If you've ever met Randy Ell, you'll remember him. Tall and outgoing, he is committed to the multifamily industry and the property management people who keep those apartments running. Now he's dedicating that energy to Fifteen Group, a Miami-based firm that Ell joined in July as president. Previously he served as president of Summit Properties' management company and as an executive vice president at the public REIT, which recently merged with Camden. Ell has a bachelor's in economics from UCLA.
Q: What appealed to you about this job?
A: Fifteen Group is an entrepreneurial, family-owned, private company. They have done an excellent job acquiring a portfolio of properties and have a keen eye for value.
Q: What are the big opportunities for multifamily firms?
A: With interest rates moving up and single-family home prices going ever higher, I think there is a real opportunity for us to increase our rents as our occupancies have firmed up.
Q: What was your first job in the multifamily industry?
A: I was hired by Oakwood in 1983 as a leasing manager, which meant I supervised the leasing effort and the leasing consultants. It also meant that I made about half of what they made in salary. It was really a "manager-in-training" position, where you learned to be a property manager. I loved the job, as I learned sales, leasing, marketing, maintenance, and the financial side.
Q: What's the best advice anyone ever gave you about your career?
A: Two things: "Be flexible," and "Go where the opportunities are." Whenever my company asked me to transfer to another property or city or even state, I always moved for the opportunity. I believe that is why I was able to move up in the business. As for the multifamily business itself, the best advice I ever received was: "It isn't rocket science; we're just trying to rent apartments." That means quit trying to make this business any more complicated than it is. Just use good common sense.
Q: How would you describe the multifamily industry in terms of careers?
A: It offers some of the best opportunities available. Geographically, you can work in any market in the country. Financially, we offer good starting pay and benefits. Good times and bad, there will always be people who need to rent a home from us.
Rodney Rogers has joined Fogelman Management Group as regional vice president of the Southern region. He will oversee all property operations for Fogelman-managed properties in this area. Previously, Rogers was an associate with Trammell Crow Residential.
Bulls Capital Partners, a multifamily financial service provider, has named Douglas Westfall senior vice president. Previously, he worked in GMAC Commercial Mortgage's affordable housing division and will be responsible for marketing, origination, and business development for Bulls Capital Partners' newly-created affordable housing division.
Tom Pankey Jr. has joined Crosland's Florida division as vice president?development manager of multifamily projects. He will be responsible for the development, design, and construction of the Southeast real estate company's multifamily communities and will work with other Crosland executives to advance the company's strategic plan for mixed- and multi-use developments.
Niles Bolton Associates has promoted Ray Kimsey to president of the Atlanta-based architecture, interiors, landscape architecture, and planning firm. A licensed architect in eight states, Kimsey has worked in diverse project types across the country with both private and public organizations. He is currently principal-in-charge of the San Jose State University Campus Village, a mixed-use project in California that will double the school's residential student capacity when it opens in the fall of 2005.
Sares-Regis Group has named Martin T. O'Hea senior vice president of finance for the Irvine, Calif.-based multifamily firm. He will be responsible for capital market activities for both the commercial and residential divisions, including construction, bridge and permanent financings and joint venture equity transactions. Previously, he was senior vice president of finance for Legacy Partners Commercial in Irvine.
Freddie Mac has named Michael C. May as senior vice president of its multifamily sourcing division in preparation for the 2006 retirement of Adrian Corbiere, Freddie Mac's current senior vice president of multifamily sourcing. The two will co-lead the division over the next year during this transition. In his new role, May will assume responsibility for Freddie's $97.7 billion multifamily portfolio, including the cash mortgage, structured transaction, CMBS, and low-income housing tax credit portfolios.
Multifamily technology service provider On-Site.com has hired Michael J. Fitzpatrick to oversee its new office in Woodridge, N.J. On-Site.com offers resident screening, automated lease preparation, traffic report generation, and integrated debt collection.
Place Properties has promoted Lee Reed to vice president of information technology. He will oversee technology operations for Place Properties, covering the Atlanta-based firm's 21 student properties, apartment complexes, condominium projects, new construction, and corporate headquarters.
Jack Karabees has joined Hudson Capital as senior vice president of sales. He will oversee sales for all the developments at the firm, which focuses on the acquisition, development, rehabilitation, and conversion of apartment properties to condominiums.
Laura Pilkington has been named legal counsel of Cascade Affordable Housing in Seattle, where she will be responsible for advising the executive team on real estate transactions and the company's legal affairs. Before joining Cascade, which is an affiliate of Pinnacle, an American Management Services company, Pilkington worked with nonprofit corporations for six years as an affordable housing developer.
Cobalt Capital Cos. has added to its executive staff. The new leaders are Jeffrey Clark, who will serve as president of Cobalt Construction Services; Terry Hawkins, Western regional project manager, and Damian Gallo, Southern regional project manager, both for Cobalt Construction Services; Gary Hediger, now president of Cobalt Property Services; and for Cobalt Financial, Richard Haumann, marketing director, and David Barclay, senior underwriter. Based in Springfield, Mass., Cobalt Capital Cos. is a national real estate investment firm that specializes in revitalizing and developing residential apartment and condominium communities, including condo conversions.