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Real estate investment firm Monday Properties has hired Robert R. Kilroy as the company’s new executive vice president of multifamily acquisitions.
Kilroy, an industry veteran with more than 30 years of experience in investment and the multifamily market, will focus on sourcing and capitalizing existing multifamily assets as well as identifying land for development. Kilroy comes to Monday Properties from The Dermot Company, where he most recently served as a partner and managing director.
Kilroy will be based in the company’s Charlotte, N.C. office, and will focus on expanding Monday Properties’ operations into the Southeast, he told Commercial Observer. “We want to grow dramatically,” Kilroy said. “Over the next three years we want to add eight to 10 communities via development or acquisitions … especially properties that can generate high levels of return.”
In particular, Kilroy expects to expand in North Carolina markets, such as Charlotte, Raleigh and Durham, as well as Nashville, Ten., Charleston, S.C., and Atlanta in the near term — a challenge he said he’s well suited for given his experience in those markets.
In addition to previous roles at investment firms such as Northmarq Capital and Prudential Real Estate Investors, Kilroy is also an active member of major industry organizations such as the CFA Institute, Urban Land Institute and the National Multifamily Housing Council.
Kilroy’s role is particularly important with the current state of capital markets, which is likely to lead to distress opportunities in the overhyped Southeast markets, according to Monday Properties founding and managing partner Anthony Westreich. “Given the current interest rate environment, tight credit markets and other factors on the national and regional levels, we expect to see a number of attractive multifamily acquisition and ground-up development opportunities across the Southeast’s highest-growth cities,” he said in a statement.
Founded in 2002, Monday Properties has completed some 36 million square feet of property transactions worth a combined $16 billion. That includes a 145,000-square-foot office building in Alexandria, Va., that it sold to Virginia Hospital Center in November for $21.5 million, though at a 43 percent discount from what it paid for the property back in 2018.
The firm’s current portfolio includes over 5 million square feet of office space and 6,500 multifamily units that are planned, under construction or already developed nationally.
Nick Trombola can be reached at NTrombola@commercialobserver.com.
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