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Associated Estates Loses Management of 11 Properties, Shifts Duties

PHILADELPHIA-Following the resignation of Louis Vogt as president and the assumption of that role by CEO Jeffrey Friedman, the Richmond Heights, OH-based REIT has announced the loss of management responsibilities for 11 client-owned properties and will now shift executive duties.

By Marita Thomas | Updated on October 01, 2002

PHILADELPHIA-Richmond Heights, OH-based Associated Estates Realty Corp. has realigned its executive duties and have announced that advisory and management responsibilities for 11 client-owned properties have been transferred by the client to another advisor. Neither the client nor the new advisor was identified.

Jeffrey Friedman, CEO, assumed the role of president of AEC less than two weeks ago when Louis Vogt resigned that post. At the time, Vogt was to retain his position as president of MIG Realty Advisors, a West Palm Beach, FL-based company that AEC purchased in 1998. On September 30, however, the company announced that Friedman is assuming the presidency of MIG, replacing Vogt, who resigned.

In a statement, AEC said the accounting and reporting functions of its MIG advisory business will be consolidated at corporate headquarters and that responsibility for client portfolio and property management will be administered by two VPs of portfolio and two VPs of regional operations who will report directly to Friedman. Lou Fatica, AEC’s CFO, takes on the same role for MIG.

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