HOUSTON-Hines has launched a new multifamily division and has tapped Alan Patton to run it. The former president of The Morgan Group joins Hines as a senior vice president and will be based here.
Patton will focus on expanding Hines multifamily development activity throughout the US. He will be responsible for sourcing sites, product design and development, along with capital raising and financing.
Hines’ President and CEO Jeff Hines says the multifamily sector is poised for near-term growth. “We are seeing strong interest among our investors,” he says. “We think Hines can become a very successful player in multifamily, especially with someone of Alan’s specialized knowledge and experience base on our team.
Previously, Hines’ involvement in residential projects has been limited primarily to for-sale condos. Moreover, most of activity has been outside the US.
Prior to joining Hines, Patton was responsible for The Morgan Group’s day-to-day operations. The local multifamily developer, builder and property management company focuses on class A infill product around the southwestern and southeastern U.S., as well as California.
During his tenure at The Morgan Group, Patton spearheaded the development and construction of more than 12,000 apartment units at a cost of more than $1.5 billion. He also established many programmatic capital relationships with high-quality pension fund advisors.
Prior to joining The Morgan Group in 1998, Patton was the managing director of the Chase Bank of Texas Realty Advisory Group. During his eight years there, he developed and managed Chase's Real Estate Mezzanine Financing product, and worked in the Real Estate Workout/Restructuring Group and the Commercial Real Estate Lending Group.
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