Influencers: The Top Names in Multifamily

BERKADIA HOUSTON INVESTMENT SALES TEAM Since launching in 2016, the Berkadia Houston investment sales team has grown into one of the strongest forces in the market. In 2018 alone, the team—led by senior managing director Ryan Epstein and director Jennifer Ray—closed $764 million in multifamily deals. This year, the team is already on track to surpass that figure, closing deals like the impressive Stella at Riverstone, a class A suburban apartment community in Sugarland, Texas that set a new pricing record in Houston.

The quick climb to the top and impressive sales volumes are driven by a group of talented team members. The 12-person team has a collective 25 years of experience and has made a name for itself by identifying quality investment opportunities not only in its home state of Texas but throughout the Southeast region. While they have relationships with the top apartment owners in the country, the team services new and existing clients alike, recognizing each client’s unique needs and individual strategy. It is this perspective that has helped the team achieve rapid success.

But, there is still room to grow. Epstein and Ray are looking to expand the team to expand the company’s platform with new recruits that fit the existing team’s culture.

CAPITAL ONE MULTIFAMILY FINANCE TEAM

The multifamily finance team at Capital One is a force within the national multifamily market. Led by president Jeff Lee, the team is ranked number seventh among the top multifamily lenders in the country with $6.7 billion in loans closed in 2017 and $9 billion in loans closed in 2018. This year, the team has already closed $5 billion in deals, and it is on track to exceed last year’s business.

The female-dominated team members include Kate Byford, head of capital markets; Phyllis Klein, head of agency production; Maureen Fitzgerald, head of servicing; Megan Murphy, head of credit; as well as Joel Willard, SVP. Together, the team has more than 100 years of experience and is responsible for managing and fostering the development of 190 employees across the broader multifamily finance team.

While the team launched in 2013 when Beech Street Capital acquired the bank, Lee took over in 2017 and expanded to handle capital markets, agency production, servicing and credit. Team members are also leaders in their market as well. Kate Byford and Phyllis Klein sit on Urban Land Institute councils, with Klein taking on a fundraising role for the organization as well, and Megan Murphy assisted Fannie Mae with the CLASS Guide rewrite.

CBRE MULTIFAMILY CBRE’s multifamily team is the top-ranked multifamily sales advisor and top multifamily loan originator in the nation. Backed by 300 professionals and led by Brian McAuliffe, president; Jeanette I. Rice, head of multifamily research in the Americas; Mitchell W. Kiffe, senior managing director and Peter F. Donovan, executive managing director, the team focuses on all aspects of multifamily investment, from brokerage to finance and investment banking. In 2018, the team had a record year with $29.5 billion in multifamily investment sales and $29.6 billion in financing, earning the team titles as both the top multifamily loan originator and GSE Originator for 2018.

Each of the team members is a multifamily leader in their own right. As president, McAuliffe has represented institutional investors and public companies in the acquisition and disposition of approximately $4 billion of properties in his career. Donovan has originated $15 billion in Fannie Mae loans since 2017. And, Kiffe has been the top multifamily loan originator in 2018 and 2017. Rice supports the team’s efforts in her role as head of research, and access to capital markets solutions, wealth of proprietary data and insights at local, regional, national and global levels help to boost the team’s success.

CUSHMAN & WAKEFIELD STRATEGIC CAPITAL MARKETS GROUP In 2015, Susan Tjarksen co-founded Chicago-based KIG CRE and through its data-driven strategy the firm brokered more than $359 million in multifamily deals in three years, before catching Cushman & Wakefield’s attention in 2018. Now the strategic capital markets team under the Cushman umbrella, the team focuses on how technology can drive real estate value and returns as well as on emerging niches, like co-living. In fact, the team is currently in the process of sourcing a $1 billion equity and $3 billion debt platform for a market leader in co-living operations.

With Tjarksen at the helm as managing director, the team includes Laura Ballou, senior research analyst and Jacob Albers, research analyst. It focuses on the multifamily market and has a current client list that includes Common Living, Cedar Street Companies/FLATS Life, X Social Communities, Heitman, Baupost, AEW, Mapletree, CRG, Shapack Partners, Stay Alfred, Livly, Home Builders Association of Chicago and Planned Property Management.

In addition to focusing on co-living, the team is also focusing on affordable housing across the Chicago area. To help future generations have access to housing options in their community, the team has partnered with Homebuilders Association of Greater Chicago and the City of Chicago.

JAMES CAPITAL ADVISORS’ ELLIOT HASSAN AND MIKE HANASSAB Mike Hanassab and Elliot Hassan have been partners in conquering the multifamily market for the last 15 years, moving from Sperry Van Ness to Marcus & Millichap to James Capital Advisors and completing more than $1.5 billion in multifamily transactions. In the early days, the duo focused on underwriting, strategic marketing and 1031 exchanges. Now, they have built a strong multifamily presence in San Fernando Valley, West Hollywood and the South Bay and serve as senior managing directors of James Capital Advisors’ multifamily investment, leading investment sale activities for multifamily assets in the greater Los Angeles area and managing a team of six agents and support staff.

This year, the teams leading transactions include the sale of a three property, 67-unit portfolio in Santa Monica, which traded hands for $28.5 million. At the time, the sales price was the highest price per unit sale in the immediate area. In Highland, CA, the team also sold the two-property portfolio of  Park Heights and Ascot Park, which together accounted for a 392-unit portfolio. These apartment complexes generated double digit offers and sold for a total of $42.5 million, $600,000 above the initial asking whisper price. They represent private investors, family trusts, REIT clients and major investment syndicates.

NEW BUILDINGS INSTITUTE’S BUILDING INNOVATION MULTIFAMILY TEAM New Building Institute’s building innovation multifamily is a non-profit dedicated to achieving public goals and driving change to meet energy and carbon reduction for owners and occupants. The team—led by senior project manager Sean Denniston and research director Cathy Higgins—has been researching energy efficiency for a decade to create the Building Innovation Multifamily Guide. Multiple organizations and local governments throughout the US have adopted the guide, including ComEd in Illinois and the District of Columbia’s Office of Energy and the Environment.

In addition to adapting and promoting the guide, the building innovation team has also advocated for more accessible and understandable building codes and has submitted proposals for unified multifamily housing codes, which are currently split between commercial codes and residential codes. It also developed the ComEd Multi-Family Standard, which was adapted from the Multifamily Guide. It serves as the high-performance energy efficiency reference standard for ComEd’s affordable housing new construction offering.

The next focus for the non-profit it the electrification of multifamily buildings, which could help reduce the one-third of greenhouse gases that come from buildings. The group recently participated in creating the Zero Emissions All-Electric Multifamily Construction Guide for Menlo Spark and led by Redwood Energy.

TRANSWESTERN COMMERCIAL SERVICES’ ROBIN WILLIAMS AND DEAN SIGMON Currently overseeing the Mid-Atlantic capital markets multifamily group at Transwestern Commercial, Robin Williams and Dean Sigmon have been a team for the last 17 years. Their combined experience and hands-on client strategy has driven a more than 90% closing ratio, the highest of any brokerage firm in the Washington DC market. This has led to a roster of repeat clients for the team.

This year, the team has worked on significant projects, like overseeing the bankruptcy sale of Lynnhill Condominiums, a 219-unit condemned condo building walking distance of the Naylor Road Metro Station. these condominiums consisted of 219 units and were located in Prince George’s County, Maryland. Williams and Sigmon worked with the legal team to sell the property for $17 million or $77,854 per unit, yielding a competitive bidding process. In terms of institutional properties, the duo sold Chatsworth Park in 2017, a 576 unit apartment complex in Manassas, Virginia, for $115 million. The sale took only two months to close.

Throughout their careers, the team has racked up several accolades. Williams is a committee member of the National Multifamily Housing Council and has been named Real Estate Forum’s Top Multifamily Brokers, Transwestern National Capital Markets Deal of the Year 2018 and CoStar Power Broker Award. Sigmon is a member of the Institute of Real Estate Management and National Multifamily Housing Council and has been named Real Estate Forum’s Top Multifamily Brokers and CoStar Power Broker.

AEGON REAL ASSETS US Aegon Real Assets US, part of Aegon Asset Management, has a long history of tax-based investing and extensive multifamily expertise. The company has been investing in multifamily housing for more than 30 years through its low-income housing tax credit equity business. Since 1987, the company has acquired more than $4.7 billion of tax credit real estate equity investments and has helped create more than 120,000 units of affordable housing in all 50 states. In 2018, Aegon Real Assets US launched a high-conviction, research-driven multifamily workforce housing strategy. The company has extensive experience in the multifamily sector across the capital stack including direct equity, JV partnerships, mezzanine lending, construction lending and senior debt lending. The company’s strategies and solutions encompass the entire multifamily housing quality spectrum, ranging from luxury housing to workforce to affordable housing properties. Key leadership team members include include: co-head Scott Coté; co-head Christoph Gabler; Lynn Ambrosy, managing director of institutional investments, and Philip McAndrews, head of real estate private equity.

THE BEACH CO. There are few family businesses that have made such a lasting impact on their community as the Beach Co. a family owned and operated real estate development firm based in Charleston, SC. Founded in 1945, and approaching its 75th anniversary, five generations have passed on the company torch as a steward of the community—both from an economic and philanthropic standpoint. For decades, the Beach Co. has delivered high-quality multifamily projects to key markets and is active in the following regions: Chattanooga, TN, Nashville, Forest Acres, SC, Greenville, SC, Columbia, SC, Charleston, SC, Johns Island, SC, Summerville, SC and Myrtle Beach, SC. The company takes a unique approach to development, resulting in each project being strikingly different from the next to cater to specific demand drivers and the individuality of each market. One example of this is Canvas, a mixed-use community currently under develop­ment in the Heritage Green Arts District in downtown Greenville, SC. Upon completion, the project will include singlefamily attached townhomes, ground-level retail, multifamily residences and an office building renovation. Canvas’ design will pay homage to the artistic atmosphere of the neighborhood with a large-scale commissioned mural on the building’s façade.

In its hometown of Charleston, the Beach Co. has helped shape the region the thriving tourism and business destination that it is today having developed iconic communities such as Kiawah Island and Isle of Palms. The company has since spanned five generations and is currently led by Charleston area native John Darby. The Beach Co.’s mission is to create enduring value in every endeavor for generations to come. Its executive leaders regularly speak on panels and participate in industry conferences to share their regional development and management expertise with their peers. Key team members of the company include: J. Darryl Reyna, EVP and COO; Tyler Cooper; CFO; Daniel J. Doyle, SVP of development; Karen K. Bacot, VP of marketing; Kevin O’Neill, VP of Development; and Leonard D. Way, VP of investment management.

BOZZUTO MANAGEMENT CO. The Bozzuto Group is a family-owned, multi-generational company founded in 1988. To differentiate itself from others, the company prioritized property management, placing Bozzuto Management at the heart of operations, acting as a touchpoint to guide development, land search, and design decisions. For nearly three decades, Bozzuto Management Co. has stayed true to the founding values of concern for the people and the communities they touch, creativity in everything they do, passion in their approach to business, and a belief that perfection is a goal worth pursuing. Their record of quality, value and community partnership is shared by the other three divisions of the Bozzuto Group: Bozzuto Development, Bozzuto Construction and Bozzuto Homes. The shared knowledge, insights and influence of integrated product lines work together as one brand associated with trust and extraordinary experiences. By focusing on multiple bottom lines (social, environmental and financial), BMC invests in people, works towards a more sustainable future, and stays true to its core values while driving financial performance. Embracing diversity of thought, background and culture has also been part of the fabric of Bozzuto since its founding. BMC President Stephanie Williams places the experience of residents above all else. Bozzuto Management also embraces residents’ and customers’ differences and built a model to complement them through the Bozzuto Diversity and Inclusion program, which works to welcome and cultivate diversity internally at every level in the organization. The company is also focused on the environment and considers sustainability and environmental stewardship a touchstone of its business philosophy.

CITYVIEW Cityview targets complex multifamily housing opportunities in urban markets that may be overlooked by some due to transaction and development challenges such as entitlement or environmental issues, political hurdles or community relations. Founded in 2003, Cityview is a multifamily investment management and development firm dedicated to redefining urban living. Focused on developing multifamily and mixed-use projects in high-growth markets in the Western US, Cityview’s targeted investment strategy and integrated structure enables a unique, holistic approach to uncovering the ideal urban way of life. Led by a professional team with expertise in real estate, development, operations and finance, investments have generated more than $4 billion in urban investment across more than 100 projects to date. Currently, it has $2 billion in assets under management. Over the years, Cityview has expertly pivoted to meet the needs of the marketplace. During the 2008-2009 recession, for example, Cityview shifted its focus from for-sale housing to multifamily—forecasting a need for the product type as residential was taking a big hit. To further bolster its niche in the multifamily marketplace, Cityview moved to a vertically integrated model—offering investment management and development under one roof. This continues to pay dividends for the company. By handling the investment, development, asset management and property management of its multifamily properties, Cityview creates efficiencies and maintains complete control over the end-product—benefiting investors, residents and communities alike. Presently, Cityview is under construction on multiple high-profile Los Angeles multifamily developments. Earlier this year, the company was honored with Smart Growth America’s LOCUS Leadership Award for Company of the Year. The national award honors companies with a clear history of public leadership in supporting projects that transform communities and create lasting value for citizens who live there. Specifically, Cityview was selected because of its dedication to developing transit-oriented communities with high walk scores, inclusion of affordability elements in neighborhood design, “double bottom line” investment criteria requirement and focus on environmental sustainability and LEED standards.

CORTLAND Founded in 2005 with a focus on uniquely conceived and designed multifamily developments, Cortland is now a global, product-to-people multifamily real estate investment, development, and asset management company. Led by CEO Steven DeFrancis, Cortland began to take the uncommon step of insourcing development, design, construction, renovation, property operations and asset management functions in 2011, when the company owned and managed just 5,000 units. The expansion of the company’s capabilities was organized around the belief that resident service should underpin the firm’s business model and would drive financial success. Since 2011, Cortland’s platform has grown to include the concept-to-completion construction delivery firm, Cortland Build; an award-winning team of interior and architectural designers, Cortland Design; and CASK Industries, Cortland Build’s product design, manufacturing, supply, and logistics subsidiary. Cortland’s acquisition and investment capabilities have been led and developed by DeFrancis, chief investment officer Mike Altman, and chief acquisitions officer Brad Brown. Altman directs the firm’s investments with a focus on asset management, and has led many core aspects of Cortland’s business, including capital raising and portfolio strategy, which have directly influenced Cortland’s evolution from a small development company to one of the leading companies in the multifamily industry. Brown leads Cortland’s efforts in the acquisition and disposition of its multifamily assets. Since joining Cortland, he has helped the company expand into more than 20 US cities across 12 states with the acquisition of over 65,000 units. Over the course of 2018, Cortland acquired 31 properties (9,935 units) totaling $1.8 billion in real estate value under its property management.

DISTRICT OF COLUMBIA HOUSING FINANCE AGENCY DCHFA is an influencer through its approach to addressing the District of Columbia’s affordable housing issues. DCHFA is the only HUD Level I Risk Share lender in the District, which allows it to offer an additional financing tool focused on preserving existing multifamily communities. The agency’s innovative approach extends to its development of the Housing Investment Platform, which partners with local developers and banks to construct workforce housing. Over the past 40 years, DCHFA has funded the development of more than 50,368 units of affordable housing throughout all eight wards of the District and the company’s multifamily lending and neighborhood investments programs offer financing to create and preserve affordable rental apartment homes and offers private for-profit and non-profit developers low cost constructions and permanent financing that supports the new construction acquisitions and rehabilitation of rental housing. Current DCHFA projects include developments in Wards 1, 4, 5, 6, 7, and 8 of Washington, DC aimed to address the increasing demand for affordable rental units. Under the current leadership of Todd A. Lee, executive director and CEO, since 2016, DCHFA has led the innovation of this agency through building a solid team, implementing new technology and launching new products resulting in the investment of over $1 billion in the creation and preservation of affordable multifamily rental housing.

GMH CAPITAL PARTNERS GMH Capital Partners has a lot to be proud of between its acquisitions, new developments, and long-standing business partnerships. The company, under the umbrella of parent company GMH Associates Inc., specializes in the acquisition, development, and management of high-quality residential and commercial properties throughout the US. Founded in 1985 by Gary Holloway Sr., who still serves as CEO today, GMH has achieved extraordinary success through a hands-on approach that produces outstanding results for its clients and partners. The company has many dimensions that assures its properties are well leased, exceptionally constructed, and best positioned in the marketplace so that every asset performs to the highest possible standards. It has a proven track record of creating successful joint ventures with partners such as Wexford Science & Technology, Iron Point, AGC Equity Partners, GE Capital, Goldman Sachs, UBS, Balfour Beatty Communities, and Vornado, to develop properties, embark on new investments, and manage assets. In the past 34 years, this philosophy has led to tremendous growth for GMH resulting in investment in over 300 properties representing more than $8 billion of gross asset value across all major property types. The company also utilizes a top-down/bottom-up approach to identifying and sourcing potential opportunities which meet its objective of value-added investment. The company is also committed to giving back to the communities it serves. For the last several years, the company has partnered with local communities during the holiday season, coming together and purchasing gifts for families in need. This year the corporate office teamed up with Cradles to Crayons in Philadelphia, collecting necessities for the organization and assembling packages for underprivileged children and families participating in the program.

GRUBB PROPERTIES Founded in 1963, Grubb Properties today creates real estate environments through the repositioning of office buildings and the development of multifamily communities under its nationally registered Link Apartments brand. Focused in the southeast, a region experiencing enormous growth in jobs and population, Grubb Properties has committed to investing in and developing a highly innovative, efficient, scalable solution to the affordable housing crisis and provides a new, urban, amenity-rich multifamily product that is affordable to households making as little as 60% of area median income. The communities the company creates have six highly efficient floor plans that maximize living space without sacrificing style and the most important features. The firm is also committed to sustainability with all new construction buildings seeking USGBC certified with ENERGY STAR appliances and LED lighting to lower energy consumption. In addition, Grubb Properties has partnered with Copenhagenize, an urban design firm that helps transform neighborhoods with innovative, people-first design that provides convenient access to shops, dining, and residents—all without the need for a car. Copenhagenize has assisted Grubb Properties with the planning and design of larger developments to enhance both on- and off-site infrastructure that will promote and aid the use of bicycles as an alternative or primary transportation mode. Helping the broader community is also an integral part of Grubb Properties’ development approach.

HOUSING ON MERIT & STANDARD COMMUNITIES Housing on Merit and Standard Communities have a unique approach to public-private partnerships. Through their collaboration with numerous public agencies to create, preserve, and improve workforce housing nationwide, Standard and HOM seek out affordable housing locations where they can enhance both the physical property and the quality of life for residents. Many of Standard and HOM’s properties are in densely populated urban centers, affording them the opportunity to transform communities far larger than an apartment complex. Housing on Merit and Standard Communities have partnered to co-develop and preserve 1,876 multifamily affordable housing units across California and in Washington, DC, and have successfully managed the closing of over $249 million in debt financing with institutional lenders for affordable housing projects. Recently, a successful and influential public-private partnership in which Standard and HOM completed was the extensive preservation of Fort Chaplin Park Apartments in Washington, DC. The project’s completion was celebrated with a ribbon-cutting event attended by Mayor Muriel Bowser and Councilmember Vincent Gray, who lauded the impact the project will have in the community for decades. This redevelopment project ensures that all 549 units at Fort Chaplin Park Apartments will remain affordable to low- and moderate-income households for the next 30 years, and was the largest tax-exempt bond, preservation deal in the District’s history. For this, Fort Chaplin Park Apartments was recognized as is a winner of The 2019 Charles L. Edson Tax Credit Excellence Award from The Affordable Housing Tax Credit Coalition at a ceremony on Capitol Hill. Additionally, in Southern California, where both Standard Communities and Housing on Merit are headquartered, there is a shortage of nearly 1 million affordable homes. Housing on Merit is addressing this affordable housing crisis through their influence and ingenuity—specifically, a Housing Innovation + Learning Lab that explores non-traditional affordable housing options, tests innovative housing typologies, and accelerates the pace of production throughout the housing sector to influence future affordable housing developments.

KAIROS INVESTMENT MANAGEMENT CO. Kairos Investment Management Co. is an industry leader in both traditional and impact-oriented real estate investment. The company’s impact strategy is geared towards environmental, social, and governance principles. Since inception, KIMC has invested more than $500 million of equity into deals valued at over $1.8 billion in total capitalization. Since inception, the firm has also invested $187 million of equity into affordable housing and environmental impact investments valued at $497 million in total capitalization. Through environmental impact-related investments, the company has generated roughly $835,000 in annual cost savings, including energy efficiency improvements and water conservation investments. These environmental investments have delivered returns in two years, on average, resulting in a 13% increase in equity value to date and a 49.4% return on cost, all while saving nearly 95 million gallons of water, 513,577 kWh of electricity, and 729 cubic yards of landfill waste through 2018, the firm says. In 2016, KIMC launched its impact strategy which leverages Kairos’ values of social responsibility, alignment, and integrity into a property investment solution. The strategy seeks to provide affordable housing, make environmental property improvements, and enhance properties operationally through social programs. The impact strategy’s market rate property approach is said to create new affordable units in desirable areas and more particularly in properties that do not rent only to low income individuals and families. “We believe real estate is a great medium to affect change and impact tenants’ lives. High housing costs are a burden for working families and in some cases account for more than half of total income,” the firm says.

THE KISLAK CO. INC. Founded in 1906, the Kislak Co. Inc. is a commercial real estate brokerage firm and a consistent leader in the sale of multifamily and other investment and commercial properties. The firm’s clients include high net worth individuals, multi-generational real estate owners, public and private companies, and institutional investors. The majority of the firm’s sales are of multifamily properties throughout New Jersey, southern New York, eastern Pennsylvania, and Delaware. The company also has a brokerage affiliate in Florida. Record pricing is many of the properties is also standard for Kislak Co. For example, in 2016, a $32.775-million sale of the Gateway, which includes 57-units and 9,000 square feet of retail space in South Orange, NJ was the highest per unit price ever paid for a multifamily property in Essex County. In 2018, a $70.5-million sale of the 680-unit Pavilion Apartments in Newark, NJ was the single largest sale of a multifamily property ever in Newark. And in 2019, the $14.3-million sale of Laura’s Glen Apartments with 197 units in Pennsville, NJ, was the single largest sale of a multifamily property ever in Salem County.

MARCUS & MILLICHAP With offices throughout the US and Canada, Marcus & Millichap, is a leader in the private and institutional multifamily sales markets. The firm’s national multi housing group focuses on the private client market typically with transactions valued between $1 million and $20 million and the firm’s institutional property division services clients with transactions typically valued at $20 million and above. Both groups provide multifamily owners and investors with industry leading investment real estate research, financing, advisory and transaction services. Led by first vice president and national director John S. Sebree, the firm’s national multi housing group has closed nearly $90 billion in sales over the past six years through its proprietary platform. In 2018 alone, Marcus & Millichap has closed 3,480 in multifamily sales, generating over $23 billion in volume. Focusing on the unique needs of institutional and major private investors, Marcus & Millichap’s Institutional Property Advisors is ranked among the top multifamily brokers in the country. IPA’s multifamily platform is led by SVP and national director Jeffery J. Daniels, who has managed nearly $10 billion of multifamily assets throughout his decades-long career. Among the firm’s top-producing multifamily teams are IPA’s Stanford Jones, Philip Saglimbeni and Salvatore Saglimbeni in Palo Alto, CA, and Steve Gebing and Cliff David in Phoenix. With more than 72 years of combined brokerage experience, the Jones and Saglimbeni team specialize in multifamily property sales throughout Northern California. From 2018 through the first half of 2019, they closed 63 transactions valued at nearly $2.5 billion. Trusted brokerage professionals specializing in multifamily investment sales and advisory services for multifamily investment properties in Arizona and business partners since 2006, childhood friends Gebing and David completed 90 transactions totaling just over $2.2 billion during the same time period. Marcus & Millichap, as a company, was designed to go far beyond simply facilitating real estate transactions. It was developed as an entire system dedicated to maximizing value for real estate investors. The company’s founders’ vision has been realized by a commitment to specialization, willingness to foster a culture of information sharing and the foresight to pioneer real estate technology.

THE NRP GROUP The NRP Group is a vertically integrated developer, owner, builder, and manager of best-in-class multifamily housing and operates across a 14-state footprint with nearly 800 NRP Associates. Since its founding in 1994, the company has developed and built nearly 40,000 apartment homes, and currently manages more than 19,000 residential units. This year is projected to be a year of very significant growth, with 18-20 projects, generating 4,500-4,900 units, representing a 30%+ growth in unit starts in 2019 over 2018. The company’s stated mission is to create exceptional rental housing opportunities for individuals and families regardless of income. By pursuing this mission with tremendous passion for 25-years, NRP has grown with an amazing balance of affordable and market rate product, with over 35% of units being developed as affordable projects. In keeping with the company’s mission, NRP is at the high end of development quality in both affordable and market rate categories. NRP has focused largely on three to five story product developed at the high end of each entry point along the affordable-to-market-rate continuum. The company also has tremendous industry involvement and leadership.  The current president of the Texas Affiliation of Affordable Housing Providers is Debra Guerrero, a co-founder of the NRP Texas office and 16-year veteran of NRP. As of press time, the company was also in the process of finalizing a partnership with Cleveland State University and Millenia Property Management to donate $1.2 million with the purpose of creating a Bachelor’s Degree in Property Management and Real Estate.

PASSCO COS. The CEO and founder of Passco Companies, Bill Passo, entered the real estate investment industry with the purchase of a single multifamily property in 1976. Today, Passco’s multifamily portfolio includes 43 properties and over 13,400 units nationwide, with a total market value of nearly $2 billion—a figure that is growing with each passing month. Several years ago, Passco’s team realized that the suburban markets were slowly but surely attracting Millennials, and this would only continue to increase. With the idea that many members of this demographic may not necessarily be inclined to buy a home in the near future, but still desired a high quality of living and amenities, the firm began to target best-in-class assets in submarkets boasting exceptional school systems and experiencing strong population and job growth. Passco has strategically enacted a 10-year-hold strategy for most of these properties.

The success of this strategy, in addition to the fact that many investors are now following suit, solidifies Passco’s place as a true pioneer and influencer. Recently, the firm has been particularly bullish on the Southeast, acquiring more than $1.6 billion in multifamily product, totaling 8,600 units, in the region since August 2015. Passco is innovative and constantly evolving that doesn’t limit itself, ensuring it does not miss a prime opportunity just because it is outside of the company’s niche. For example, most recently, the firm—recognizing the lifestyle demands of the large Baby Boomer generation currently between the ages of 55-75—has entered the multifamily subsector of seniors housing, specifically active adult living. These communities, which cater to the needs of independent and active seniors, present a long runway of opportunity ahead. Passco is currently developing two properties through a joint venture partnership with Avenida Partners.

QUEST COMMUNITY DEVELOPMENT ORGANIZATION Quest Community Development Organization’s mission is to ultimately enhance the quality of life for underserved individuals and families through affordable housing and supportive services. The organization has built $22 million in assets and developed 269 units of small affordable housing communities over the past 18 years, while deeply committed to delivering needs-based community services, through which it has assisted 4,000 formerly-homeless people. Quest has provided many significant contributions to the Atlanta area. The non-profit is currently carrying-out its 2020 Vision Plan for the Westside area, which will present seven development projects across three struggling Westside communities. As an innovative creator of various neighborhood initiatives, Quest has created notable interest in the area which has now become a strong focus for numerous well-known corporations and foundations. Quest implements many projects to benefit the affordable housing market, including Quest Commons West, a development with 70% of the units being leased at 60% of the area median income (AMI) in a city that typically requires either 10% or 15% units available at 60% and 80% AMI for affordable housing developments. The firm is also developing a fully-funded $6.7 million multifamily senior living development with 40% of units available at 30% AMI or lower. Within the commercial sector, the organization is currently developing the Quest Non-Profit Center for Change, which will house a fresh food market, coffee shop, co-working space, financial center and Family Dollar store, in an $8.9 million development for which 80% of money has been raised.

SABAL CAPITAL PARTNERS LLC Sabal Capital Partners LLC is a diversified financial services firm which focuses on commercial real estate, lending and investments. Providing various debt programs for acquisitions and refinances in the small balance sector through its lending platform, Sabal originally served troubled regional and community banks at the start of the Great Recession, upon its founding in 2009. Contributing nearly $8.2 billion in assets to the recovery of bank and real estate sectors during that time, Sabal quickly established itself as a reliable debt provider with a strong infrastructure. Offering an integrated model to brokers, borrowers and investors for unique benefits, Sabal acts as a major player in multifamily finance and one of the country’s most influential rental housing financiers, having closed more than $4 billion in loans since 2015. In addition to bearing a positive impact on the US economy and the American consumer, Sabal successfully closed its first fund in 2017, exceeding its initial target with $200 million in commitments. The firm works closely with Freddie Mac as an approved lender to the agency’s Multifamily Small Balance Loan Program, as well as its Targeted Affordable Housing Express, and additionally serves as a lending partner to Fannie Mae’s Small Loan Program. Working to alleviate the nation’s affordable housing crisis by financing undersupplied rental housing, Sabal solidifies its commitment to keeping citizens domiciled, who may be priced out of regular housing. Furthermore, Sabal is credited with innovatively advancing and disrupting the CRE finance marketplace with SNAP™, its proprietary technology which automates the loan process from application to close.

STEPP COMMERCIAL Stepp Commercial has found extraordinary success in its client-centric perspective. The multifamily brokerage firm focuses efforts on utilizing a relationship-based approach and culture to build long-term partnerships centered on trust and integrity, resulting in continued sales volume growth. While forgoing the more traditional transaction-oriented business model, the firm has reached nearly $2 billion in property sales since its 2013 inception. Last year, the firm completed 82 transactions of 1,321 units, totaling $383 million. More recently, the firm completed a $50 million sale for a 127-unit property in Long Beach, as well as a $50.4 million sale for a 13 property portfolio in Long Beach. Husband and wife team, Robert Stepp and Kimberly Stepp have grown their 11-person brokerage team to be a leader in the competitive Los Angeles market. The co-founders and principals, each hold decades of industry experience, establishing themselves as experts in the field. Robert and Kimberly have each consistently been recognized as the top Long Beach multifamily broker and the #1 Santa Monica multifamily broker, respectively, every year for the last eight years. In addition, Kimberly is highly-regarded for accurately pricing properties, resulting in a career sell/list ratio of 97+%.

TRION PROPERTIES Starting in 2005 as a venture among best friends, Trion Properties now serves as a small-but-mighty private equity real estate firm and a major player in the industry. While many investors have turned to the niche market in recent years, Trion Properties benefits from more than a decade of value-add multifamily expertise, holding a strong position and a perfected, proven strategy to targeting opportunities in high-growth submarkets along the West Coast. As an investment, asset and property manager for undervalued assets, Trion Properties implements value-add renovations that reflect current market-rate rents and trends to rebrand properties, through its fully built-out operator platform. The company has successfully repositioned and resold more than 1,100 units, with strong returns for investors, historically exceeding 30%. Completing more than $350 million in transactions, the firm has a current portfolio of 2,400 units and more than $280 million in assets. Creating a positive impact on the sector, the company optimizes digital strategies for various growth initiatives, such as recently launching its own investor portal to provide convenient access to education and communication. Trion Properties was additionally one of the first firms to utilize crowdfunding platforms, playing an instrumental role in leveraging its momentum. In 2016, the firm launched its debut fund encompassing more than 100 investors, and in 2018, its second fund launched targeting $50 million in equity, to deliver $150 million in buying power. Finding value where others cannot, Trion Properties continues to nearly double the value of neglected multifamily properties, filling occupancy and often tripling equity for investors.

TRUAMERICA MULTIFAMILY Founded in 2013, by industry veteran, Robert E. Hart and Fortune 250 company, Guardian Life Insurance Co. of America, TruAmerica Multifamily has witnessed phenomenal growth as one of the most active multifamily investors in the nation. Targeting American renters in markets with significant supply and cost imbalances, the company mainly focuses on investing in and renovating mid-level or Class B apartment communities, outside of major metro areas and employment hubs. Recognizing the value in repositioning market-rate communities as a preferred investment strategy, TruAmerica provides quality housing and amenities, such as gyms and dog parks, to workforce renters for a home-like feeling. The company utilizes its proprietary formula to seek and find the correct assets for high returns in the competitive, secondary markets. Increasing its footprint throughout the West Coast and Eastern Seaboard, TruAmerica currently holds an $8.7 billion portfolio of more than 40,000 units and 159 assets under management. Closing out 2018 with $1.3 billion in acquisitions and dispositions, the company reached nearly $900 million in transaction activity in the first two quarters of 2019. The company prides itself on social responsibility and active involvement in industry organizations to effect long-term meaningful change. Aiming to provide a positive living environment for renters by supporting a variety of causes in surrounding communities, TruAmerica lives up to its mantra which states “you can do good, while doing well” and “making a profit and investing in communities are not mutually exclusive goals.”

ZILLOW GROUP Zillow Group has become a well-known company, impacting the industry greatly as a leading real estate and rental marketplace and a trusted source for data among consumers and professionals. Serving the full cycle of owning, renting, buying, selling and financing a home, Zillow Group aims to transform the process with simple, digital solutions to finding a home. Founded in 2006 with the notion to offer accessible data to consumers, property and marketing managers, the company now successfully delivers access to the most rental properties and resources, such as scheduling, reviews and 3D tours, in a streamlined, integrated process to their unmatched audience. Zillow Group is committed to improving end-to-end digital experiences from search to lease, offering services such as Rent Connect to connect property managers and renters, Boost to extend advertising reach on social media platforms and Lease Connect Tech to simplify pay-per-lease models. Furthermore, Zillow Group is dedicated to assisting industry partners succeed through education, acknowledging that when a consumer finds a home, the industry collectively wins. The company publishes comprehensive research reports on for-sale and for-rent market trends. Zillow Group also hosts an annual multifamily forum for industry experts to network and dissect technology trends, consumer data and marketing tactics. Recently, the company disrupted the paradigm of multifamily advertising with pay-for-performance models, further aligning themselves with customers’ goals by only receiving pay when their partners see value. Additionally committed to pay equity, the company has been listed on Bloomberg’s 2019 Gender-Equality Index two years in a row. The company also developed The Home Project, a social impact initiative to address housing insecurity and homelessness.