BRE Asset Management is divided into four operating regions, each directed by a divisional manager -- Southern California, Northern California, Pacific Northwest/Utah and Southwest. The four divisional managers lead 12 regional managers, who are each responsible for the day-to-day operations of approximately six apartment communities.

Nunn tells GlobeSt.com he is departing with a great sense of accomplishment and leaving an outstanding portfolio of apartment communities with a strong property management team that should continue to generate excellent operating results.

The official line is that Nunn is leaving "to spend more time with family and pursue other interests." His resignation is effective July 20. BRE shares were up 13 cents in afternoon trading Wednesday to $29.48. The company's 52-week range is $26.20-$33.68.