Multifamily Influencers Here are our picks for the top individuals, teams and companies in the multifamily sector from the past year.
This post was written by Erika Morphy and published on 10/7/2022 on Globest.com
Up until a few months ago, it appeared that multifamily had entered a golden age. Rents were rising, deals were closing and forecasters saw little difficulty in the medium term. To be sure, the asset class is still a strong one but with the rise in the cost of debt, the threat of a possible recession and asset pricing that has become muddled, some uncertainty has been injected into the landscape. For that reason, we give our kudos to the men, women, teams and companies that are navigating this environment. Careful judgments must be made about underwriting, forecasting the ability of tenants to pay higher rents and, for developers, the ongoing difficulties with labor and supply chains. We have little doubt that the recipients we selected for our annual multifamily influencers are up for the challenge.
CLAY ANDERSON Throughout his 16-year career as an investment and multifamily associate at Colliers, Clay Anderson has ranked as the company’s top producer in Idaho several times. He has transacted more than $2 billion in commercial real estate and his dedication to business development and client success earned him multiple Everest Awards from Colliers, which recognizes the company’s top 10% of brokers nationwide. Anderson frequently shares his knowledge on the multifamily sector and his insights regarding the future of the market as a speaker on panels for the Building Owners and Managers Association, ULI and Colliers. During the height of the pandemic, Anderson worked to communicate openly with his clients and he offered realistic and encouraging information to keep them on paths to success. Among his solid skillset is his ability to understand and adapt to an ever-changing market and help clients through a variety of market shifts, including pandemic shutdowns, rising interest rates and a possible recession. Throughout his tenure, Anderson has brought in many new business partners and interns whom he mentors within the field. He values working in the community and is actively involved as a coach and mentor, not only within commercial real estate but also in local youth sports.
MIKE BALLARD Mike Ballard has more than three decades of commercial real estate experience, during which he co-founded one of the first outsourced accounting firms focused solely on the multifamily sector, Ascent Multifamily Accounting. He created the firm in 2016 to help owners and operators streamline their operations and focus on their employees and due to Ballard’s leadership, Ascent Multifamily Accounting now serves more than 40,000 units across the US, which has earned it an Inc. 500 ranking two years in a row. At the firm, he is responsible for acquiring and retaining clients, managing client accounts, overseeing the financial and accounting teams, networking, moderating panels and working with the public relations team. At Ballard’s multifamily real estate investment and development firm Camino Verde Group, he prioritizes affordable housing, mentors new multifamily syndicators, handles the firm’s acquisitions, raises capital, pitches projects to investors, and forms joint ventures. Within the past year, Ballard has led Camino Verde Group through the ongoing development of more than $300 million of multifamily and mixed-use real estate. Having dedicated a large portion of his career to bringing affordable housing options to Southern Nevada, he remains among the most prolific local affordable housing developers in the area. In addition, Ballard was a founding member of the board of the Lied Institute for Real Estate Studies at the University of Nevada, Las Vegas, and helped with the formation of the local NAIOP and Construction Financial Management Association chapters.
ADRIAN BERGER Prior to joining Cypress Equity Investments in 2015, Adrian Berger grew a successful real estate brokerage and consulting business in New York, which focused on investment sales and retail leasing. Since joining CEI, Berger has sourced and closed on more than $350 million of multifamily land sites in Los Angeles, which will result in more than 1,800 units and $1.3 billion of total capitalization. As managing director of acquisitions, Berger spearheads CEI’s national acquisitions strategy and is responsible for sourcing and analyzing new land development and existing investment opportunities across the US, as well as fostering and growing the firm’s network of equity partners, lenders and brokers. In early 2021, Berger was vital to the formation of a new joint-venture partnership with Winter Properties, a related company of Standard Industries, which will fuel CEI’s next phase of growth. Since the partnership’s formation, CEI has opened three new regional offices in Denver, Dallas and South Florida, and Berger now oversees the new acquisition teams, which have completed more than 15 land acquisitions that are expected to generate more than 7,000 units with a total capitalization in excess of $1.75 billion. Proudly involved in the Alameda Point Master Plan development in Alameda, CA, Berger successfully raised the LP capital for the project’s 200-unit development, which represents the city’s first new construction apartment building in 40 years and has helped to transform the former Alameda Air Naval Station into a new waterfront district on the edge of the San Francisco Bay.
ANN CARUANA Earlier this year, Ann Caruana was promoted to president and chief investment officer at Preservation Equity Fund Advisors after serving as the firm’s SVP of acquisitions. With more than 19 years of commercial real estate experience, Caruana holds a diverse background in multifamily investments, including acquisitions, market research and value-add repositioning opportunities. In her current role, she leads PEF Advisors’ efforts to preserve affordable multifamily communities across the US and she oversees acquisitions, investor relations, asset management, operations and market research. PEF Advisors is a private equity vehicle through a series of closed-ended funds that Caruana has helped build during the past four years under the larger parent company, WNC. After helping close out its original $25 million prototype fund in 2019, Caruana helped launch and successfully close its second $100 million fund in 2022. She has built a proprietary data analytics platform to strategically identify target markets that best serve the fund’s strategy and provide attractive risk-adjusted economic returns to investors, and she has contributed significantly to the growth and success of the fund series through her involvement in each fund activity. Caruana has closed more than half a billion dollars in acquisitions targeting the preservation of affordable housing throughout her career. She is an active industry participant through memberships in the ULI women’s leadership initiative and NMHC’s emerging leaders committee.
CINDY CHETTI Cindy Chetti knows that legislation can take months or even years to move, but when it finally does, it can move rapidly and that means risk for the industry that is often viewed by lawmakers as a potential source of revenue. This is why Chetti and her team are diligent in ensuring NMHC and its members are aware of where legislation and rulemaking processes stand and advocating for the industry’s perspective. As SVP of government affairs for NMHC, Chetti leads a team of lobbyists and advocacy professionals who are responsible for dealing with disparate, complex issues. When important legislation or regulatory decisions are being considered, Chetti and her team serve as a constant presence in the offices and networks of the key officials that are positioned to impact such lawmaking. Having joined the council after more than 20 years on Capitol Hill where she served in a number of staff positions for members of Congress and key committee roles, Chetti holds more than 30 years of industry experience. She has led the council’s government affairs and advocacy team for more than a decade, representing NMHC and its members before Congress, agency leaders and the presidential administrations of both parties. Under her stewardship, NMHC is actively involved in forming national housing policy and shaping the legislation and regulations that affect the industry. Chetti’s team concentrates NMHC’s public policy efforts on issues relating to housing policy, finance, tax, technology, property management, environmental issues, rental assistance, labor and employment and building codes, among other issues. Chetti is frequently cited in industry media as a public affairs expert and she spends significant time and effort briefing industry executives on the legislative and regulatory state of play.
MITCH CLARFIELD Nearly four decades ago, Mitch Clarfield was a member of a team that helped develop the first commercial/multifamily securitization rating model for Standard & Poor’s. Since then, Clarfield has become one of the most prolific originators in the industry. Vice chairman of Newmark’s multifamily capital markets debt and structured finance group, Clarfield established the Santa Monica office of Newmark’s predecessor firm in 2001 and has since grown it to more than 17 employees with average annual debt originations of more than $1.8 billion. Historically, the team’s production has weighed heavily toward Fannie Mae and Freddie Mac, however, as the lending landscape shifted in 2021, Clarfield led the team to pivot, which resulted in the team financing almost $900 million in multifamily debt with alternative capital market executions. Clarfield also spearheaded and currently manages Newmark’s analyst training program, which has expanded to a company-wide program that aims to mine top young talent and provide multifamily lending knowledge through comprehensive training in order to position professionals for industry growth. Clarfield is an executive committee member for the Zell/Lurie Real Estate Center at the Wharton School, University of Pennsylvania; a policy advisory board member for the Fisher Center for Real Estate at the Haas School of Business, UC Berkeley; a sustaining member of the UCLA Ziman Center for Real Estate; and a former president of the LA Real Estate and Construction Industries council, which supports the City of Hope. He also actively supports a multitude of charitable organizations.
CINDY COOKE As senior EVP at Colliers, Cindy Cooke leads the top-producing Cooke team, one of the firm’s largest multifamily teams, which has transacted more than $16 billion in sales. Cooke and her national team assist both sellers and buyers across multiple markets, serving asset types including luxury, core, value-add, high-rise, new development, student housing, workforce housing and land. With more than 40 years of experience, Cooke’s multifamily expertise spans large portfolio sales, conventional and affordable assets, new development, construction, property assemblage, and debt/equity placements. Described as a dedicated mentor and an accomplished expert in institutional multifamily investment sales, she is involved in every aspect of transactions and guides clients through each step, from asset evaluation to marketing to buyer qualification and negotiations, due diligence, financing and closing. During the challenges of the pandemic, Cooke forged ahead and led her team to pivot to meet newly heightened demands. The group dove into the analysis of each property’s demographics to provide the buyer and seller with tenant insights so they could mitigate issues early. With a knack for remaining ahead of the curve, Cooke ensured that her team offered virtual site tours before the pandemic struck. Her experience at Colliers has provided her with national and international exposure. From global conferences in Shanghai, to daily interactions with more than 150 Arizona brokers and staff while previously serving as interim manager and designated broker for Colliers in Arizona, Cooke helped lead Arizona to become one of the top Colliers markets worldwide.
SETH B. COSTON At the height of the pandemic, Seth Coston focused on stabilizing Time Equities Inc.’s various residential businesses, which included minimizing vacancies in the challenging New York City rental market in spring 2020 and then capitalizing on the extremely strong market that developed in 2021. During this time, Coston constantly sought out new ways to enhance the value of the rental portfolio and several condo and co-op properties, which led to the installation of a virtual doorman system and upgraded amenity spaces and common areas at many properties. As director of residential asset management at TEI, Coston oversees much of the firm’s NYC metro-area residential business, including a portfolio of 14 rental properties and 600 unsold condo and co-op units in the firm’s constructed or converted properties. Coston also oversees a management group that opens buildings and operates high-end properties and he directly supervises TEI’s apartment rental business. He has expanded amenity programming in creative ways by adopting new technologies, battling global warming and helping steer the company’s portfolio through the pandemic. For example, at a 187-unit property in New York City, Coston helped design and activate an amenity package with creative programming, such as art openings with prominent artists and curators, dining experiences and dance classes for toddlers. He has also worked to integrate new amenity spaces into TEI’s older buildings by converting courtyards into recreation spaces, adding smaller fitness spaces and lounges, and repurposing lobbies for co-working spaces. He has added and upgraded building management systems for appropriate properties, upgraded life safety systems and alarms, and adopted digital lease signing prior to it becoming the standard amid the pandemic. Coston has also worked closely with the firm’s sustainability department to deploy electric car charging stations and achieve LEED status at properties.
ROGER DANIEL Roger Daniel founded DMG in 2013 and has since grown it into an entrepreneurial, boutique property management company with a staff of 50 professionals that manage 1,500 units across 40 properties. As an early adopter of technology and a champion of sustainability efforts at DMG’s properties, Daniel works closely with clients to modernize their property management approach. He understands the value of outdoor living spaces to make residents feel at home. Recently, Daniel oversaw a $13 million renovation and rebranding of the 480-unit Whitnall Park Apartments in Franklin, WI, which serves 1,000 residents and now offers a pool, clubhouse, playground, grilling stations and a park entrance. During the past three years, Daniel has expanded DMG with the founding of DMG Leasing and DMG Capital. DMG Leasing was developed to help DMG clients either maintain or increase occupancy at existing properties or new developments, and DMG Capital is a real estate investment firm focused on creating value in the multifamily space. DMG Capital completed its first acquisition in October 2021 with the $12 million joint-venture purchase of a three-property multifamily portfolio in the Chicago suburbs, which will be marketed by DMG Leasing and professionally managed by DMG. Daniel serves as a member of the Chicagoland Apartment Association, a board member of Edgewater Uptown Builders Association and a member of the Chicago Association of Realtors.
JOHN C.L. DARBY John Darby has been with the Beach Co. for more than three decades; 23 years of which he has spent as the firm’s CEO. Under Darby’s lead, the Beach Co. has become an industry leader in the Southeastern US through successful developments, construction projects, acquisitions, sales and management of commercial properties. Darby has expanded the multi-generational company’s portfolio with new high-quality commercial property options across the region and has expanded its staff to more than 350 employees. He launched the firm’s construction company, Gulf Stream Construction; its property management company, Beach Management; and the company’s first-ever investment fund, Beach Real Estate Funds, which has contributed significantly to the company’s operational expansion and helped diversify its income stream through new investments and acquisitions. Under Darby’s leadership, the company successfully challenged Charleston’s board of architectural review after several denials of the firm’s redevelopment plans, which paved the way for an overhaul of the city’s 1930s zoning ordinances. Sustainability is another important cause for Darby and is a key component of the Beach Co.’s Kiawah River development, which is home to Charleston’s only agrihood that fosters farm-to-table living in a cooperative environment. As a steward of the Charleston community, both from an economic and philanthropic standpoint, Darby supports local hospitals, museums, schools, parks and more.
KERRI DAVIS Kerri Davis learned from her young parents firsthand the importance of hard work and determination, which helped her weather a multitude of difficult and uncertain times that have shaped her into a leader. While in law school, Davis contracted as an officer in the military, but due to a significant injury, she was unable to complete training and was released from her contract. Determined to serve her country despite this setback, Davis spent 11 months in Baghdad as a civilian contractor, where she managed human resources and payroll for 900 in-country expats. Now, as CEO of property management software firm Fortress, Davis leads the company to success and has helped double its annual revenues. With a background in accounting and law, Davis is heavily involved in the company’s financial and investment structure in addition to negotiating deals with business partners and investors. In the past 12 months, she has secured several new partnerships and contracts, including a multimillion-dollar investment from Walker & Dunlop. With this investment, Davis grew the company from 10 employees to 45 professionals in just 90 days and she added more services to the software. Previously, while at third-party property management company Elmington Property Management, where she still serves as an partner and owner today, Davis developed the firm’s first formal corporate social responsibility platform, Elmington Elevates, a 501c3. Each year the nonprofit organization gives more than $100,000 back to its communities.
BRENNEN DEGNER Less than a year after graduating from the University of Arizona, Brennen Degner was working for MJW Investments in Santa Monica when changes to the firm’s corporate structure thrust him into the role of director of asset management, where he oversaw a diversified portfolio of assets valued at nearly $1 billion. Although he knew he wasn’t prepared for the role, he refused to allow his lack of experience to hinder him, and he successfully coordinated the growth of the company’s existing portfolio, which increased the company earnings and led to him being promoted to COO. Degner’s early success provided him with the confidence to strike out on his own, and in 2018, he and partner Devin Antin co-founded DB Capital Management, a vertically-integrated real estate investment group with more than $500 million in assets under management based in Playa Vista, CA. DB Capital Management focuses on owning and operating multifamily property in strategically targeted submarkets across the US. As CEO, Degner is responsible for the strategic growth and operations of the firm. He oversees acquisitions, asset management and the back office teams, while running point on fundraising and general relationships with the company’s investment partners. In 2021, the company closed more than $200 million in acquisitions. Proving even more impressive, in the first half of 2022, the company acquired $200 million in assets, which added 1,000 units to the firm’s portfolio with the purchase of two properties in Denver and two properties in San Antonio.
MAT DOUGHERTY Mat Dougherty joined McShane Construction Co. in 2000 as a project engineer after graduating from Marquette University with a Bachelor of Science in Civil Engineering. Since then, he has become an expert in a variety of multifamily product types, including market rate, affordable, supportive, student and senior housing. Today, as president of McShane Construction Co., Dougherty oversees national construction activities and is responsible for identifying new business expansion opportunities and providing ongoing strategic planning to support growth within specific product types and geographic locales. He developed an innovative design-build MEP/FP approach for multifamily projects, which the firm has used on more than 20,000 residential units. Dougherty works directly with subcontractors who employ in-house teams that design mechanical systems specifically for apartment residences, resulting in the most efficient design and construction process. Under Dougherty’s leadership, McShane Construction Co. ranks as NMHC’s fifth largest multifamily builder in the nation and it was also named the 2020 multifamily builder of the year by the National Association of Home Builders. As a leader and mentor, Dougherty strives to provide young engineers with the tools and experience they need to succeed in the construction industry. He serves as an officer on the board of directors and on both the development and executive committees for All Chicago, a nonprofit organization that works to prevent and end homelessness in Chicago. Dougherty is also a member of the American Society of Civil Engineers, Associated General Contractors of America, Chicagoland Associated General Contractors, Hispanic American Construction Industry Association and US Green Building Council.
TERRANCE DOYLE Terrance Doyle attributes his family as his motivation and credits them with his humility. The son of immigrant parents, Doyle came from humble beginnings. He grew up in Iowa and Columbia and began buying and selling single-family homes in 2009. Five years later, he founded VareCo, short for Value Add Real Estate Co., and he worked to establish the firm as a multifamily real estate leader across Colorado and Iowa. As managing partner of VareCo, Doyle has directed the growth of the firm’s portfolio through more than 1,000 real estate transactions. Responsible for VareCo’s investor relations, acquisitions and the construction segment, Doyle has led the firm’s growth to $250 million in assets under management today, totaling more than 1,300 apartments. Doyle has steered the firm toward workforce multifamily housing, with the belief that it addresses a need in the market and maximizes value for investors. He built an integrated construction management team for VareCo that allows it to improve operations, control costs and drive value creation. The firm has also developed an in-house property management team, LivLavender, to ensure a positive tenant experience and efficient renovation and management processes. Doyle routinely makes appearances on numerous real estate and business podcasts to assist and deliver value to other investors and aspiring investors. He also has an audience of more than 15,000 followers on Instagram, where he shares his insights under the moniker of the “Value-Add Dad.”
DWIGHT DUNTON Dwight Dunton founded Bonaventure in 1999 with the goal of forming a multifamily real estate company focused on its employees, residents, vendors, partners and investors. Today, Bonaventure has grown to become an integrated alternative asset management firm and one of the nation’s largest developers of rental housing properties. The company’s 400 employees continue to operate with the core values that Dunton outlined when he launched the company: growth, attitude, impact, collaboration, accountability and reputation. Dunton employs a unique approach to problem-solving and has a tenacity toward accomplishing goals, no matter how difficult. His approach to building a high-performing, vertically-integrated multifamily development, investment and management platform has resulted in Bonaventure managing more than $1.5 billion in assets. The firm also currently manages more than 6,000 apartment units across 31 communities primarily in the Mid-Atlantic and Southeastern regions, and it is poised for continued growth with a strong development and acquisition pipeline. As CEO, Dunton oversees the strategic direction and culture of the enterprise, he helps the team identify problems that others may not be able to foresee and he works alongside everyone to find a solution. In addition, Dunton is CEO of Bonaventure’s private non-traded REIT, which launched in September 2021. Dunton is notably proud of two standout development projects, including the sale of Arbordale, which was built and leased during the pandemic, and breaking ground on Attain at Spotsylvania Towne Centre in partnership with Cafaro in Fredericksburg, VA.
BRIAN EISENDRATH For the past 15 years, Brian Eisendrath has been an industry-leading originator with an extensive track record in agency and non-agency financing. Eisendrath is executive managing director of Institutional Property Advisors, a division of Marcus & Millichap. Since 2005, he and his team have closed more than 1,000 multifamily financing transactions valued at more than $35 billion, and during the past three years, Eisendrath originated more than $8 billion in agency debt alone. He has extensive experience in development, banking and capital markets services, as well as long-term relationships with owners, lenders and equity providers, all of which have helped him become a top originator in the country. He also holds deeply rooted relationships within Freddie Mac and Fannie Mae, along with an extensive roster of bridge lenders, life insurance companies, banks and joint-venture equity providers. Exemplifying Eisendrath’s ability to complete large and complex deals in some of the most competitive markets in the country is the $191 million refinance of the Terracina Apartment Homes multifamily property in Ontario, CA. The asset consists of 46 buildings, comprising 736 units, which Eisendrath and his team refinanced with a four-year, full-term interest loan with a loan-to-cost ratio of 55%. Outside of IPA, Eisendrath is a leader in the real estate division of the Young Presidents’ Organization, he sits on a multifamily council committee for ULI and he is active with NMHC.
JEFF ELOWE After co-founding Elkor Realty Corp. and Elkor Properties in 1989, Jeff Elowe founded the Laramar Group in 2001 and he has since been instrumental in expanding the company across the US. A national vertically-integrated investment and management corporation with corporate offices in Chicago and Denver, Laramar has a presence in more than 20 markets. As CEO, Elowe oversees an institutional real estate portfolio valued at more than $2.7 billion, with a track record of owning and managing 100,000 units. Under Elowe’s direction, Laramar has built strong partnerships with institutional investors, family offices and high-net-worth individuals to invest in multifamily and mixed-use properties across 33 states. Elowe is also a principal in the Laramar Multi-Family Value Fund series, as well as a principal in the Urban Neighborhood Funds, and a managing partner in the Lakeside Workforce Housing series of funds, an affordable housing fund series that invests in former LIHTC rental housing. In addition, Elowe serves as chairman of Laramar’s investment committee and is responsible for the company’s overall strategic planning, investments, asset management and investor relations. He led the company to implement its ESG strategic plan with the expansion of social programs and he increased investment in corporate culture. Elowe’s entrepreneurial spirit extends beyond business investment to philanthropic investment in the community. An organization that has been close to Elowe’s heart for many years is the North Lawndale College Prep High School, located on Chicago’s West side, which was established to empower students and provide them with the tools necessary to earn a college degree.
SCOTT EVERETT At 19 years old, with a newborn baby to care for, Scott Everett knew he needed a career beyond waiting tables so he started flipping single-family houses, and in 2008, he formed Royal Ventures LLC to pursue distressed commercial real estate deals and provide land/brokerage services to local investors. Years of effort and dozens of failed deals taught Everett about the industry and helped him to become a successful entrepreneur. In 2012, Everett founded S2 Capital to acquire value-add multifamily real estate. Today, as CEO of S2 Capital, he oversees investments and executive strategy. During the past decade, the firm has transacted on $10 billion of real estate across 135 acquisitions totaling 46,000 units. By investing in older properties that need renovation and upgrading amenities and property management, Everett’s companies offer stable, attractive dwellings for a growing workforce while also providing returns to investors. Everett invested in a customized data analytics platform that allows S2 Capital to track its entire portfolio in real-time, with detailed information on property-level business plan key performance indicators, cash flow and debt maturities. He has also been instrumental in establishing the company’s ESG model, which prioritizes empowering the local Dallas community through support from the S2 Foundation. In addition, Everett contributes significant time and resources to local charities.
YEWANDE FAPOHUNDA As SVP, Yewande Fapohunda is responsible for sourcing, shaping, capitalizing and executing new multifamily development opportunities throughout the Houston area under Trammell Crow Co.’s High Street Residential brand. She brought more than a decade of multifamily experience when she joined HSR’s Houston team to lead its residential business line and she has made a substantial impact on the business during the three years with the firm. In her current role, Fapohunda has built a multi-year development pipeline despite pandemic disruptions by bringing projects over the finish line, starting construction and teeing up new developments. Currently, she is involved in the development of Parkside Residences at Discovery Green, a 43-story residential high-rise in downtown Houston that will deliver 309 luxury apartments. She also is working on a garden-style community in Harris County that will deliver 240 apartments and 49 townhomes in late 2023. Fapohunda holds extensive experience in multifamily development and operations, having worked previously with AvalonBay Communities and Greystar Real Estate Partners in submarkets spanning various US regions. She is skilled in site selection, due diligence, financial analysis and project feasibility, governmental entitlements, design and management of development teams. Fapohunda also has prior capital markets experience with Goldman Sachs in New York. In addition to her day-to-day development work, Fapohunda is an active speaker at industry events, where she imparts her industry knowledge to her peers in effort to make Houston an even more desirable city in which to live. She supports company leadership, peers and new recruits by advancing diversity, equity and inclusion both at TCC and within the industry.
JOHN FORESI John Foresi has created a company culture that prioritizes the resident experience through unique offerings and consistent delivery of personalized service. As CEO of Venterra Realty with 22 years of industry experience, Foresi is responsible for the overall management and growth of the company. In addition to his broader responsibilities, Foresi spends a considerable amount of time focusing on developing Venterra’s macro-economic views, ensuring a direct alignment between these views and Venterra’s investment transactions, while maintaining a company culture that attracts and maintains the most talented individuals in the industry. Among the unique experiences that the firm offers is WOW Matters, a program that allows employees to create surprise moments for both residents and colleagues. In addition, the firm does not charge application fees or collect deposits until approved, and renters receive a discount for enrolling in auto payments. If the air conditioning goes out overnight at a Venterra property, renters receive a hotel stay, and if the refrigerator goes out, renters are reimbursed for their food. The firm offered payment plans for those financially recovering from the pandemic and waived pet deposits for renters while encouraging pet adoption during National Pet Month. Under Foresi’s leadership, the firm has collected many awards related to being a top workplace, and Foresi has been recognized as a top CEO.
BRENDA GAMMIE One of Brenda Gammie’s favorite parts of her job is leading her teams with a positive mindset and seeing team members advance in their careers. Gammie, who is EVP of Avanti Residential, holds 22 years of multifamily experience, including leasing and property management, running operations, business development and managing teams. During her time with Avanti Residential, she has brought in keynote speakers, implemented health and wellness challenges, employee appreciation programs and more, all for the benefit of her teams. She has also implemented technological advances and tools, including an integrated ERP system, to make tasks and projects more efficient and as a result her team more effective. In her current role, Gammie oversees all operations of the company, including human resources, marketing, training, revenue management and construction management services. She leads the property management division with 37 properties and 9,000 units with 200 onsite personnel under her responsibility. As one of the first hires to Avanti Residential’s management division when it was created in 2018, Gammie has developed the management arm from scratch, while simultaneously leading the in-house transition of 27 properties and 5,100 units. The company has acquired an additional 3,000 units under her leadership. Gammie also partners with the Resident Relief Foundation, which assists responsible residents with rent during difficult times to avoid eviction when unexpected financial emergencies arise.
RICK B. GOLDBERG Rick Goldberg believes smart buildings are the future of the multifamily industry and crucial for sustainability. Throughout his 29-year career, Goldberg has led several progressive companies to become early adopters of an eco-friendly business model focused on sustainability. With a passion to drive green initiatives, Goldberg has spoken with Los Angeles County representatives during forums regarding Los Angeles waste and recycling initiatives, and with an emphasis on implementing sustainable practices, he recently joined Arize, a smart apartment technology company dedicated to providing services and technology to support the growth and successful implementation of ESG solutions. As VP of sales at the company, he manages and leads the sales team to maximize their industry and product knowledge and increase their sales potential. Within his role, Goldberg works to identify the best products and services in the multifamily smart technology sector by collaborating with multiple Arize departments. He notably co-developed PopCard, a proprietary CRM software that tracks rental advertising and employee performance. The patented software was acquired by Yardi Systems. In addition, along with his team at For Rent, Goldberg created and launched the Los Angeles Corporate Housing Directory, Los Angeles College Housing Guide, and earlier in his career, Apartamentos De Renta. These publications serve as resources for Los Angeles owners, operators and residents in the college and corporate housing markets. As a leader in the California market, Goldberg has been awarded the Industry Partner of the Year award from the South Coast Apartment Association, Fair Housing Council of Orange County and the IREM. Outside of work, Goldberg volunteers at a collection of senior housing communities throughout Southern California.
RICK GRAF Rick Graf approaches business as a builder, following in the footsteps of his father and grandfather, who were physical builders in the development industry. Graf, however, builds business and relationships. He takes a client- and people-centric approach to business, with the belief that when you take care of people, assets and economics will take care of themselves. As president of multifamily asset services at Cushman & Wakefield, Graf provides strategic oversight for the vision and long-term growth of the firm’s multifamily asset services platform, while managing a spectrum of assets for major institutional clients across multiple states. In 2021, Graf served as the chairman of the NAA, during which time he navigated the uncertainty of COVID-19’s impacts on the industry, including mixed enforcement of lockdowns and limitations on large gatherings. He guided the organization through planning and executing the annual Apartmentalize event in Chicago in August 2021, which was the organization’s first official event since 2019. During his nearly 50 years in the industry, Graf has been active with NMHC, ULI, IREM and the NAA. He is a former president of the Texas Apartment Association and the Apartment Association of Greater Dallas, and he has also shared his knowledge as a former professor of real estate in the Dallas County Community College District. Graf’s philanthropic spirit led to the formation of CushWake Community, a group that has raised hundreds of thousands of dollars for community impact organizations. CushWake Community encourages staff to become more involved in their communities and to work closely with residents in need to guide them to resources.
ERIK S. HAGEVIK Erik Hagevik is an expert in the Colorado multifamily market, having spent more than two decades in the sector while working for Fairfield Residential, Holland Partner Group and most recently, High Street Residential/Trammell Crow Co. Hagevik is well-versed in the broad inventory of projects across metro Denver, which has grown exponentially during the past 10 years. His strengths include financial modeling and forecasting, construction features and benefits, and technology applications for new construction to enhance a project’s leasing success and overall value. During his 21-year career, he has built or renovated more than 18,000 units. In his current role as principal at High Street Residential, Hagevik is responsible for overseeing the management, mentoring and training of younger staff members, as well as sourcing and executing potential new development opportunities. Prior to joining the firm in 2019, Hagevik was instrumental in developing iconic luxury apartment projects surrounding Denver’s Union Station development, including the 287-unit Platform at Union Station and the 580-unit Union Denver. More recent successful Denver developments for Hagevik include the acquisition and construction of 301 units in the Central Park Station residential community, 353 units at Milehouse at Belleview Station, and 325 units at Den at Belleview Station. Hagevik has a deep background in community involvement and contribution. He has held leadership roles with the Downtown Denver Partnership, ULI Colorado, NAIOP Colorado and the Apartment Association of Metro Denver.
TYLER HAGUE Tyler Hague and his partner, Will Mathews, built their business and platform from scratch; embracing an enterprising spirit fostered at Colliers. As SVP of Colliers’ Midwest multifamily advisory, Hague specializes in the disposition of multifamily investment properties throughout Chicago and secondary Midwestern markets. Institutional, corporate and private owners rely on his expertise to originate, underwrite, structure and execute commercial investment sales and capital markets transactions. He brings experience in the initiation and management of acquisition and disposition programs for all commercial property types, however, he is particularly known for his expertise in multifamily investment sales, urban land development and adaptive reuse redevelopment throughout the Chicago Metro area and the greater Midwest. During his 10-year career in the multifamily sector, Hague has underwritten and analyzed more than $10 billion in potential acquisition or disposition properties, consisting of more than 60,000 apartment units and more than 12 million square feet. He holds multiple sales records for class A luxury properties, including the notable disposition of the 996-unit Riverbend Apartments in Indianapolis, which achieved the highest ever multifamily sales price in the state of Indiana at the time. As a LEED accredited professional and an expert in green building technologies and information, Hague aims to lead the industry toward a more sustainable future. He provides thought-leadership within the sector and takes on leadership roles through industry organizations, such as NMHC and ULI.
CHASE HARRINGTON Chase Harrington has been instrumental in building the technology platform Entrata into a company that provides world-class property management software and a wide array of solutions to help operators operate, market and lease rental housing. Within his role as president of the company, Harrington serves as an ambassador to all of Entrata’s VIPs and he commands the product strategies of Entrata’s suite of more than 30 products. Under the guidance of Harrington’s customer-first approach, Entrata relies heavily on client feedback for the development and improvement of its various technologies. Harrington remains up-to-date on the needs of the multifamily industry and the issues it faces by immersing himself into the challenges and successes of Entrata’s clients. Due to his leadership, Entrata now serves more than three million apartment units across the US, while also recently entering Canada, Mexico and Europe. Last year, he helped Entrata secure $507 million in venture funding, which was the first institutional investment in Entrata and the largest private investment round in Utah history. Fueled by the investment, Entrata has invested heavily in personnel during the past year by hiring hundreds of new employees. The firm now employs a workforce of more than 2,300 employees and it brings in more than $200 million in annual recurring revenue. The company is on track to more than double its research and development spend as it aims to globalize its exclusive single-login, open-access property management platform. Harrington is a regular speaker at conferences hosted by the NAA and NMHC, as well as the annual Entrata Summit.
JOSH HARTMANN In 2012, Josh Hartmann was the first employee of NexMetro Communities, a pioneer in the single-family build-to-rent segment. He has since taken the hybrid rental home concept from NexMetro’s first neighborhood to more than 44 communities across the nation. Hartmann is now CEO of the company, where he leads a diverse team of executive leaders whose expertise in business, real estate and finance span both the multifamily and single-family sectors and he is responsible for the development and implementation of both short- and long-term business strategies to ensure NexMetro’s strategy, growth, profitability, effectiveness and sustainability. Hartmann is highly engaged in major corporate decisions, he manages the overall operations and resources of the company, acts as the main point of communication with the board of directors and corporate operations, and shares his vision with private equity investors. He brings more than 25 years of real estate management and development experience to his role and he uses his background to create innovative home solutions in the country’s hottest housing markets. During Hartmann’s three and a half years as CEO, the company surpassed $2 billion in completed projects and the development of more than 7,500 single-family detached homes, representing more than 43 projects completed or under construction nationally. Hartmann has also led the company’s growth into major metropolitan markets across Arizona, Colorado, Texas, Florida and Georgia. His leadership most recently guided a multifamily pilot program with the AZ Housing Fund to benefit Arizonans in need of housing support and solutions. Prior to joining NexMetro, Hartmann oversaw land operations for the Phoenix division of PulteGroup Inc., where he managed $2.4 billion of capitalized assets and more than $100 million in annual cash flow for acquisition and development of land assets.
GERALDINE HAYHURST Geraldine Hayhurst, general counsel at NewPoint Real Estate Capital, has been a key player in many significant multifamily developments. While at Freddie Mac, she was an integral team member in the group that created the K-Deal Program and she substantially contributed to the securitization structure that revolutionized the agency’s multifamily business by moving Freddie Mac from a portfolio lender to one that transfers risks to third-party inventors. Hayhurst also played a leadership role in the industry’s replacement of LIBOR with SOFR by leading the legal work-stream that provided key advice to management on the transition and serving instrumental in bringing Freddie Mac’s SOFR-based transactions to close. Hayhurst has similarly impacted NewPoint Real Estate Capital, where she has been involved with developing the firm’s proprietary lending platform, including its successful balance sheet bridge loan program. As general counsel, Hayhurst is responsible for all legal matters that affect NewPoint and she is also a member of the firm’s executive committee, where she provides expert and strategic legal advice to management and supporting deal teams. Hayhurst plays a key role in all strategic initiatives, acquisitions and partnerships, including the late-2021 acquisition of HHC Finance’s multifamily and healthcare originations business, as well as its loan servicing portfolio. In addition, Hayhurst is a member of Real Estate Network Empowering Women, a 501(c)(3) nonprofit organization that aims to further the professional development of women in commercial real estate finance, and MBA Promoting Opportunities for Women to Extend their Reach (mPower), a platform for women in the real estate finance industry focused on professional growth and the exchange of ideas.
SHAWN HENRY Having been involved in the institutional SFR field since it began 10 years ago, Shawn Henry is now paving the way for others by developing best practices that will intentionally expand and support the developing sector as it becomes an institutional asset class. Selected as the first expert to lead Colliers’ SFR team, Henry created the firm’s US SFR team and he is now in the process of executing a sound corporate structure that will facilitate its engagement with internal and external clients, including growing the team’s equity sales strategy and debt advisory strategy, and implementing best-practices models for closing assistance and post-sale/financing assistance. Based in Boise, ID, Henry focuses on debt and equity transactions and dispositions across the country. As managing director and head of SFR for US capital markets at Colliers, he brings more than two decades of experience to his role. At GMAC Commercial Mortgage/Capmark, Henry led loan syndication efforts from $200 million per year in loan sales in 2002 to more than $2 billion a year in 2007. He also oversaw the liquidation of distressed loans from 2008 to 2012—selling more than $4 billion in assets. Prior to his current role, Henry owned and operated Green Tree Asset Advisory, an SFR real estate advisory as well as equity and debt consultancy, where he established a sales platform/pipeline that engaged, monitored, coordinated and executed individual home sales.
NICHOLAS J. ISELIN A licensed architect, Nicholas Iselin’s architecture experience has informed his development work with a thoughtful eye and a long-term outlook. As executive general manager for development in Lendlease’s Boston office, Iselin oversees the execution and delivery of the firm’s Boston development projects. He is also responsible for pursuing and identifying urban regeneration projects throughout New England. During his time with Lendlease, Iselin has helmed the development of Clippership Wharf, a mixed-use condominium and apartment master-plan development on Boston Harbor in East Boston. The four-building, 478-residence project transformed a seven-acre, fenced-in site that had lain fallow for more than 30 years. Acknowledging East Boston’s vulnerability to sea level rise, Clippership Wharf features an array of resiliency measures that benefit both residents and the neighborhood, all of which were coordinated under Iselin’s leadership. Iselin has a forward-looking view of community needs, which is why Clippership Wharf enabled the construction of 22 new affordable rental housing units and 30 mixed-income condominiums at Boston Housing Authority’s neighboring Heritage Apartments public housing community. Not only were the existing units in need of modern updates, but they had also blocked the neighborhood’s waterfront views. The redevelopment will allow for the waterfront and skyline views to be visible by Clippership Wharf owners and renters, as well as residents of the neighboring mixed-income housing. Under Iselin’s leadership, Clippership Wharf has received the EBC Climate Change Project of the Year award, The Waterfront Center Excellence on the Waterfront awards, Honor Project and was a Boston Harbor Now Annual OnBoard Awards & Celebration honoree.
DANIEL KODSI In his role as CEO and managing partner at Participant Capital, Daniel Kodsi designs innovative, master-planned projects that include public amenities such as stores, restaurants, houses of worship, green spaces and other features, while also creating jobs and increasing business activity. His firm is responsible for constructing major mixed-use and multifamily developments, including Paramount Miami Worldcenter and Legacy Hotel & Residences, both signature properties in Miami Worldcenter, the nation’s second-largest urban master-planned development. Kodsi created the first Blue Zones Center in Miami. In partnership with Adventist Health/Blue Zones, RPC’s Legacy Hotel & Residence will deliver modern medicine, holistic healing and sophisticated artificial intelligence and technology for members, guests, visitors and residents. The luxury one-million-square-foot development will include 310 residences and 219 hotel rooms. Beyond wellness, Kodsi is dedicated to employing innovative ways to transform not only skylines but the way people live and work. At RPC’s Paramount Miami Worldcenter, the rooftop was designed so it can be retrofitted to accommodate vertical take-off and landing vehicles that someday will allow residents to commute by flight as easily as they travel by car. RPC’s properties also include robotic parking solutions and the latest techniques for sea level mitigation. Kodsi has created thousands of jobs in the Miami Worldcenter and intends to add thousands more as his hotel, medical center, restaurants and other facilities begin operations. Kodsi founded Participant Capital in 2011 as the capital-raising arm of Royal Palm Cos., his family’s real estate development firm. Registered as an RIA in 2019, Participant Capital has enjoyed significant growth while navigating pandemic-related shutdowns and ongoing market volatility. Between 2020 and 2021, the firm doubled its assets under management to more than $200 million.
WESLEY A. LARSON Wesley Larson left his hometown of Bremerton, WA after he graduated from high school in search of new experiences in New York City, Tokyo and Vienna. As an attorney, he accumulated 25 years of experience in international banking, real estate acquisition, investment and development, however, a vision for revitalizing the former WWII boom town where he grew up—and which had dwindled from 80,000 to 40,000 residents with an abandoned downtown core—brought him home to Bremerton. Larson bought an old Ford dealership and Sears department store and transformed them through adaptive reuse into 27 loft-style apartments with retail space. He assisted local retirees to fulfill their dream of opening a restaurant in the retail space underneath the repurposed apartments. He restored a movie theater where Frank Sinatra and Bing Crosby used to play and advocated for a fast foot ferry from Bremerton to Seattle. Twelve years ago, Larson founded Sound West Group, where he now serves as principal and CEO and is responsible for putting together deals and coming up with the equity and financing to make them happen. Currently, SWG has more than 800 apartments in development and construction and a total stabilized value of more than $650 million of assets under management. One of his proudest recent accomplishments was pivoting the $140 million Marina Square project, which was planned as two towers, a hotel and an apartment tower, during COVID-19. When the hotel market dried up, the project had to evolve and the hotel was converted to extended-stay suites and workforce housing. Marina Square was one of the first qualified Opportunity Zone projects in the state of Washington and has won many awards.
ANNA MALHARI During the past year, Anna Malhari was responsible for unifying two separate entities, Mack-Cali Realty Corp. and Roseland Residential Trust, under the single Veris Residential umbrella. She was instrumental in driving the company’s transformation from a REIT with a $4.5 billion office and multifamily portfolio into a pure-play multifamily REIT that operates in a socially, ethically and environmentally responsible manner. Under Malhari’s leadership, Veris Residential emerged as a company that primarily owns, operates, acquires and develops holistically-inspired, class A multifamily properties that meet the sustainability-conscious lifestyle needs of today’s residents. Within Malhari’s role as COO, she directly supports the firm’s CEO to make strategic decisions across departments that will position the company for future success and value creation for stakeholders. She is also responsible for overseeing the majority of Veris Residential’s operating functions, including overall operations, investor relations, communications and marketing, human resources, information technology, construction, sustainability and asset management. Malhari established Veris Residential’s ESG task force and DE&I council to spearhead sustainability initiatives, and she led the company to commit to achieving green building certifications for all new developments and expanding certifications across wholly-owned multifamily properties. At Malhari’s direction, Veris Residential evaluated its philanthropic ethos in 2021 and shifted its focus to efforts that integrate with communities in a more meaningful way. The company launched a community impact portal to create an easy avenue for residents to make donations to local organizations.
WILL MATHEWS During the past decade, Will Mathews has assisted in the sale of more than 50,000 apartment units, totaling $6 billion. In 2020, he was appointed to Colliers’ US capital markets board of advisors in the role of executive managing director and multifamily lead. He is responsible for procuring and executing institutional multifamily investment sale transactions throughout the US, leading national platform calls, and bridging resources and support for brokers from coast to coast. In 2021, Mathews ranked as the top producer in Colliers’ Atlanta office, having sold 6,200 units amounting to $1.2 billion last year. In the first half of 2022, he sold 5,800 unit s amounting to more than $1 billion with another $1.5 billion under contract or on the market. Earlier this year, Mathews notably transacted the 680-unit Residences at Vinings Mountain in Atlanta, which was one of the largest sales for a single asset in Atlanta history. He has consistently received Colliers’ top national recognition—the Everest award—every year since 2016. The Atlanta Commercial Board of Realtors also presented the L. Frederick Glass Rookie of the Year Award to Mathews to recognize him as an outstanding young council member who produced the highest volume among Million Dollar Club members. He is a member of NMHC’s political action committee and he serves as chairman of NMHC’s emerging leaders committee. He prides himself on having built a business that is relationship-focused, charitable and driven by a strong work ethic.
LEV MAVASHEV In 2014, Lev Mavashev founded Alpha Realty to address multifamily sales in the New York City market. Under Mavashev’s guidance, the firm became one of the most active brokerage firms in commercial real estate and it is now one of the top 50 investment sales brokerages in the US, with more than $5 billion in total sale transactions across more than 1,000 buildings throughout New York City. As principal at Alpha Realty, Mavashev leads a team of four brokers and two support staff in every aspect of the dealmaking process, from compiling extensive demographic and location information, to in-depth financial analyses. He is an authority on tax and zoning laws, as well as complex regulations surrounding the multifamily market in New York City. Recently, Mavashev was tasked with selling a Queens multifamily portfolio of 115 rent-regulated units. Faced with a limited buyer pool post-2019 rent laws, he was able to attract multiple investors and surpass the seller’s asking price. His work has earned him a place among the city’s top investment sales brokers and recognition as a CoStar Power Broker. In the past three years, the company has expanded its footprint beyond the Bronx to transact business in Brooklyn, Manhattan and Queens, where Mavashev is currently charting a course to open his second office. He also has ambitious plans to expand beyond New York City with offices in Miami and Tel Aviv. Mavashev is an active supporter of the Community Housing Improvement Program, the trade association for owners of more than 400,000 rent-stabilized rental properties across New York City, as well as Small Property Owners of New York, a nonprofit organization of small property owners dedicated to providing and maintaining decent housing and advocating for sound policies that help the city and its residents prosper.
FERAS MOUSSA Feras Moussa and his partner, Ben Suttles, created Disrupt Equity, a real estate syndication firm focused on multifamily acquisitions, that was created from the desire to create safe, quality housing through strategic upgrades, hands-on customer service-oriented management and targeted acquisitions in growing markets. Moussa takes on many responsibilities at Disrupt Equity as principal, including underwriting multifamily acquisitions, managing broker relationships, business development, multifamily operations, asset management, building investor relationships and raising equity for various open projects. In the past three years, Moussa and his team have bought more than $400 million in real estate and the firm now operates more than 3,000 units across the Sunbelt region. Moussa shares his multifamily expertise with thousands of new, aspiring and current multifamily investors through podcasts, events, conferences and webinars. In addition to starting Disrupt Equity, Moussa and Suttles started Disrupt Gives in 2021, a nonprofit organization with a mission to provide rental assistance and financial education to struggling renters across the US, having seen first-hand the immense need and the impact rental assistance can make on people who are living paycheck-to-paycheck with no foreseeable way out of poverty or debt. Disrupt Gives also focuses on financial education by providing tenants with real-life tools needed to not just survive but thrive during tough times and to continue empowerment through building skillsets necessary to create long-term stability. Moussa’s team at Disrupt Equity gives 25% of its operating fee on each multifamily acquisition to fund the efforts of Disrupt Gives.
ROBERT NELSON Industry veteran Robert Nelson believes good management should not only maintain a property, but also add value to it. He advocates for the use of modern technology at buildings with solid fundamentals to add state-of-the-art amenities and improve quality of living; an ambition that was amplified by the pandemic. As president of Nelson Management Group, Nelson leads the day-to-day management and oversight for 4,000 units. Nelson Management Group specializes in rent-stabilized, Section 8, Article XI and Mitchell-Lama housing, with a portfolio of mixed-income housing that currently includes the 972-unit Lafayette Boynton community and 318-unit Promenade apartments in the Bronx, in addition to other notable properties in Manhattan and Brooklyn. Under Nelson’s management, properties typically have fewer evictions, public violations and criminal activity than they did prior to acquisition, as well as higher overall market values and economic activity. Nelson is a hands-on multifamily owner and investor that values being the first to know when an elevator is out of order or when a boiler is not working properly. He reviews the weekly payroll, as well as each invoice, purchase order and requisition. He is also a founding partner for Global One Investments, a real estate investment fund that specializes in rent-stabilized, middle-income and workforce housing with more than $600 million in assets across multiple investment funds. Nelson was selected as developer of the year by the Associated Builders and Owners of Greater New York City and he is committed to advocating for a competitive market and fair regulatory environment to benefit both tenants and the industry. To champion the evolution of the industry, he serves on the board of directors of the Rent Stabilization Association and the New York State Association for Affordable Housing.
KEVIN OWENS Kevin Owens is so committed to personal connection that he traveled 47 weeks out of the year in 2021 to visit teams across 21 states, so that they could connect outside of Zoom. In 2021, Owens also played a major role in the merger of RPM Living and CF Real Estate Services, for which he was integral in creating a unified culture. Previously a part of CF Real Estate, Owens joined RPM Living upon the merger and has since helped support the firm’s exponential growth. As division president and a member of RPM Living’s executive leadership team, Owens participates in driving strategy and initiatives and setting goals for growth, client service and acquisitions. He is dedicated to personal connection and a respected leader that provides strong support, guidance and leadership to his teams. His dedication to leadership and guidance is evidenced by the nearly 20 associates that he’s led throughout the years that now serve in executive roles. Owens is involved locally and nationally with IREM, where he currently serves as the national chair for the IREM membership and credentialing committee, after serving two years as president of IREM’s Georgia chapter. His tenure as president occurred during pandemic disruption, throughout which he successfully developed a plan to host an array of frequent virtual events, from games and contests to educational activities, in order to keep members engaged remotely. During this time, Owens also developed ways to creatively re-emerge from the pandemic, including the chapter’s first post-pandemic, in-person event and the chapter’s first-ever fundraising golf tournament, which raised more than $30,000.
CLIFF PAYNE Prior to joining Core Spaces, Cliff Payne spent more than a decade investing in private real estate on a global scale, while navigating significant external risks on behalf of investors such as volatile currencies and economic shifts during political changes. As senior managing director and chief investment officer of build-to-rent at Core Spaces, Payne is currently playing a key role in shifting the firm into the build-to-rent space, after 15 years of proven success in student housing. Under Payne’s guidance, Oxenfree, Core Space’s collection of BTR homes, will create neighborhoods where unique, vibrant communities will naturally emerge, populated by houses with character reflective of the living demands that residents have today. Payne leverages his key learnings from investing internationally and in emerging markets to appreciate the external risks of events such as the pandemic, while constantly ensuring that Oxenfree and its capital partners are getting paid for the risks they are taking with any transaction. Payne is responsible for guiding Oxenfree’s investment strategy and overseeing all single-family rental investment activities on a national level, which currently involves 21 deals under various stages of development. He also leads negotiations and communication with Oxenfree’s external capital partners, and he co-leads an internal team of more than 25 individuals to further the strategic direction of the build-to-rent platform. Since joining the Core Spaces team one year ago, Payne has overseen the development of a $2.5 billion pipeline, representing more than 6,500 units in the single-family build-to-rent sector, with the largest pipeline of BTR projects in the Texas and Colorado markets. In addition, Payne directly manages the $1.5 billion single-family rental venture with Harrison Street on behalf of Core Spaces.
ANCELMO PEREZ Beginning his career in architecture at age 21, Ancelmo Perez used his gift for design and attention to both subtle details and big-picture impact to make a name for himself in the multifamily design and planning space. After 18 years, Perez has been involved in the design and execution of more than 40 projects, totaling more than three million square feet. Today he is a studio director at Nadel Architecture + Planning, where he has worked on luxury projects, hospitality developments and eco-friendly designs that have been woven into the infrastructure of several apartment projects. Perez’s responsibilities include quality control of design and ensuring that drawings are complete and on par with Nadel’s values. He is also responsible for the financial success of each project internally without sacrificing quality of design and planning. Going on three years as the multifamily and commercial director of the firm, Perez stepped into the disruption of the pandemic. Even in the thick of lockdowns, he spearheaded the design of more than 1,600 units either under construction or renovation across Los Angeles. Under his leadership, the firm never slowed down and it has continued to work on innovative and interesting projects. For example, The Rise Hollywood was under construction during the pandemic, and has since been completed and successfully leased out 95%. This project encompasses 341,600 square feet of residential space and many intricate architectural details to embrace the surrounding area, including an intentional crack in the building that allows for views of the Hollywood Sign and an existing street that runs through the building. Perez deeply understands the architectural adaptations that are needed in Los Angeles, where units are unlikely to get bigger and thus need to be designed efficiently.
W. COOPER RAMSEY Cooper Ramsey was TrueRate’s first hire and he has since brought $4.3 billion in loans to the platform, establishing himself as a leader within the firm. Since joining the team in November 2020, Ramsey has applied his know-how to the development of the TrueRate capital markets portal, he has spearheaded borrower outreach and played a pivotal role in onboarding the platform’s lenders. As VP of strategy and production, Ramsey is responsible for development of the platform’s capital market activity and he leads outreach to multifamily owners, onboards of new lending partners, and is the product owner for the capital markets portal technology development. Ramsey’s impact is measured by the technology that he built with the engineering team to benefit borrowers and lenders alike—streamlining the complex and nuanced financing processes and creating a frictionless experience from sourcing to closing. TrueRate’s clients and partners look to Ramsey for his authenticity in deal-making and accuracy in sharing insights regarding financing strategy for multifamily owners, whether it is a construction, bridge, Fannie Mae, Freddie Mac or FHA/HUD execution. Prior to joining TrueRate, Ramsey was a key team member of the top originations team at Greystone, where he focused primarily on the sizing, underwriting and package submission of more than $7 billion of FHA, Fannie and Freddie multifamily loans. As the previous president of Colgate Commercial Real Estate Club and active member of the Colgate Real Estate council, Ramsey advises college students from Colgate with interest in commercial real estate.
LOUIS ROGERS Louis Rogers has been a trailblazer in the commercial real estate industry throughout his 35-year career. One of his earliest positions was with law firm Hirschler Fleischer, where he founded and led the firm’s real estate securities practice group and was an early adopter of Section 1031 exchanges. In 2012, Rogers founded Capital Square, a company built on the desire to help investors navigate the tax-advantaged real estate space. As CEO of Capital Square, Rogers is responsible for the company’s platform and overall operations. He develops the firm’s strategy, directs its agendas and drives profitability for the firm and its investors. He directly oversees the firm’s DST programs for both non-exchange investors and investors seeking qualifying replacement property for Section 1031 tax-deferred exchanges. Rogers has grown the company into an industry-leading sponsor of DST offerings in the multifamily space— taking 15 DSTs full-cycle; each with an average hold period of less than five years. He continues to take advantage of the newest developments in the tax-advantaged space. Since 2019, Capital Square has launched five qualified Opportunity Zones constructing multifamily spaces across the Southeast. Under Rogers’ leadership, Capital Square has achieved record-breaking years for the past two years, despite the effects of the pandemic. In 2021 alone, the firm raised more than $800 million in equity and took five DST offerings full-cycle, while also doubling in size as a company. Having always been dedicated to his community, Rogers established Capital Square Cares. He also regularly works with Habitat for Humanity and has purchased a 250-acre farm, which he plans to convert into a wildlife sanctuary in the area.
JONATHAN F. P. ROSE Jonathan Rose was one of the first advocates for green building, transit-oriented development and mixing-uses and incomes. He proved this concept viable with the redevelopment of the Denver Dry Goods Building in 1992, which provided a model for sustainable developments and launched Denver’s downtown renewal as 22 other buildings quickly followed suit. Rose launched Jonathan Rose Cos. in 1989 and today he serves as president and CEO of the affordable and sustainable housing developer. Since JRCo’s founding, it has closed five affordable housing preservation funds totaling $887 million, aimed at acquiring and preserving affordable housing and implementing green strategies to reduce environmental impacts. Rose’s tireless advocacy for green affordable housing located within walking distance of mass transit, inspired the creation of the Enterprise Green Communities certification system, which has transformed the affordable housing industry and is now an industry standard for affordable housing in the US. Rose also has worked to address the issues of economic, social, health and education inequality; striving to find a way to equalize the landscape of opportunity by using affordable housing as a foundation to provide access to opportunity. JRCo is dedicated to helping bridge the digital divide to bring affordable wireless access, as well as devices and training, to its residents. The company has already delivered low-cost or free, high-speed internet access to more than 2,000 affordable units. Under Rose’s leadership, the firm’s work has won awards from ULI, the National Trust for Historic Preservation, the Natural Resources Defense Council, the American Planning Association and the American Institute of Architects. Rose was also selected as the winner of the 2021 ULI Prize for Visionaries in Urban Development.
ANDREW SCHWARTZ From his early years as a property manager to VP of Taconic Partners, Andrew Schwartz has invested in a variety of communities, enhancing their quality of living through community partnerships. His recent focus has been evolving affordable housing in the Bronx by providing more sustainable technology, recreation and learning, specifically at Eastchester Heights, where Schwartz spearheaded a partnership with Radiant Prep to offer free tutoring services to residents. Since 2007, Taconic Partners and Clarion Partners together have strategically invested more than $50 million in upgrades to improve quality of life for Eastchester’s residents and transform the complex into a model for private investment in New York City’s workforce housing stock. Each quarter, Eastchester Heights partners with local businesses to host an event for the community. Recently, Schwartz and the team partnered with a Jamaican-born, Brooklyn-based artist Pamella Allen, who led a workshop with community members to paint a mural of the Eastchester Heights neighborhood. Previous partnerships include a tutoring company for educational assistance and the Northeast Bronx YMCA to offer free swimming lessons for children. As VP of residential asset management at Taconic Partners, Schwartz is responsible for the firm’s multifamily asset management division, which includes portfolio strategy, property operations, marketing and leasing. He leads and directs the on-site property management team for a portfolio of 2,300 residential units and oversees all annual business plans, operating budgets and capital projects. During his tenure at Taconic Partners, Schwartz has been charged with developing or repositioning more than two million square feet of residential space.
MASOUD SHOJAEE Throughout his more than three-decade career, Masoud Shojaee has built a reputation as a visionary developer with the unique ability to see potential in developing often overlooked areas, laying the groundwork for what have become essential submarkets throughout Miami-Dade. Shojaee is CEO and chairman of the board at Shoma Group, where he works as a real estate advocate and investor to apply his vision and knowledge of real estate to building high-quality, mixed-use developments across South Florida. Shojaee ensures each development delivers a level of precision and the quintessential Miami lifestyle consistent with the Shoma name. This attention to detail and quality assurance has led to several of Shoma Group’s recent multifamily developments selling for more than $100 million each. After developing a vast portfolio of commercial projects across South Florida, Shoma Group pivoted with consumer demand to build multifamily properties in burgeoning neighborhoods. Since then, Shojaee has focused the company on the creation of thoughtfully-designed, mixed-use developments that are good for both residents and the communities they are built within. Considered by many to be the “King of Doral,” Shojaee was one of the first to identify and invest in the city’s potential in the 1990’s, when the area was a warehouse district. He amassed nearly 55 acres of land upon which he developed countless mixed-use projects and single family homes. A recent development that Shojaee spearheaded in Doral is the mixed-use development Sanctuary Doral Apartments, which Shoma Group sold last year for $102.5 million. The project continues Shoma Group’s impact on the city by providing a live-work-play lifestyle and a desirable social amenity.
LIA NICHOLE SMITH During her 20-year career in commercial real estate, Lia Nichole Smith has worked onsite for both conventional and affordable housing. Since her start at SatisFacts 12 years ago, she has amassed data from renters and industry employees that has helped her educate multifamily leaders on how to improve performance, increase retention and secure an authentic online reputation. Smith is SVP of education and performance at ApartmentRatings & SatisFacts. She brainstormed and built The epIQ (Experience and Performance Intelligence Quotient) Index, a single performance metric powered by verified ApartmentRatings & SatisFacts data, for renters and multifamily professionals alike based on a rolling 365-day calculation. Since epIQ’s inception in 2019, the national average score for resident satisfaction has increased. In her role, Smith also shares industry knowledge with team members and clients, and she provides industrywide education by running point on the biennial SatisFacts Online Renter Study. She also provides the industry with free renter preference data from thousands of renters nationwide by presenting education sessions at apartment associations and multifamily conferences and through both webinars and in-person classes. Smith created a monthly webinar series and grew the audience to more than 700 attendees. This webinar series has evolved from facilitator-led to a live, open discussion panel that brings in new multifamily voices each month to share their expert knowledge on a variety of topics. Smith is a NAA Apartmentalize Education Advisory board member and a member of the Georgia Apartment Association’s education committee.
CLARK SPENCER Clark Spencer was tapped by Grubb Properties in 2018 to bring his legal experience in real estate capital markets to design, launch and manage the firm’s qualified Opportunity Zone program. Since then, Spencer has grown the program to a total of more than $380 million in investments from more than 800 investors across the country in the main fund program, with an additional $80 million of single-asset and joint venture investment. Spencer believes that the Opportunity Zone program provides an ideal combination of private investment and government incentive to create positive growth in communities. As a licensed attorney in both New York and North Carolina, Spencer holds experience in public and private capital markets transactions, SEC reporting and compliance. He is a member of Grubb Properties’ audit committee and OZ investment committee. As managing director of investments at Grubb Properties, Spencer has become a thought-leader on Opportunity Zones. He advocates for and pioneers REIT structuring within the space and he has spoken at many industry and investor conferences across the nation. In 2021, he led the merger of Grubb Properties’ three prior QOZ Funds into Link Apartments Opportunity Zone REIT, a nationally diversified Opportunity Zone fund that has secured 19 assets with more than $1.6 billion in total cost. Spencer also leads Grubb Properties’ high-net-worth and private wealth capital raising platform, which provides investment capital for both the QOZ program and Grubb Properties’ flagship funds and has raised more than $500 million in the past three years. Under Spencer’s direction, the relationship base has grown from seven generally Southeast-based, registered investment advisors in 2018, to more than 45 registered investment advisors across the country. This network, along with individual high-net-worth investors, represents more than 1,400 investors across the Grubb Properties investment platform.
KIMBERLY R. STEPP Kimberly Stepp was one of the first women to own a commercial real estate brokerage firm in California when she co-founded multifamily brokerage firm Stepp Commercial in Los Angeles with her partner, Robert Stepp. Kimberly Stepp leads a team of brokers that specialize in the sale and exchange of multi-residential commercial real estate in Santa Monica, West Hollywood and prime Westside markets. As she looks to continue organic growth for the firm, Stepp seeks top-quality brokers who are highly driven and flourish under Stepp’s dedicated mentorship. Stepp’s brokerage team has continued to lead the local area in sales for small to mid-sized apartment properties and has closed more than $300 million in transactions during the past 18 months. Stepp has worked to provide creative solutions for her clients to create strategies that will be beneficial to them for the short-term and long-term. She also keeps on top of the ever-evolving and changing economic environment, the challenges and intricacies of rent control, and current and impending/potential legislation that affects investment decisions. Stepp has an expansive computer database of investor and property information and actively participates in comprehensive training sessions, seminars and investment real estate forums to advance her professional skills. Her clients and competitors regard her as one of the most significant and active investment real estate brokers in the market. An active participant in several volunteer programs, Stepp has notably been a Big Sister for the past 20 years with the Big Brother/Big Sister organization and she is on the board of the Children’s Bureau, whose operations involve improving child abuse prevention, foster care and adoption.
ROBERT STEPP Robert Stepp is a principal at Stepp Commercial with 20 years of experience in helping clients exchange into larger, newer properties throughout California and key out-of-state markets. Stepp assists clients in achieving higher returns through 1031 exchanges both within Los Angeles as well as in higher-growth markets outside of L.A. In late 2021, he led a team to complete the $41.9 million sale of a multifamily portfolio in Long Beach, CA that consisted of 115 units, including Section 8 housing, across 17 class B properties and a per-unit price of $270,000. In November 2020, Stepp completed the $14 million multifamily portfolio sale of seven assets totaling 60 units in Long Beach. The seller client was a long-time owner of the assets and decided to dispose of the portfolio to pursue a 1031 exchange into a single apartment property in Tampa, FL, and the new owner planned to add value by making unit interior updates and exterior upgrades. During the height of the pandemic, Stepp adjusted to the shift in the multifamily investment sector. He contends that in the commercial real estate world, one phrase always rings true—with change comes opportunity. Now, the markets throughout Los Angeles are seeing stronger rents and sales prices than pre-pandemic levels in many cases. Stepp continues to advise his clients on rent control laws, legislation changes and rising interest rates. Many of his seller clients have been selling and buying to out-of-state opportunities in their 1031 exchanges that are poised to create a better position for them in the long run.
BEN SUTTLES An entrepreneur for 15 years, Ben Suttles started his career in IT sales and business development before moving into management, which helped propel him into commercial real estate in 2013. During the past eight years, he has been involved in the acquisition and asset management of 12 large multifamily properties totaling more than $320 million in assets under management and the purchase and sale of more than 3,000 units. Suttles is a principal at Disrupt Equity, a real estate syndication firm focused on multifamily acquisitions that he founded with partner Feras Moussa. Suttles takes on many responsibilities at the firm, including underwriting multifamily acquisitions, multifamily asset management and the performance of the Disrupt Equity portfolio. He also shares his knowledge through various podcasts, events, conferences and webinars, and he dedicates many hours each week to inspiring other investors to take action, pursue their goals and invest in a way that dramatically improves the lives of their financial futures. Under Suttles leadership, Disrupt Equity has been named the best real estate syndication company in South Central USA by BUILD Magazine, the fastest growing syndication brand by Global Brand Magazine and the most reputable real estate investment company Texas 2022 by World Economic Magazine.
BRIAN WEBSTER Brian Webster, president of KWA Construction, leads the firm’s efforts to transform and elevate North Texas neighborhoods by building quality homes that meet a variety of needs including student, senior and affordable housing, as well as eco-friendly, sustainable projects. Under Webster’s leadership, KWA recently completed The Truman, the second phase of the Arlington Commons project, following the completion of a successful first phase. This project is one of the largest multifamily redevelopment projects in the City of Arlington’s history as well as one of the largest in North Texas. Webster leads KWA’s business development efforts to achieve overall corporate objectives, and he also leads strategic planning in the continued enhancement of the organization’s mission, culture and values. He also works closely with KWA’s clients to help facilitate the pre-construction and closing process and he works with KWA staff to ensure the company’s promise of delivering the highest value at the right cost to each of its clients. As an executive team leader, Webster works closely with the managers of each department to develop strategic initiatives and confirm that improvement programs are implemented effectively. In addition to ensuring the success of his own company, Webster also focuses on the development of the construction industry as a whole. He is active in the Dallas Builder Association, having served as a board member since 2009, and he has been a board member of the association’s multifamily builders council since 2008.
TINA WEST Tina West is described as someone who leads with her heart and whose energy helps recruit and maintain talent. With more than three decades of industry experience, West currently serves as senior managing director at Cushman & Wakefield, where she is responsible for 102,000 units in the West region. She oversees and trains a team of eight regional VPs in addition to running the local multifamily office and managing an administrative staff of two. West has been instrumental in building the firm’s multifamily property management platform and integrating it into the existing commercial real estate business model to solidify C&W’s goal of being a full-service real estate company. West is a liaison to all clients within the region and she plays an active role in business development. She recently received her sixth broker’s license for the state of Idaho in addition to Washington, Arizona, Oregon, California and Texas. Throughout her region, she spearheads and works to establish REstart programs, which is an organization that provides housing and employment to disadvantaged individuals that are recovering from the cycle of poverty, substance abuse and domestic violence. While supporting those in commercial real estate, West also gives back to her community and she encourages and expects her regional leaders to support and participate in local grassroots efforts to better their communities. West was a key proponent in sponsoring and distributing hygiene kit collections to displaced Afghan refugees, as well as collecting and hosting a school supply drive to benefit local families and school-aged children in need.
DANIEL WITHERS As SVP and senior director at Matthews Real Estate Investment Services, Daniel Withers works on dispositions and acquisitions of multifamily properties throughout Los Angeles County. He is responsible for marketing all current listings, sourcing potential investors and properties for his clients, presenting proposals, negotiating contract terms and more. He prides himself on building long-term relationships with clients, investors, agents, appraisers and lenders in the multifamily sector. During Withers’ 20 years of industry experience, he has closed more than $1 billion in multifamily investments and ground-up development sites. He has carved a niche in a wide sector by focusing on the San Fernando Valley of Los Angeles, which has helped him understand local trends, tenants, landlords and third-party management companies, which in turn has helped his clients make informed and profitable investment decisions. Withers spearheaded the opening of the company’s Encino office, which he has overseen for several years now. He is responsible for recruiting new talent, conducting office training, organizing weekly meetings and increasing company morale. His success and experience in the industry has made him a reliable mentor to numerous agents throughout this career. Withers also assists in the Matthews University six-week internship program by hosting trainings that are broadcast nationally to all 14 offices. Furthermore, he participates in the Matthews Podcast, for which he most recently spoke on how the multifamily market was impacted by the pandemic and how investors can return confidently.
TODD C. WOOD With 40 years of entrepreneurial experience, Todd Wood decided to take on the build-to-rent segment in 2016 by founding Christopher Todd Communities. At the time, he had sold an organic bakery operation that he built from scratch and was in search of an opportunity specifically in real estate when he spotted a small community of single-family home rentals. As he reviewed the country’s demographic shifts, he knew the need for rentals would only continue to grow. Wood developed Christopher Todd Communities’ first five properties totaling 943 homes in the Phoenix metro area and sold them for $235.5 million, a record price at the time. The communities are smart-gated and composed of single-story, pet-friendly homes with smart home technology and private backyards. In 2019, under Wood’s leadership, Christopher Todd Communities partnered with homebuilder Taylor Morrison to take this concept to new markets coast to coast. Christopher Todd Communities Built By Taylor Morrison has since announced locations in Arizona, Texas, North Carolina and Florida. As CEO of Christopher Todd Communities, Wood is responsible for the strategic vision of the company. He also helps educate municipalities on this new product and the benefits that it brings to their communities. Philanthropy has been one of Christopher Todd Communities pillars since its founding. With the firm’s first several communities, Wood provided a home rent-free to a veteran transitioning to civilian life. With a recent community opening, the focus shifted to healthcare and a home was provided to Banner MD Anderson Cancer Center to use at their discretion for patients needing temporary housing as they come to town for outpatient cancer treatments. Wood underwrote the furnishing of that home, while Taylor Morrison provided the home rent-free for a year.