CHICAGO—The Habitat Co., a Chicago-based property manager and developer, has just promoted Matt Fiascone to president of the organization. For the past three years, Fiascone has been Habitat's senior vice president of finance and investment. The company has become one of the most prominent multifamily developers in the city, but most of its work has been in the urban core, and Fiascone now tells GlobeSt.com that in 2015 this could begin to change.
“The strategy is to leverage our reputation and strong team and enter new markets and perhaps even launch new product types,” he says. The changes will be evolutionary rather than drastic. Habitat built its reputation by building multifamily high-rises in the city's core, and Fiascone says that work will remain its “heart-and-soul.” But it could also start building mid-rises, perhaps out in other neighborhoods well-served by transit, inner-ring suburbs and other markets in the Midwest.
Although the company is not actively looking there, Fiascone says that a neighborhood like Logan Square is a good example of a transit-oriented neighborhood that Habitat finds appealing. And Evanston and Oak Park could fit the bill when they look for projects in inner-ring suburbs.
Habitat officials are concerned that developers have too many multifamily projects underway in the urban core, he adds, and “it may not be the best time to double down” on their long-time specialty. Still, “we have not reached the point where we have an oversupply in the downtown. The demand side of the equation still has some runway.”
Prior to joining Habitat in 2011, Fiascone, 51, was senior vice president for Inland Real Estate Development Corp. where he was involved in more than 35 large-scale developments and negotiated and managed in excess of $250 million in joint ventures. At Habitat, his work has included structuring the acquisition of 1,200 apartment units worth $115 million. Furthermore, he was the lead creator of Habitat's dedicated asset management platform and refinanced more than $150 million in portfolio assets with GSE's, HUD and bank debt.
“Habitat prides itself on holding the highest standards, values and spirit to maintain its position as a leader in the industry,” says Daniel Levin, founder and chairman of Habitat. “I am confident that Matt will build on the company's current momentum and continue to develop new business opportunities, and manage and deliver the best products and services for our clients.”
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
