As a vice president at Fairfield Residential in Bethesda, Md., Phil Pitney was used to the East Coast pace. This spring, that pace quickened a bit more for Pitney, who was named president of Lane Strategic Investment, a division of Atlanta-based Lane Co. that is expected to swell its acquisitions activity starting on the East Coast and in the Southwest. Pitney holds a degree in economics and business from Westmont College in Santa Barbara, Calif.
Q: What appealed to you about this job?
A: Lane Co. has a very stable platform from which to do acquisitions. It has all the resources, tools, systems, and people to competitively acquire new properties, raise money from equity partners, and place deals quickly and efficiently.
Q: What do you hope to accomplish in your new role?
A: To pursue acquisitions of value-add multifamily properties that need an infusion of capital and properties in recovering markets, as well as stable core properties well located in primary, secondary, or tertiary markets.
Q: What do you see as a significant challenge for the multifamily industry in the coming year?
A: Separating the short-tem opportunist from the long-term value creators. There was not a big distinction in recent years.
Q: What are the big opportunities for multifamily firms?
A: There seems to be no shortage of multifamily assets that are in need of a little TLC.
Q: What was your first job in the multifamily industry?
A: I was a project manager for Security Capital Multifamily Development in Santa Fe, N.M. I remember that we thought an 8.5 percent cap rate was crazy.
Q: What's the best advice anyone ever gave you about your career?
A: Real estate is not just for C students anymore.
Q: How would you describe the multifamily industry in terms of career opportunities?
A: Real estate cycles provide opportunities to do things you never thought you would.
- AvalonBay has promoted four executives to its management team. Kevin O'Shea is now a senior vice president and has oversight responsibility for managing AvalonBay's Investment Management Fund, including financings, monitoring investment performance, financial modeling, and investor relations. Rick Borowski is now a vice president, responsible for leadership on a national level of the expansion and growth of AvalonBay's redevelopment program in addition to managing the new construction in the Mid-Atlantic and New Jersey regions. Karen Hollinger is now vice president of operations at corporate headquarters and will continue to provide strategic leadership to the streamlining and implementation of many company-wide operations initiatives for greater cost control and efficiency. Rob Salkovitz is now a vice president leading construction efforts for AvalonBay in Southern California.
- Pinnacle has named several new associates this spring. Kim Stinde has been appointed vice president, business development and is responsible for new business growth in Pinnacle's Northwest Region. Before joining Pinnacle in 2006, Stinde was a national account manager with Home Depot Supply. LeeAnne Mathews has joined Pinnacle as regional education director for its East region. In this position, Mathews will provide educational and operational support for the development of regional personnel and the enhancement of asset performance. Before joining Pinnacle, Mathews was director of compliance for Cameo Professionals in Orlando, Fla. Ria Blake has been hired to open a new Pinnacle office in Boise, Idaho. In her new role as investment manager, Blake will oversee Pinnacle's Idaho and Montana portfolio of multifamily units managed by Pinnacle in partnership with the Steadfast Cos. She has been with Pinnacle since 1991.
- Mark A. Smith has joined the Staubach Co. as the principal-in-charge of the design and construction consulting services group. In his new role, Smith will oversee and manage the group's comprehensive management service platform, which specializes in the oversight of development, tenant improvement, and construction projects on behalf of the firm's clients in the Los Angeles area. Also. Thomas G. McDonald was named a principal in the Los Angeles office, where he will help lead Staubach's corporate services division and Staubach's national law firm practice group in Los Angeles and San Bernardino counties.
- Irene Hall has joined Evolv as director of marketing. She has extensive experience developing and managing large advertising budget and will handle Web site and collateral development, public relations, internal communication, account team management, and implementation of sales and marketing strategies.
- Thomas Scheers has been named CFO of Jamboree Housing Corp. Serving as the primary liaison with all of Jamboree's financial partners and lenders, he will focus on expanding sources of capital and other strategic initiatives that will strengthen Jamboree's presence throughout California. Jamboree also named four new associates: Deborah Fryman is the communications and marketing manager; Kecia Boulware is a project manager on the affordable housing portfolio; Natasha Layne is the Orange County regional supervisor; and Maria Luna is a development assistant.
- Michelle Bennett has joined Fogelman Management Group as regional vice president of the Southeast region and will be based out of the company's Atlanta regional office. In this position, Bennett will oversee all facets of properties operations for FMG-managed properties within the region. Most recently, she was with Gables Residential.
- Wyatt T. Dixon III has joined Lane Co. as Carolinas development partner. He will be responsible for sourcing and developing deals in markets including Charlotte and Raleigh-Durham, N.C.; Charleston, S.C.; Richmond, Va.; and the Norfolk/Tidewater region. He will be based in Charlotte.
- Abhinandan Khanna has joined TVO North America as an asset manager. Khanna was most recently in Freddie Mac's Multifamily Lending Group as an investment associate.
- Meltzer/Mandl Architects has appointed Evan L. Schwartz director of design. In this capacity, he will work to strengthen the firm's presence as a leader in residential and hotel design. His previous position with the firm was as project manager.
Adrian B. Corbiere has been appointed executive vice president of Cohen Financial, where he will lead the expansion of the firm's national commercial real estate finance origination platform. Previously, he was a senior vice president and head of the multifamily division at Freddie Mac. Send your announcements of new hires, promotions, and other personnel news to email@example.com.