The former chairman and CEO of Archstone and the chairman of the National Association of Real Estate Investment Trusts has a new role to add to his résumé. Scot Sellers has been appointed lead independent director of Milhaus.
Sellers brings 37 years of real estate experience to the Milhaus board. He led Archstone, a onetime market-leading REIT, for nearly 20 years, during which time he grew the company from several hundred million dollars in assets to a total capitalization exceeding $22 billion. Sellers has been responsible for the development, acquisition, and operation of apartment buildings in more than 50 cities and valued at more than $40 billion.
In 2013, Chicago-based Equity Residential (EQR) completed its acquisition of Archstone.
“Scot Sellers is recognized as an icon in the multifamily industry,” said Milhaus CEO Tadd Miller in a statement. “His proven ability to dramatically scale a real estate business while generating exceptional returns for investors matches well with Milhaus’s objective to become a leading national developer of multifamily and mixed-use properties.
“Scot will play an important role in helping Milhaus institutionalize its organization, and will be both a mentor to our executive team and a brand ambassador for Milhaus in the industry,” Miller continued. “We couldn’t be more excited to have him join our board.”
Milhaus, a multifamily development, construction, and property management company, secured $245 million in growth capital from lead investor FrontRange Capital Partners as well as StepStone Realty Partners and existing internal investors in October 2017.
FrontRange Capital CEO David Robertson said in a statement, “We’ve had the pleasure of knowing Scot for many years and admire and respect what he has accomplished in his distinguished career. He brings a wealth of experience in the multifamily industry to the Milhaus board, and will play a key role in helping the Milhaus leadership team execute its ambitious growth plans.”
Sellers is a graduate of Lewis & Clark College and has an MBA from Stanford. He is also a board member for Howard Hughes Corp., Inspirato, Habitat for Humanity International, and ScholarLeaders International.
“I enjoy working with talented teams, and Tadd has assembled an outstanding team of people,” Sellers said in a statement. “Milhaus has an opportunity to build a strong national platform in the apartment business, and I look forward to working with Tadd and his team to help them accomplish great things.”