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Affordable HousingCompany NewsDevelopmentPeople News

The NRP Group Hires Nicholas O’Brien to Expand Affordable Housing Development in New York

by Lynn Peisner

NEW YORK CITY — The NRP Group has appointed Nicholas O’Brien as vice president of affordable housing development and finance in New York. O’Brien will help expand The NRP Group’s affordable housing pipeline across New York State outside the five boroughs, including Long Island, Westchester County, the Hudson Valley and Upstate New York. He will report to Jonathan Gertman, senior vice president of development, who oversees market-rate and affordable development efforts in New York. In his new role, O’Brien will identify and evaluate new affordable housing development opportunities, support transaction …

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Ray-Smith
Company NewsMarylandNewsNortheastPeople NewsWashington, D.C.

Enterprise Community Development Names Ray Smith Senior Vice President of Real Estate Development

by Lynn Peisner

SILVER SPRING, MD. — Enterprise Community Development, a Silver Spring-based nonprofit affordable housing owner and developer, has named Ray Smith senior vice president of real estate development. In this role, Smith will lead the organization’s affordable housing development efforts across Washington, D.C., and Maryland. Smith brings approximately 30 years of experience in multifamily development, real estate finance and affordable housing, with expertise in site acquisition, entitlement, design oversight, capital structuring and project execution. Before joining Enterprise Community Development, Smith held senior leadership positions with Legacy Partners, Madison Capital Group, The …

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Sugarmont-SLC
Company NewsNews

Independence Realty Trust, Centerspace Agree to $8.1B Merger

by Lynn Peisner

PHILADELPHIA — Independence Realty Trust (NYSE: IRT) and Centerspace (NYSE: CSR) announced Sept. 9 an agreement to merge in an all-stock transaction. The combined company will retain the Independence Realty Trust name and NYSE ticker IRT. The transaction is expected to close as early as the end of 2026, at which point, Centerspace shares will cease trading under the CSR ticker. The combined REIT is expected to have a market value of about $5 billion and an enterprise value of roughly $8.1 billion. The combined REIT will be headquartered at …

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Avalon-Denver
Affordable HousingCompany NewsDevelopmentInvestment SalesNewsOperations

Vivmark Becomes Nation’s Largest Apartment REIT

by Lynn Peisner

CHICAGO and ARLINGTON, VA. — AvalonBay Communities and Equity Residential have completed their merger, creating Vivmark Residential, a new real estate investment trust, which began trading on the New York Stock Exchange under the ticker symbol VMRK on Aug. 18. With a portfolio of approximately 184,000 owned apartments and 11,100 units under construction, Vivmark Residential is now the country’s largest multifamily owner, surpassing Greystar. As of Jan. 1, 2026, Greystar ranked as the top U.S. multifamily owner for the third consecutive year with 119,160 units in its portfolio, according to …

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The-Quarry-Fox-Lake
Company NewsIllinoisMidwestNewsOperations

Daniel Management Group Selected to Manage The Quarry in Fox Lake, Illinois

by Lynn Peisner

FOX LAKE, ILL. — Daniel Management Group (DMG), a Chicago-based multifamily investment and property management firm, has been selected by Sterling Hall Capital to manage The Quarry, a 154-unit community under construction in Fox Lake, 54 miles north of Chicago. The first units will be complete later this year.

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Mike-Fausone-Conor
Company NewsDevelopmentMidwestNewsPeople News

Conor Commercial Real Estate Promotes Mike Fausone to Vice President

by Lynn Peisner

ROSEMONT, ILL. — Conor Commercial Real Estate has promoted Mike Fausone to vice president of development. Fausone joined Conor in 2021 as development manager and was subsequently promoted to senior development manager in 2024. Fausone will focus on expanding multifamily development in the Midwest. Conor is a real estate subsidiary of McShane Cos.

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Brett-Warner-SJC
Company NewsNewsPeople News

SJC Ventures Hires Brett Warner as CFO

by Lynn Peisner

ATLANTA — SJC Ventures, an Atlanta-based mixed-use, grocery-anchored retail and multifamily development firm, has hired Brett Warner as chief financial officer. Warner joins the company from Related Ross in West Palm Beach, Florida, where, as vice president of finance, he led financial planning and performance management across a $5 billion portfolio of multifamily, retail, office and mixed-use assets. Related Ross spun off from Related Cos. in July 2024. Founder Stephen Ross stepped down from day-to-day management to launch and chair the new venture, which primarily took over Related Cos.’ Southeast …

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8-Carlisle-Manhattan
Company NewsDevelopmentFinanceNewsNortheastOperations

JLL Arranges $617M in Financing for Grubb Properties

by Lynn Peisner

NEW YORK CITY AND CHARLOTTE, N.C. — JLL has arranged $617 million in financing for Charlotte, North Carolina-based Grubb Properties, supporting the formation of a new real estate investment trust and the completion of a 64-story apartment tower in Manhattan’s Financial District. JLL’s mergers and acquisitions and corporate advisory group first advised on the merger of several legacy Grubb Properties funds and their rebranding as Link Apartments REIT. The approximately $1.9 billion Grubb Properties-managed REIT has a portfolio of 45 properties, including more than 5,600 multifamily units. In conjunction with …

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Dan-Jutzi-Cullinan
Company NewsIllinoisMidwestNewsPeople News

Cullinan Properties Hires Dan Jutzi as Vice President of Development, Construction

by Lynn Peisner

EAST PEORIA, ILL. — Cullinan Properties has hired Dan Jutzi as executive vice president of development and construction. In his new role, Jutzi will provide strategic leadership for Cullinan Properties’ development and construction department, oversee third-party construction resources and direct all construction activities across the company’s existing portfolio as well as current and future development projects. Most recently, Jutzi served as senior director of construction management at Transformco Properties, where he was responsible for all phases of construction and development projects, including design, budgeting, scheduling, execution, financial performance, forecasting and …

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Thomas-Rowe-ECI-Group
Company NewsGeorgiaNewsPeople NewsSoutheast

ECI Group Hires Thomas Rowe as CFO

by Lynn Peisner

ATLANTA — ECI Group, an Atlanta-based development, management and investment firm, has hired Thomas Rowe as chief financial officer (CFO). He replaces Ben Engel, who held the position for the past 10 years. Rowe joins ECI after serving for more than a decade as chief financial officer at SJC Ventures, an Atlanta-based company specializing in the development of Whole Foods Market-anchored projects. At SJC, he directed financial strategies for approximately $1.4 billion in ground-up development spanning about 3.1 million square feet of retail, multifamily and mixed-use developments. Prior to SJC …

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