CHICAGO— City Club Apartments chief executive officer Jonathan Holtzman wants to transform how luxury apartments are developed and managed, and last week his new firm reached a milestone. It began directly managing five of its 30 properties on May 1, and by year's end will manage the entire $2 billion, 10,000-unit apartment and penthouse portfolio. But Holtzman has even bigger plans for the future.

He created the Farmington Hills, MI-based company last year by selling his 50% interest in Village Green Holding Co. to Compatriot Capital, Inc. Village Green specialized in transforming historic structures into luxury apartments and mixed-use communities. Soo Line City Apartments in Minneapolis and Randolph Tower City Apartments in Chicago are just two examples of how the company brought new life to urban neighborhoods.

Under the agreement, Holtzman acquired most of Village Green's real estate assets and its entire $500 million development pipeline, which consists of six mixed-use communities. His family had run Village Green for generations, but after decades in the business, he believes things needs to change.