULTIFAMILY PRACTICE GROUP Within the multifamily sector, DeSimone Consulting Engineering is credited with several firsts, including collaborating with architect Renzo Piano to design Manhattan’s first zero-waste high-rise building and engineering the first “twisting towers” in the US in Florida at Grove at Grand Bay in collaboration with Danish architect Bjarke Ingels Group. DeSimone also served as the structural engineer on One Thousand Museum, a luxury Miami condominium considered one of the most complex skyscrapers ever built. The company’s most recent work includes a wide collection of market-rate and affordable housing towers in Manhattan and the Bronx. DeSimone has had a hand in shaping the tallest buildings in the growing New Jersey skyline, with work on the Jersey City Urby tower and the 99 Hudson tower. The firm was founded in 1969 and is led by chairman and CEO Stephen V. DeSimone. The company was among the early advocates of 3D building information modeling technology and helped propel the development of supertalls through advanced dampening systems that reduce the natural sway that high-rise towers experience from wind. A U.S. Green Building Council National member organization, DeSimone has worked on multiple projects that have gained LEED certification and the company strives to minimize the impact on the environment by endorsing sustainable and conservation ideals throughout all of its operations. The company adjusted the chemical composition of cement in concrete to reduce carbon dioxide emissions, used concrete masonry materials that can be recycled for other projects, promoted steel as the most recycled material used in modern building construction, and reconsidered the way wood construction is detailed to reduce a project’s wood waste significantly. To date, DeSimone has designed more than 10,000 projects in 44 states and 54 countries.

IPA TEXAS Institutional Property Advisors is a division of Marcus & Millichap founded in 2011 and led by executive managing directors Will Balthrope and Drew Kile. The team has closed a large volume of high-profile investments for clients in Texas and the Midwest, totaling $6.9 billion in sales volume last year. The team works in every major and secondary market throughout Texas, accessing a national and international buyer pool, and provides institutional and high-net-worth private investors with a large inventory of multifamily property opportunities in every market as well as local market research and sales expertise in Dallas-Fort Worth, Houston, Austin and San Antonio. The team operates with a hands-on, team-centric approach to close transactions, including Broadstone Knox District and Timberhill Commons, in addition to several portfolio sales with assets in multiple Texas markets. Broadstone Knox District is a 333-unit, seven-story multifamily asset built in 2021 on more than five acres in the Knox-Henderson neighborhood of Dallas. The team represented the seller, Alliance Residential Co. and the real estate business within Goldman Sachs Asset Management, and procured the buyer, an undisclosed institutional investor. Timberhill Commons is a 340-unit multifamily property built on 21.5 acres in the Leon Valley submarket of Northwest San Antonio. The team represented the seller, a partnership between San Antonio-based White-Conlee Builders and Palatine Capital Partners, and procured the buyer, Atlanta-based Dreamstone Investments. Balthrope and Kile have earned numerous awards throughout their careers, and Balthrope is a board member of the NMHC and a co-chair of the multifamily council of the North Texas chapter of ULI.

JLL CAPITAL MARKETS STUDENT HOUSING TEAM JLL Capital Markets managing directors Scott Clifton and Teddy Leatherman focus on understanding the worldview of their clients, who range from large asset allocators to first-time 1031 exchange buyers in the student housing sector. Founded in 2014, the JLL Capital Markets student housing team provides investment sales, debt and equity transactions nationwide. The team’s success is built on relentless information gathering, particularly during turbulent economic times, which allows them to give their clients an edge in identifying opportunities that fit their specific goals. Their approach combines top-down macro sentiment with boots-on-the-ground feedback from property managers, asset managers, university presidents and students. This allows them to provide context on the unique challenges of each market and outline potential impacts. The team closed 66 transactions totaling $2 billion last year. Recent transactions include Vue on Macgregor in Houston, CEV Ruston in Louisiana, Four Corners in Cincinnati, and 11th Street Flats in Waco, TX. Clifton and Leatherman say their greatest accomplishment has been growing the student housing team through the mentorship of young talent, including four analysts that currently make up the team. Leatherman is a meditation teacher and teaches in the community as well at the JLL Dallas office. She has a passion for mental health and bringing mindfulness to commercial real estate and finance. She is active in The Real Estate Council and is a recent graduate of the 2021 ALC Class. Additionally, she fosters and rehomes dogs, and she and her fiancé have rescued more than 15 dogs. Clifton works both within and outside of JLL to mentor young talent in the Chicago area.

NEWMARK SANTA MONICA MULTIFAMILY STRUCTURED FINANCE TEAM Since founding Newmark’s Santa Monica office in 2001, the multifamily structured finance team led by vice chairman Mitch Clarfield has grown to 18 members with average annual debt originations of more than $2 billion and total production of nearly $25 billion. In the past 12 months, the team has originated $2 billion in multifamily debt transactions, including a $947 million Freddie Mac loan in Los Angeles, the largest single-asset loan in Freddie Mac history. Newmark was hired to solicit loan proposals two years ahead of the existing loan maturity and helped the principals evaluate a dozen options, analyzing overall cost of capital, certainty of execution, rate-lock timing and conditions, and the overall post-closing experience. A key factor in determining the overall cost of capital was the borrower’s ability to purchase the B-Piece in a new SASB securitization. Clarfield played an instrumental role in helping the principals decipher various proposals and determine the relative benefits. Since 2015, the team has originated more than $14 billion in multifamily loans in 359 transactions and currently has a servicing portfolio of more than $10 billion. The team has expertise in highly structured, multi-asset, multi-tranche structured transactions, having completed more than $7.5 billion in structured credit facility transactions. In addition to complex transactions, the team has recently focused on delivering highly affordable 5-50 unit properties to the agencies to assist them in meeting housing goal requirements set by FHFA. The Santa Monica team comes from various industry backgrounds, including underwriting, property management and production management working for banks, agency lenders, Fannie Mae and property management companies.

NEWPOINT REAL ESTATE CAPITAL’S PROPRIETARY LENDING GROUP Founded in 2021, the proprietary lending group of NewPoint Real Estate Capital, led by CEO David Brickman, was established to develop alternative financing solutions for multifamily investors. It has brought two platforms to market and has several innovative solutions in development that supplement the company’s Fannie Mae, Freddie Mac and HUD/FHA offerings. The company rolled out NewPoint Bridge, its bridge lending platform, in less than six months targeting loans from $10 million to $100 million with terms up to five years. The platform is led by senior managing director of Proprietary Products Mark Silverstein and originated nearly $1 billion in volume during its first year of operation. NewPoint Impact is the firm’s proprietary affordable housing platform, led by president of affordable strategies Rob Wrzosek. It pairs private capital with government-subsidized products to support the construction, acquisition and rehabilitation of affordable housing nationwide. NewPoint Impact launched in August 2022 with flexible financing options starting at $8 million available to both for-profit and nonprofit 501(c)(3) developers with terms ranging from two to 40 years. Earlier this year, NewPoint completed a $199 million Freddie Mac Q-Deal multifamily securitization led by NewPoint Proprietary Lending. The transaction, backed by eight multifamily bridge loans, marked NewPoint’s first securitization and the first Freddie Mac Q-Deal in 2023. In addition, the NewPoint Impact 4% Tax Exempt Bond Financing has already facilitated three new ground-up developments — two in Wisconsin and one in Ohio. The Synthetic 221(d)(4) construction product is also proving popular in the market as it fills a major gap in construction financing.

NORTHMARQ’S SAN ANTONIO MULTIFAMILY INVESTMENT SALES TEAM Coming from immigrant families, Zar Haro and Moses Siller had aspirations beyond their humble beginnings. Growing up poor, they developed resilience, resourcefulness and determination to overcome adversity. The pair embraced their unique perspective built on their immigrant roots and acquired knowledge and skills that resonated with clients and colleagues. These childhood experiences have proved invaluable during crises, as they applied the lessons of making the most out of limited resources to navigate the real estate industry’s complexities. Haro and Siller lead the San Antonio multifamily investment sales team at Northmarq. The team has a combined 30 years of experience and has closed more than 500 multifamily investment sales and capitalizations totaling $5 billion. They have licenses with Fannie Mae, Freddie Mac and HUD, and relationships with more than 100 correspondent life insurance entities. Throughout the past three years, Haro and Siller have been recognized as top real estate agents in San Antonio as well as achieved CoStar Power Broker status multiple times. They have consistently ranked among the top five agents at Northmarq. They are members of the NMHC Chairman’s Circle and are recognized among ULI’s Top 150 real estate executives. Haro and Siller are dedicated to diversity and inclusion in commercial real estate, supporting minority executives and fostering a more equitable industry. Through their engagement with the Real Estate Council of San Antonio, they contribute to the education and development of real estate professionals, sharing their expertise and insights to uplift the entire industry. Haro and Siller are sought-after speakers and thought-leaders who share their expertise at notable events and media outlets. Their influence extends beyond commercial real estate as they actively engage in charitable initiatives and community service.

NUVEEN GREEN CAPITAL’S PENNSYLVANIA, DELAWARE AND NEW JERSEY ORIGINATIONS TEAM Led by originations director Shelah Wallace, the Pennsylvania, Delaware and New Jersey originations team of Nuveen Green Capital, a national affiliate of Nuveen focused on sustainable CRE solutions, was founded in 2015. NGC’s core lending solution is Commercial Property Assessed Clean Energy (C-PACE) public-private financing, which allows commercial real estate owners and developers access to fixed-rate, low-cost and long-term financing to fund sustainability measures in their buildings. Wallace, formerly a CRE lending specialist on the banking side, brought her extensive experience to NGC in 2021 and helped get Pennsylvania statutes amended to allow for C-PACE financing of multifamily projects in the state. Since then, she has led her team to close numerous C-PACE deals totaling more than $115 million in the Philadelphia region alone — most notably, the first-ever multifamily C-PACE-financed project in the state of Pennsylvania in February 2023: Somerset Station, an $18 million, 220-unit apartment complex in Philadelphia. This was followed by the team’s closing of the largest-ever C-PACE-financed deal in Pennsylvania totaling $40 million, and the state’s second-ever multifamily project five weeks later. The new multifamily building, located in the Callowhill neighborhood of Philadelphia is a 329-unit apartment that will include 13,900 square feet of retail space. The two multifamily deals helped raise awareness for C-PACE and provided a gateway to other multifamily projects. Wallace and her team continue to educate borrowers on how to use C-PACE for their development products and work with other financing partners to help them understand how C-PACE works to complement their lending products.

SANDS BUILDING GROUP Sands Building Group is transforming the BTR/SFR segment of the multifamily industry with the concept of detached apartments, which are experiencing widespread deployment across the country. Initially, this required a complete mind shift to bring single-family home construction team members into a multifamily world to build unique horizontal communities on a large-scale basis. Founded in 2014, the group is the in-house construction arm of Sands Cos. and is led by president of construction Hal Funderburk, along with co-founders Joe Morrison and David Wilkes. The group is a pioneer in the horizontal apartment segment and built its first detached apartment unit in its home base of Myrtle Beach in 2020. The 99-unit ISLE Cottage Apartment Homes community served as a proof of concept for investors and the capital markets when it sold a year later for $26.3 million at 99% occupied. Since then, it has constructed more than 2,300 units across the Southeast US and is poised to double that footprint during the next few years. Having both development and construction under one roof allows the company to complete projects quickly. The Seaglass Cottage Apartment Homes project in North Myrtle Beach underscores how the company works. The multiphase project was completed on budget, and as construction was completed, residents were able to move in within days thanks to a plan that allowed occupancy while construction was ongoing in the surrounding areas. Notable projects include the Cape Cottage Apartment Homes in Wilmington, NC, with 315 one- and two-story cottages, and the Argent Cottage Apartment Homes in Hardeeville, SC, with 354 one-and two-story cottages. Both are scheduled for delivery this year. The rapid growth of Sands Building Group has resulted in 23 new jobs at various levels during the past year.

SILVERSTEIN PROPERTIES’ OPPORTUNITY ZONE TEAM In 2019, Silverstein Properties and Cantor Fitzgerald formed Cantor Silverstein Opportunity Zone Trust, a joint-venture to invest in, develop, redevelop and manage a diversified portfolio of multifamily properties located in qualified opportunity zones. The team is led by SVP of fund management Jeffrey Deitrich. With a focus on opportunity zones, the team invests in burgeoning neighborhoods across the country where it can create local jobs, help grow salaries and increase housing supply in markets facing demand pressures. While many investors have pulled back to focus on credit opportunities, Silverstein has created construction employment and contributed to the improvement of low-income areas. To date, the trust has raised nearly $820 million in capital and invested in mixed-use residential assets that are valuable to their communities. Notable projects include Astra Tower, the tallest residential tower in Utah with 377 units; South Pier at Tempe Town Lake, a three-tower project near Arizona State University with 724 units; and 420 Carroll, the first residential project developed in Brooklyn’s Gowanus rezoning district with 360 units, one-quarter of which are reserved for affordable housing. The Silverstein and Cantor Fitzgerald teams raise capital from investors with capital gains via registered investment advisors and broker-dealers and then identify, structure and invest in multifamily projects across the US. The teams leverage Silverstein’s in-house development, design and construction expertise to manage investments and Cantor Fitzgerald’s national network of sellers to raise capital and find new investment opportunities. The team has raised two diversified multi-asset funds that invested in nine projects across the country with a capitalization in excess of $2.4 billion and will create more than 2,500 new residential units, including affordable housing.

TEAM QUEENS OF DWIGHT CAPITAL LLC The journey of Dwight Capital LLC’s team Queens began in 2014 when partner Brandon Baksh joined the firm as its seventh employee. Since then, the team has gained three senior originators, a junior originator and an originations analyst. With a competitive mindset, the team challenges and inspires each member to push their limits and strive for excellence. Baksh and his team have impacted the multifamily real estate field by establishing themselves as trusted advisors and experts in FHA financing who can navigate complex financing processes. The team’s comprehensive approach includes identifying potential loan opportunities by evaluating market trends, property performance and the financial viability of projects; engaging in the loan procurement process, which involves establishing relationships with developers, property owners and other industry professionals; and closing loans by collaborating with clients, underwriters and legal professionals to ensure all necessary documentation and requirements are met for loan approval and finalization. As of 2023, Baksh and his team have closed more than $2.5 billion in FHA financing. In 2020, the team closed the largest new construction HUD loan in Arizona at that time. The loan, valued at $55 million, was secured for the Aviva Goodyear project, which consisted of 286 units. The team closed the largest refinance in both Arizona and Georgia in 2023. In Arizona, it closed a $75 million loan for the San Norterra project with 388 units, and in Georgia, it secured a $66 million loan for the Woodstock West project with 407 units. In addition to these notable projects, the team’s collective efforts have resulted in closing a total of $1.5 billion in loans nationwide during the past three years. Furthermore, the team’s dedication to sustainability is evident in its business practices. Throughout the past three years, every deal it has closed has obtained a nationally recognized green certification.

TIME EQUITIES’ RESIDENTIAL DEPARTMENT The residential department of Time Equities Inc. oversees the firm’s residential operations in the New York City metro area and beyond, including the sales and marketing of projects and the management group that opens and operates luxury properties. Founded in 1979, the team is led by director of sales and rentals Javier Lattanzio and manages 20 buildings in the tri-state area with sales and rental listings ranging from co-ops and condos to apartments and lofts. In addition, the team has managed the conversion of more than 125 rental buildings with more than 10,000 units of cooperative and condominium housing. The firm’s 65-story, 191-resident New York luxury condominium building located in the Financial District was a unique undertaking for TEI’s residential department. Constructed in 2017, the building’s facade is a striking curved glass structure more than 780 feet tall offering unobstructed views of New York Harbor, the Statue of Liberty and Ellis Island. Some of the homes within the building have 20-foot ceilings and expansive glass windows, an uncommon amenity for the area that made the building highly sought after. Other amenities include a spa, golf simulator, sauna and steam room. Notable projects outside New York include 1000M in Chicago, a rental building set to open this year, and CasaMara, a resort-style luxury apartment project in West Palm Beach, FL. The team provides acquisitions, real estate finance, master planning, design, construction management, sales and marketing. It also serves on the board of directors of numerous co-ops and condominiums and works to ensure that sponsors comply with all obligations, works with co-ops and condos, complies with Fannie Mae requirements, and assists in making financing available to purchasers. TEI has been working toward an increased focus on ESG and sustainable initiatives within its developments.

ORGANIZATIONS

AFFIRMED HOUSING Affirmed Housing is leading the charge in cutting through red tape that hinders housing development in California where regulation and inflation have impeded the production of critically needed housing inventory. Affirmed Housing delivers high-quality, inclusive, multifamily housing developments for families, senior citizens, veterans and people experiencing homelessness. The company works with municipalities and private owners throughout California to promote housing stability and neighborhood well-being by leveraging expertise in public finance, low-income housing tax credits and tax-exempt bond finance. Many of the company’s projects include wraparound services and resources to help residents live more autonomously, including daycare, health and wellness programs, financial literacy and job training. The company engages with the community during the early design phase of every project and prioritizes environmental health by striving for net zero and LEED certifications on its developments, employing energy- and water-efficient building systems and creating walkable communities near public transit, gardens, retail and dining. The Orchard at Hilltop is an example of the company’s style and priorities. The mixed-use, urban infill development in San Diego transformed a neighborhood blight covered in trash and overgrown weeds into a community hub featuring 113 affordable apartment homes for lower-income individuals and families. The project includes 6,500 square feet of commercial space, a hospitality venue and a renewed stormwater channel that creates a natural wildlife habitat. Orchard required extensive negotiations with state and federal environmental agencies. Work included cleaning up nine acres and dividing it into three separate parcels allowing for street widening and planting a median parkway, installing traffic signals, and building new curbs, sidewalks and street gutters. Founded in 1992, Affirmed Housing is led by president and CEO James Silverwood.

AO Jack Selman founded an architectural firm in his hometown of Old Town Orange, CA, nearly 50 years ago. Today, AO ranks among the nation’s top 50 architecture firms with more than 350 employees, including 64 licensed architects and 17 specialized practices operating nationwide. Along with Selman, the firm is led by managing partners RC Alley, Ed Cadavona and Steven Gaffney, each of whom has 30 years of experience. AO’s multifamily practice has consistently delivered exceptional design and architecture for a diverse offering of market-rate, affordable, senior and mixed-use developments, focusing on on-grade, wrap, podium and modular construction since its debut in 1994. Members of the multifamily studio work with colleagues from the firm’s retail, office, hospitality and industrial studios to develop impressive mixed-use and master-planned communities. The firm has completed more than 200 developments during the past decade across the Western US for clients including Greystar, Alliance Residential and AMG & Associates LLC. Recently completed multifamily projects include Park & Paseo in Santa Ana, Alexan NoHo West in North Hollywood, Virginia Street Studios in San Jose, Mark mixed-use development in Riverside, and Garden Brook Senior Village in Garden Grove. The firm describes itself as relationship-focused and design-driven. In 2023, the firm reported billings of $115 million, securing its ranking of 33 out of the nation’s top 300 architecture firms as reported by Architectural Record. Of that total, the multifamily studio is responsible for roughly half of that revenue, which reflects the expansion of the multifamily practice into a variety of segments such as affordable housing, senior living communities, and modular design and construction. In 2023 the company celebrated its 10th annual AO Friendly Center Fundraiser and Fitness Challenge benefiting the Friendly Center, Orange County’s oldest nonprofit.

ATLAS REAL ESTATE PARTNERS Atlas Real Estate Partners takes a long-term view of the real estate market, a strategy that has helped it power through recent economic turmoil. The firm takes a thoughtful approach to integrating with existing neighborhoods for its multifamily projects and gives considerable thought to the future of real estate because it typically holds assets for at least a decade. Atlas acquires and develops multifamily assets in the Southeast, and it seeks under-improved or older assets where it can enhance value through operational improvements and property renovations. Its development vertical develops multifamily/mixed-use assets in opportunity zones. Atlas also focuses on creating highly functional interior spaces, an interaction of indoor and outdoor, and timeless amenities while also emphasizing rent attainability and walkability. The company was founded in 2009 and is led by co-founders and managing principals Arvind Chary and Alex Foster along with managing director and COO Noah Weiss. During the past three years, the company has doubled in size, opened a second headquarters in Miami and expanded its ability to execute on transactions. It acquired three properties and launched three developments during a period of conservative strategy and also strengthened its balance sheet by refinancing loans with long-term fixed-rate financing. Atlas co-founded the Covenant House Real Estate Sleep Out nine years ago. Every year, the whole team gives up their beds to sleep outside, sometimes in freezing temperatures, to raise money and awareness for homeless youth. This initiative has raised more than $3 million for Covenant House.

CITYVIEW Recognized as the decade’s most active multifamily developer in Los Angeles by Los Angeles Business Journal, Cityview creates housing in markets that desperately need it. Founded in 2003, Cityview is a vertically-integrated real estate investment management and development firm led by CEO Sean Burton. The company currently has more than 3,000 units under development and has invested in more than 130 projects to date. It owns and manages more than 50 buildings. Last year, Cityview closed the first $200 million of the firm’s seventh commingled discretionary multifamily fund focused on value-add and development projects in the Western US. During the past few years, Cityview launched an opportunity zone fund, raising nearly $350 million from more than 150 high-net-worth investors. Cityview’s strategic focus is on top-performing Western US markets with strong growth, high barriers to entry and a lack of sufficient supply. Its diverse investor base includes public and private pension funds, insurance companies, foundations and endowments, hedge funds, family offices and high-net-worth investors. Throughout the years, Cityview has pivoted to meet the needs of the marketplace. During the 2008-2009 recession, for example, Cityview shifted its focus from for-sale housing to multifamily — forecasting a need for the product type as residential housing was taking a big hit. To further bolster its niche in the multifamily marketplace, Cityview moved to a vertically-integrated model. By handling the investment, development, asset management, construction management and property management of its properties, Cityview creates efficiencies and maintains complete control over the end product — benefiting investors, residents and communities. Cityview regularly contributes to organizations that reach underserved communities directly, including the Robert Toigo Foundation and Los Angeles Conservation Corps, which help thousands of underprepared youth complete their education and develop new skills in business and finance.

CORE SPACES Since it was founded in 2010, Core Spaces has been a disrupter in the student housing sector by combining high design and hospitality-first residential experiences in Tier 1 college markets. Core owns or manages 47 student and conventional properties nationwide, totaling more than 23,600 beds across 29 states. Building on its success in that market, Core set its sights on the burgeoning build-to-rent sector when it launched Oxenfree to deliver high-design single-family residences with unparalleled amenities. The firm has an identified pipeline of nearly 8,000 homes located in fast-growing markets including Denver, Dallas, Austin and Nashville, and its debut communities are slated to begin delivering in 2024. Led by founder and CEO Marc Lifshin, Core’s process relies heavily on engaging with people living in each community to ensure each property is developed with a deep understanding of resident and stakeholder values. Since January 2021, Core has executed $7.6 billion worth of developments and acquisitions in the BTR and student housing sectors; grown its employee count by 38% to nearly 650; raised more than $1 billion in equity capital for the BTR sector; and delivered and recapitalized the second-largest student housing project in the US. Core prioritizes environmental and sustainability efforts, reducing energy, waste and water usage at all assets and as an organization; using biophilic design to support biodiversity and combat climate change; tracking and reducing its carbon footprint and heat-trapping greenhouse gas emissions to minimize pollution; and obtaining third-party certifications to ensure compliance including LEED and FitWel, among others. Core also has an established DE&I council, with dedicated programming and educational resources in support of BIPOC and LGBTQ+ communities.

DECRON PROPERTIES Founded in 1955 by Holocaust survivor Jack Nagel, Decron Properties has grown into one of the largest privately owned real estate firms in California with a $3.5 billion portfolio including 10,000 units in California, Washington and Arizona. Today the firm is led by CEO David Nagel, Jack Nagel’s son, who took over the role in 1988. During the past decade, Decron’s apartment portfolio tripled and its employee base grew to more than 325 associates across the West Coast. More recently, the firm has made significant acquisitions outside of its home state of California, primarily in Arizona where it has acquired more than $800 million of real estate comprising 2,300 units. Those acquisitions came on the heels of two significant acquisitions in the Pacific Northwest that totaled more than $250 million. The larger of the two acquisitions was its $173 million purchase of Avana 522 in Seattle, which at the time was the largest single investment in Decron’s history. These acquisitions not only significantly bolstered the company’s expanding portfolio, they signaled Decron’s intent to expand its focus and become a national presence in the market. Throughout the past several years, the company has put a premium on developing and keeping its workforce through training programs and opportunities for advancement from within. In the past six months, Decron has earned recognition from two national associations as a top place to work based on employee satisfaction. As a family-owned and operated business, Decron considers each employee a member of the family and encourages every employee to make each Decron community one where its residents are treated like they are family. Part of its mission statement is for employees to be active in their communities and to support community-based causes and charities in an effort to improve and enrich the lives of those around them.

DENHOLTZ PROPERTIES For more than 70 years, Denholtz Properties has established a leadership position in the competitive New Jersey multifamily real estate market and recently has expanded its time-tested operational platform to bring multifamily investments to the Southeast. The company is led by CEO Steven Denholtz and president Stephen Cassidy. Denholtz Properties prides itself on its ability to find and capitalize on opportunities that others may have missed. Created as a single-family homebuilder in the 1950s, a focus on creating housing has always been an important piece of the company’s DNA. Inspired by the growing demand for transit-oriented multifamily housing in New Jersey, the company created a collection of premier multifamily properties across New Jersey known as the Rail. The first of these properties, The Rail at Red Bank, stimulated economic development around the town’s train station. It includes 57 luxury residents, a robust amenities package and 7,500 square feet of ground-level retail. Joining The Rail at Red Bank in 2025 will be The Rail at Bound Brook, a 143-unit community in an emerging residential market in central New Jersey that broke ground this spring. Beyond its development work, Denholtz Properties has pursued strategic acquisitions in Nashville and Charlotte, North Carolina. Today, the firm’s portfolio stands at 5.8 million square feet of commercial assets across both New Jersey and the Southeast. The company has also established itself as an asset manager in the Southeast through its recent acquisition of Vida Apartments, a 289-unit multifamily community in Kannapolis, NC, and 5150 JB Drive Apartments, a 384-unit multifamily community in Murfreesboro, TN. In addition, the company recently announced a strategic partnership with local developer Lansing Melbourne Group to further expand its development pipeline in the Southeast.

DLP CAPITAL As a faith-based, purpose-driven company, DLP Capital is guided by its founding purpose of “Dream. Live. Prosper.” The firm is committed to improving and preserving affordable workforce housing while creating jobs in communities. Through strategic investments and revitalization efforts, it seeks opportunities to acquire and transform properties while ensuring they remain affordable for residents thus reinforcing stability in communities. Its typical investments are focused on properties that offer monthly rents within 30% of the average median income. Founded in 2006, DLP Capital is led by CEO Don Wenner and adheres to core values of integrity, compassion and service. Its purpose-driven approach extends to its commitment to sustainable practices, as it believes in responsible stewardship of the environment and strives to incorporate green building materials, energy-efficient systems and renewable energy sources in its properties. It also works to foster strong relationships with stakeholders and engages with local communities, city officials and nonprofit organizations to develop comprehensive revitalization plans that address housing needs and align with community goals. Throughout the past decade, DLP Capital has consistently grown year-over-year, earning it a spot on the Inc. 5000 list of fastest-growing companies for 10 years in a row. It also ranked on Financial Times’ fastest-growing private companies in America list for the past two years. Since it was founded, the firm has acquired more than $4 billion in assets under management and funded more than $3 billion in loans and lines of credit. In 2022 alone, it provided more than 85,000 real estate solutions, successfully funding more than 685 loans at more than $850 million, as well as 157 lines of credit at more than $187 million, and it expanded from 1,300 to more than 2,300 investors.

FAIRSTEAD Fairstead is one of the largest owner-operators of affordable housing in the US with 24,000 low-income, senior, mixed-income and workforce housing units across 28 states. Founded in 2014 and led by CEO Jeffrey Goldberg, Fairstead preserves and improves affordable housing resources and pursues ground-up mixed-use developments. The company also is investing in long-term preservation and has renovated more than 250 buildings throughout the country and upgraded the infrastructure needed to build sustainable communities. Fairstead is deploying leading-edge technologies to reduce its carbon footprint by making its older buildings more efficient and has created a roadmap of best practices for others in the industry to follow. As an investor, developer, owner and operator, Fairstead provides hands-on expertise across all disciplines, including acquisitions, development, design, construction, energy, sustainability, property management and social services. This year, Fairstead added nearly 9,000 units and expanded to 10 new states, with two new offices in Florida and Colorado allowing the company to continue growing in the Southeastern and Western regions. Fairstead recognizes that supportive service organizations have local expertise and understand their community needs, and it partners with these organizations at its properties. For example, at a new ground-up development in Virginia, Fairstead has partnered with ALIVE! to bring a much-needed food hub to Alexandria where 31% of families face food insecurity. For its work preserving affordable housing, Fairstead has been recognized by the Kentucky Housing Corp. for Outstanding Performance in Housing Preservation and was selected for a Freddie Mac Impact Sponsor Award, recognizing its commitment to ESG, building community and enriching lives.

HFO INVESTMENT REAL ESTATE HFO Investment Real Estate’s distinctive initiatives, policy advocacy and strategic platforms have positioned it as a multifamily real estate influencer and a catalyst for progressive change within the sector. A multifamily powerhouse in the Pacific Northwest, the firm equips clients and stakeholders with knowledge for strategic decision-making through its HFO-TV web news series, now in its 17th season. The platform serves as a knowledge hub and disseminates insights from interviews with politicians, economics and experts shaping public opinion and policy. The firm also produces a weekly podcast and daily blog that provide multifamily industry stories and timely updates to aid in decisions, and it hosts an annual roundtable event for networking and discussions about emerging trends. Founded in 1999, HFO Investment Real Estate is led by founding partners Greg Frick and Cody Hagerman, along with partners Rob Marton and Tyler Johnson. As a founding member of More Housing Now, a group focused on housing policy in the Pacific Northwest, HFO leadership has lobbied alongside other state and regional organizations for the development of more accessible housing and helped defeat short-sighted rent control efforts in Portland. In 2022, HFO joined 11 other brokerages to form Global Real Estate Advisors, leveraging the expertise of hundreds of multifamily firms in markets nationwide. GREA offers state-of-the-art proprietary technology, data sharing and capital sourcing capabilities with Fannie Mae, Freddie Mac, Bridge and CMBS to create an efficient experience for its clients during acquisition, disposition and financing. Within the Pacific Northwest region, HFO has dominated the multifamily market for more than 20 years. According to CoStar, HFO is the top broker of multifamily communities between five and 100 units valued between $1 million and $50 million.

KEY INTERNATIONAL For more than four decades, Key International has identified, developed and delivered projects throughout Florida’s fastest-growing submarkets, including Delray Beach, Coral Springs, Boca Raton and St. Petersburg. It views multifamily developments as vital tools for creating thriving and stable communities, and its goal is to cultivate a diverse portfolio that increases the public’s access to housing and acts as an economic catalyst in its communities. Founded in 1970, Key International is led by co-presidents Inigo and Diego Ardid. The firm’s multifamily portfolio creates choices and agency for the middle-income demographic which it views as the backbone of a strong economy. As the cost of living in Florida has dramatically surged, rentals are playing an even more important role in the health of the state’s economy. Serving Florida’s workforce, Key International’s Parks at Delray multifamily community, located in the Delray Beach market, spans 25 acres comprising 747 market-rate units spread across a mix of townhomes, three-story and five-story buildings. Ten percent of the project’s total residential units will be allocated for workforce housing. In addition, plans include 40,000 square feet of grocery-anchored retail space, and the project also incorporates an existing building on the site with 68,000 square feet of office space. The firm’s portfolio consists of medium- to large-scale projects that incorporate communal spaces, amenities and services that foster a sense of community among residents. These include design-forward fitness centers, swimming pools, on-site restaurants, common areas and ground-floor retail. The firm’s multifamily projects also emphasize green spaces and outdoor amenities that highlight proximity to nature and enable outdoor living.

KEYWAY Keyway is looking to reinvent commercial real estate through rapid deployment of artificial intelligence, machine learning and data science via its AI-based real estate investing co-pilot called KeyPilot (previously Mickey). The company aggregates and centralizes highly fragmented market and property data into a single solution capable of handling an entire real estate transaction. KeyPilot connects sourcing and deal flow, market and property research, underwriting, transacting and asset management via one platform capable of reducing fees by 50% and transaction times by 90%, according to the firm. Founded in 1970, Keyway is led by co-founder and CEO Matias Recchia and co-founder and COO Sebastian Wilner, along with managing director of multifamily investments Christopher Duffy. With AI and machine learning integration, Keyway has pioneered predictive analytics tools such as Rent Thermometer, which identifies potential targets for value add; Rent Growth Score, which identifies markets with potential for outsize future rent growth; Downturn Resiliency, which identifies markets and properties likely to see stable revenue and occupancy during an economic downturn; and Transactability, which identifies properties where the owner may be more likely to transact, drawing on owner characteristics, debt, sales history and other metrics. For multifamily, the company is focused primarily on small-scale, class B properties in the Sun Belt due to its population and job growth characteristics. As a value-based investor, the firm believes in making housing more affordable and accessible, while also improving the health, safety and wellness of residents through ESG integration and other resident-first upgrades. Its team has grown significantly during the past 12 months, with more than 55 employees now based in New York and Argentina.

LV COLLECTIVE LV Collective has reimagined what student housing can be, raising the bar from cookie-cutter, industrial-strength, college-proof projects to carefully curated, beautifully designed spaces that allow college students to enjoy experiential living. The multifamily developer primarily focused on student-oriented projects was founded in 2012 and is led by CEO David Kanne. LV leans into design with study spaces akin to professional shared working spaces, lobbies modeled after boutique hotels and furniture rather than institutional-style built-ins. The company targets pedestrian sites near tier 1, growth-oriented universities. One of LV’s greatest achievements was the delivery and sale of its student-oriented project near UT Austin, Waterloo, which outpaced the market with 95% pre-lease by March 2022 and 100% prior to delivery. With affordability a major concern in Austin, and West Campus specifically, LV worked for more than three years alongside the City of Austin, community stakeholders and 11 neighborhood groups to rally support for University Neighborhood Overlay. With UNO, developers can build more units than allowed by a site’s base zoning and exceed height limitations if they agree to set aside a portion of units for income-restricted affordable housing as defined by the city’s SMART Housing programs. The amendment garnered unprecedented unanimous consent at the city council, making Waterloo possible. The 30-story student housing tower offers two floors, 20% of the total units that are set aside for affordable housing, benefiting both students and the community at large. LV has projects under construction or ready for delivery in Texas, Georgia, Florida, Arizona and Ohio, and future projects are planned in at least three other states.

MMG REAL ESTATE ADVISORS Frustrated by the limitations created by specialization that often restricts brokers to an assigned asset type or limited geographic fence, Alex Blagojevich and Michael Sullivan set out to break down this siloed approach. They founded MMG Real Estate Advisors in 2021, both serving as executive managing directors of the firm. MMG leverages cross-national relationships to generate competition for its clients’ assets, essentially bringing outside capital into the market every time it sells an asset. Eighty-eight percent of the offers the company has procured during the past 12 months were from outside the local marketplace. It also has built a collaborative culture among its national team of advisors through which each member understands the client’s goals and works together to accomplish them. The firm’s advisors connect daily to brainstorm solutions and identify key opportunities from coast to coast, and each week, the entire company reviews its pipeline, upcoming projects, relevant market news and industry-leading resources. Rather than focus on the transaction, MMG offers clients options and advice to make the best decisions for their projects. The firm maintains a unique macro view of the national marketplace with real-time knowledge of which groups are aggressive, active in 1031 exchanges or have liquid funds to deploy. The company has experienced notable growth, with a 750% average increase year-over-year from 2021 to 2023. Community service is a top priority for MMG, and it recently supported Operation Breakthrough and the JFS Hanukkah Adopt a Family Project with donations from MMG team members.

NELSON MANAGEMENT GROUP Nelson Management Group is a full-service real estate management firm that specializes in multifamily properties in New York City with expertise in affordable and workforce housing. The principals of Nelson Management Group, along with its affiliates, have owned or managed more than 10,000 units of rental housing during the past 33 years. Founded in 1994, the firm is led by president Robert Nelson, a leading voice among multifamily owners in New York City and a longtime advocate for the advancement of technology within his portfolio of multifamily buildings to improve the tenant experience as well as overall efficiency for his staff. The company’s portfolio of mixed-income housing currently includes the 972-unit Lafayette Boynton and 318-unit Promenade apartment complexes in the Bronx, in addition to other notable properties in Manhattan and Brooklyn. The firm is adept in the ownership and management of rent-stabilized, Section 8, Article XI, and Mitchell-Lama properties. Under the Nelson Management Group umbrella, acquired properties typically have fewer evictions, public violations and criminal activity than under previous management. They also typically see an increase in overall market values and economic activity following the purchase and revitalization of the properties. Upgrades often include new lobbies, hallways, elevators, state-of-the-art security systems and landscaping. Supporting residents through unprecedented challenging times was a key part of the firm’s response to the pandemic and continues to be during the current economic uncertainty. The staff has taken an all-hands-on-deck approach, operating predominantly in the office throughout the pandemic, to create the best experience for residents.

NORTHMARQ Last year, more than 70% of investment volume was in the multifamily sector for Northmarq, one of the nation’s leading commercial real estate brokerage and advisory firms. Northmarq multifamily is led by president of investment sales Trevor Koskovich and SVP and director of operations Arsen Aminov. The firm prides itself on offering its commercial real estate investors a personalized approach to buying and selling multifamily properties, land and manufactured housing communities. Northmarq’s multifamily investment team assists in the acquisition and disposition of many product types, including market rate, luxury, affordable housing, student housing, senior housing and single-family rentals. It has been ranked as a top 15 multifamily brokerage firm with among the highest multifamily sales volumes in 2022 at $11.5 billion. In the past three years, the company has closed more than $25 billion in multifamily transactions, including a 205-unit property in Clarksville, TN, for $40 million financed by Northmarq’s Minneapolis debt and equity office; a $33.5 million best-in-class community in Colorado; a St. Peters, MO luxury building for $70 million with financing arranged by Northmarq; and a three-property portfolio totaling 246 units in the Los Angeles MSA. The firm supports numerous community organizations including the Eastern Oklahoma Food Bank, Atlanta Community Food Bank and Habitat for Humanity, and through the Northmarq Neighbors program, it supports organizations throughout the nation that provide affordable housing and work to reduce homelessness, such as a Safe Haven Foundation in Chicago, Friends of Boston’s Homeless, New Hope Housing in Houston, New Life Mission in Tampa, Community Housing Works in San Diego and more.

RCKRBX For years, the multifamily real estate industry has relied on anecdotal evidence and supply-side, retrospective market data to make acquisition and development decisions. Former Brightline Strategies principals Michael Broder, James Moore and Kevin Hudak set out to close this gap. They founded RCKRBX, a real estate data intelligence platform for multifamily real estate that offers real-time, demand-side insights based on responses from thousands of current and prospective renters in specific geographic areas. The forward-looking software as a service platform was recently launched in the District of Columbia, Maryland and Virginia markets. Data is derived from real-time human insights generated from a proprietary database of renter polling data point variables along with contextual market and supply-side data with survey datasets updated each quarter to accurately align with US Census demographics from statewide to sub-market sectors. Requiring no training or installation, the platform allows subscribers to enter a project scenario and receive real-time insights on target audiences, unit demand/mix levels as well as desired configurations, finishes and features, preferred amenity programming and placements, and ideal location attributes and neighborhood characteristics which are accretive to market demand, lease-up pace and rent premiums. Current subscribers have complimented the platform for its immediacy of insight, low price point compared to bespoke studies, and ability to iterate and optimize development scenarios to mitigate risk and maximize demand. These capabilities have enhanced customers’ competitive performance and edge, delivering greater net operating income across investment and development lifecycles and creating resilient portfolio strategies. Born out of the COVID-19 pandemic, RCKRBX has had the unique experience of raising capital in a challenging economic environment, raising $4 million in pre-seed investment. Since then, RCKRBX has secured marquee subscribers in its initial launch geographies, including American Real Estate Partners, McWilliams | Ballard and JBG SMITH.

REALSOURCE PROPERTIES INC. Believing that every market is different and should be evaluated uniquely, RealSource Properties Inc. relies on data, not sentiment, when identifying investment opportunities in the multifamily space. The company combines data analytics and a proprietary econometrics model examining 40 subcategories and 160 due-diligence points to identify value-add multifamily assets. Its strong belief in data reflects its origins as a commercial real estate research provider founded in 1988 that developed a reputation for data quality during the years among investors who relied on that data to locate profitable opportunities in undiscovered secondary markets. In 2002, RealSource began developing, operating and selling multifamily properties and has transacted more than $1 billion in assets since its founding as a property investment and management company. The firm launched its inaugural REIT in May 2021, which has grown to $585 million in assets under management on a target of $1 billion. The REIT has raised its net asset value twice, most recently in November 2022, and increased its distribution to investors. The REIT contains 12 properties across five states, with more targeted for acquisition. RealSource’s principals, led by CEO Nate Hanks, serve as commercial real estate economic advisors to institutional investors looking to purchase commercial properties. President V. Kelly Randall manages RealSource’s nationwide multifamily acquisition and financing strategies and oversees the firm’s REIT. COO Mark Hanks manages RealSource’s operations and property management strategies, and CFO Jeff Hanks manages RealSource’s financial and accounting procedures. VP of acquisitions and economics Mike Madsen is RealSource’s econometrics expert who conducts due diligence and research, and director of capital markets Joe Hart manages business development and fundraising activities. The firm supports various programs to alleviate poverty and housing insecurity, and it is involved with organizations that offer wrap-around services for those in need.

RKW RESIDENTIAL RKW Residential’s success is built on a strategy of implementing a high-touch, boutique approach to servicing both residents and ownership groups. It is one of the industry’s fastest-growing multifamily management firms with more than 35,000 units under management across seven states, leveraging its technology, marketing and customer experience platforms. The firm recently joined the ranks of the NMHC’s annual list of top 50 property managers, and it ranked No. 2 in the country for J Turner’s ORA Power Rankings of the top management companies based on online reputation scores. Founded in 2014 and led by CEO Marcie Williams, the Charlotte-based firm was acquired in 2022 by residential technology company Alfred, setting it up to scale nationally. Last year, the firm gained six additional management assignments in Florida, North Carolina and Georgia via its relationship with Bluerock Real Estate, and it debuted in Asheville, NC with McCall Capital’s Enclave Piney Mountain and in Huntsville, AL with i3 Interest’s Highfield Madison apartments. In addition, the company formed several new client partnerships with leading developers and investors, such as New York-based Dermot Co. and L&L Holding Co., Miami-based Mast Capital and Charlotte-based Levine Properties. It expanded its Georgia footprint shortly after debuting in the market with two prime community assignments from Starlight U.S. Multifamily – The Mill at Westside in Atlanta and Artesia Big Creek. During COVID-19, the firm was recognized for its “15 for 15” video series for which it received an excellence in marketing award from Multi-Housing News. Williams was inducted into the 2021 class of the Apartment Association of North Carolina Hall of Fame, and she also won the Charlotte Business Journal Most Admired CEO award for the second straight year — an extremely rare accomplishment.

STAKE In an industry that has seen little change in rental payment processes during the years, Stake brings a fresh perspective and innovative solutions to address the challenges faced by both operators and residents. Ongoing inflation, rising mortgage costs, skyrocketing rent and a looming recession are putting pressure on renters already struggling to recover from the pandemic. Meanwhile, apartment operators have been experiencing higher delinquency rates and increasing operating expenses. Providing financial incentives to renters, like cash back on rent, Stake is working to empower renters to build financial stability, better manage their finances and accumulate wealth, all of which benefit operators in the form of lower delinquency and increased renewals. Founded in 2018, Stake is led by CEO and co-founder Rowland Hobbs and co-founder and director of engineering Jimmy Jacobson, along with president Natalie Cariola. The company introduced new and advanced payment solutions that streamline the rental payment process, making it more convenient and efficient for residents and supporting operators in optimizing incentives to renters. By leveraging technology, residents can easily schedule and automate their payments, reducing the chance of delinquencies and late payments. Residents who use Stake pay their rent on time and in full up to 50% more often than non-Stakers and renew up to 30% more often, according to the firm. This year, the firm launched two new products: StakeSay, a resident platform that allows residents to provide feedback and share their experiences, and Stake Metal, which offers luxury banking services that can be accessed anywhere a person rents. Stake experienced substantial growth during the past two years, expanding its presence and market reach from 7,000 apartment homes in 2022 to more than 50,000 homes today with more than 225 million annual active leases with renters.

STANDARD COMMUNITIES Before founding Standard Communities in 2008, Scott Alter and Jeffrey Jaeger were friends who shared a common goal — making the world a better place. Those charitable aspirations led the pair to create a company to preserve and improve affordable and workforce housing nationwide, ensuring that high-quality housing is accessible to those who need it most. Under the direction of principals Alter and Jaeger as well as COO Joseph Ouellette, Standard focuses on acquisition redevelopment, essential housing and new construction. The firm is taking over housing stock in the least affordable areas in the country, preserving low rents, rehabilitating properties and making them widely available to the public. Its strategy includes leveraging public-private partnerships with government agencies. Active across the country with seven offices, the firm’s portfolio spans 17 states with nearly 19,000 units. With more than $4 billion in assets under management, the firm provides housing to 45,000 people across the country. Standard Communities is built upon several core elements, including a commitment to quality, speed and flexibility. It believes in only committing to projects that are design-intelligent, resident-focused, viable for the long term and future looking based on hard data. This philosophy has allowed Standard to maximize the efficiency of federal dollars during its renovation and building process. Focused on more than bricks and mortar, Standard Communities places an extensive focus on resident services and community programming. It forms partnerships with local nonprofits, giving residents access to services and community programs designed to help them remain connected to their neighborhoods and lead healthier and fulfilled lives.

TAURUS INVESTMENT HOLDINGS Taurus Investment Holdings’ multifamily investments fall into two categories — residential properties suitable for energy-efficiency retrofits and zero-energy-capable new builds. Through its RENU Communities affiliate, Taurus is leading the effort to decarbonize multifamily buildings by deploying energy efficiency technologies on retrofits. By doing so, the firm says it demonstrates that decarbonization is viable across asset types and price points, not just luxury office or high-end single-family homes. The firm is also addressing energy efficiency in new build developments via its standalone affiliate EcoSmart Solution, which combines networked geothermal heating and cooling with energy efficiency technologies. Founded in 1976, Taurus Investment Holdings is led by CEO and managing partner Peter Merrigan. Its multifamily investment strategy focuses on value-creation opportunities in locations with strong population and employment growth, low rent-to-income ratios and access to infrastructure and amenities. RENU Communities is currently renovating more than 2,000 units. South Winds, RENU’s flagship retrofit, is a 404-unit, 1972-vintage, class B apartment complex in Fall River, MA. RENU decreased its HERS rating from 170 to 30, saved 3,441,000 kWh in energy efficiency, implemented 1,427,000 kWh in onsite renewable generation, and averted 1,550 annual tons of CO2. Across both retrofits and new builds, Taurus’ real estate investments and energy improvements bring benefits for occupants and property owners alike. Lower energy profiles limit the impact of rising or volatile energy prices on occupants; onsite energy production with solar panels combined with energy storage raises resilience and energy independence for the property; and zero combustion of hydrocarbons onsite translates to better air quality for occupants and the surrounding community.

TOUR24 Tour24 has revolutionized property touring with a unique approach to self-guided tours using visitors’ phones as entrance keys, information sources and lease processors. According to the firm, everyone in the multifamily pipeline benefits from the Tour24 platform, from residents to owners. The innovation frees up leasing staff to do work they previously had to interrupt to provide tours and process leases or to allow prospective tenants to tour outside of business hours. Founded in 2018, Tour24 is led by CEO Georgianna Oliver. The award-winning platform leverages augmented reality and data analytics to allow potential renters to experience museum-style tours guided by their phones, or explore units freely, pointing their phones at key features to receive pre-written or recorded descriptions and apply for a lease immediately. Marketing teams also can create and track custom tours to highlight the best features of their property, build sales pitches with flexible tour options, and enhance the tour experience with voiceover in multiple languages. RangeWater Real Estate, which operates more than 100,000 rental units across 12 states, utilized Tour24’s services to convert 43% of its tour applications; a 12% increase over the national average. It also delivered 1,939 unique visitors, 43% of which were scheduled on weekends and 30% outside of leasing hours. Recently, Tour24 unveiled its Explore Platform, an enhanced multifamily mobile application with new features for easier scheduling, improved 360-degree photos, advanced vacant unit management and improvements to the lease conversion process. Tour24 also is targeting the student housing market, which it says is a natural fit for increasingly tech-savvy young adults. In a recent student housing deployment with Landmark Properties, Tour24 delivered 827 unique guest cards, 604 scheduled tours, 154 applications and a 38% conversion rate.

TRION PROPERTIES Through a prudent investment approach, Trion Properties has delivered outsized returns without taking outsized risks. Since its inception in 2005, the firm has completed more than $1.8 billion in transactions and maintains a current portfolio of more than $1 billion in assets consistently generating an average internal rate of return of more than 20%. Founded in 2005, Trion Properties is led by principals and managing partners Max Sharkansky and Mitch Paskover and is based in West Hollywood, CA and Miami. The firm’s primary strategy is acquiring underperforming assets in up-and-coming, high-growth areas and converting them into modern, desirable and affordable places to live. The firm’s repositioned communities offer residents, which are primarily single professionals and young families, modern living spaces and amenities often at a lower cost than luxury new construction and urban core communities. In the past 18 months, Trion has sourced and acquired nearly $575 million in assets in the West and $250 million in the Southeast, nearly doubling the firm’s portfolio. The firm grew its overall portfolio by 5,805 units in 2022 with the addition of 11 new properties across nine transactions and a total acquisition value of more than $489 million. Trion directed the disposition of a total of 12 assets since 2021 with a total consideration of more than $308 million and delivered an average internal rate of return of more than 30% to investors. Recently, Trion completed its largest acquisition to date, a 402-unit multifamily community located in the Denver submarket of Edgewater, CO. Purchased for $108.8 million, the complex originally called Terra Village was rebranded as Edge 26 at Sloan’s Lake. This property helped increase Trion’s presence in Colorado to 1,500 units across five portfolio properties.

TRUAMERICA Celebrating its 10th anniversary this year, TruAmerica has established itself as one of the most active multifamily investors in the US since it was founded in 2013. Today, it holds about $16.1 billion of assets under management. TruAmerica is led by president and CEO Robert Hart, the company’s founder, and is ranked 25th in the US by NMHC with a portfolio of nearly 61,000 units and 280 properties in 22 states. The firm has built success on a collaborative work style reinforced by integrated teams, frequent communication with stakeholders, and regular performance evaluations with solution-based plans. Under Hart’s leadership on the firm’s multifamily investment committee, TruAmerica selects value-add assets for acquisition, repositioning and eventual disposition for its 43 global institutional partners. The firm is bullish on markets such as Salt Lake City, suburban Seattle and Denver that possess strong economic diversity, skilled labor forces, high education levels and other key factors that promote economic growth. The company’s recent transactions include six recapitalizations totaling $472.25 million in value that preserved 2,058 units in its portfolio. The transactions, which occurred in late 2022 and early 2023, were completed in Colorado, Florida, Maryland and Utah and support the company’s institutional investment thesis of uncovering and unlocking value with alternative investments. In June of this year, Hart was honored by the Jewish Federation of Greater Los Angeles at its annual Real Estate & Construction Network dinner for his philanthropic legacy. For nearly two decades, the company’s staff, with Hart leading the way, has supported Chrysalis, a nonprofit organization dedicated to creating a pathway for homeless and low-income individuals to find and retain employment in Los Angeles.