Titan Real Estate Investment Group Inc. welcomed Doug Allen as a partner and head of acquisitions in the company’s seniors housing division, Titan/SenQuest.
Titan/SenQuest is a seniors housing real estate company focused on the acquisition and management of independent and assisted living communities nationwide.
Allen will work to grow the firm’s portfolio of seniors housing facilities, and oversee acquisition strategies, including assets in need of repositioning and improved efficiencies.
Prior to joining SenQuest, Allen handled acquisitions for Holiday Retirement Inc., where he worked on targeted acquisitions, mergers and third-party management opportunities in the seniors housing sector.
NREI: What part of the country do you think is particularly ripe for acquisitions of seniors housing right now? Why?
Doug Allen:Regions of the country that are attracting a high level of acquisition interest are in the Midwest, Southeast and Southwest markets. Seniors housing acquisitions are impacted by a number of factors. Similar to what happened in 2012, acquisition [strategies] in 2013 will focus on quality, supply and demand for communities in a specific market or region. Newer construction, better quality and a growing senior population project years of sustained growth for these regions. Acquisitions have become a top growth strategy for many seniors housing companies and identifying the best fit remains the challenge.
NREI: More and more states are granting funds to the construction of seniors housing. What impact do you see that having on the sector?
Doug Allen: Government subsidies for new construction will increase new housing starts beyond what is economically justified. It may be a bit foolish, but there are plenty of local and regional banks who will lend on new construction. The need for affordable seniors living throughout the United States continues to grow each year. Creating a standard of living that [is similar] to a market-rate community must be a strategic decision from development, operations and marketing. The growth of affordable seniors housing fills a need that is not being served by current providers, ultimately expanding the awareness and benefits of living in a seniors community.
NREI: Overall, how do you see the transaction activity in the seniors sector in 2013 will compare to last year?
Doug Allen: When you compare the last couple of years of acquisition activity, 2013 will follow an increasing trend of exceeding transaction volume seen in 2012. We expect to see increased transaction volumes, including mergers and acquisition volume as the larger REITslook to add a substantial number of units to their portfolios.
NREI: What do you see as the most interesting trend or issue in repositioning seniors housing right now? How do you see that playing out over the rest of the year?
Doug Allen: The highest priority is to keep our residents in our communities for longer periods of time. Care services are being expanded in an attempt to [prevent] residents from moving to other communities. This is a trend that is continuing to develop. Creating additional services that blend seniors housing sectors may be costly to develop, but will ultimately provide stronger returns as a result of high occupancy and attractive market rates.
Chron Rejoins Trademark
Trademark Property welcomed Tony Chron as he rejoined the company as chief development officer.
With more than 25 years of retail and development experience, Chron will oversee Trademark’s power and community center development program, as well as the company’s redevelopment efforts. He joins Trademark from Houston-based Weingarten Realty, where he was regional director of development. Chron also was a senior partner with Trademark, serving as executive vice president of development from 1997-2009.
Lee & Associates Names Investment Services Group President
Joseph Chavez was named president of Lee & Associates’ investment services group.
Chavez, who joined Lee & Associates in 2010 as senior vice president, specializes in acquisition and disposition of multifamily properties throughout the Inland Empire and Eastern San Gabriel Valley in California. Chavez is taking over from Mark Larson, who relinquished the position last month. Larson remains with the group as vice chairman.
In the past decade, Chavez’s work has resulted in the successful execution of more than $450 million in transactions. Prior to Lee & Associates, Chavez worked atMarcus & Millichap for 11 years.
Lee & Associates also welcomed the father and son team of Don and Jim Nourse to the company’s Newport Beach, Calif. office. The two specialize in the leasing and sales of Orange County office and industrial properties.
Don Nourse joins the firm as senior vice president and principal. He spent 39years with CBRE Group Inc. in Newport Beach and has completed more than 1,460 transactions valued at over $1.15 billion.
Jim Nourse joins Lee & Associates as an associate after seven successful years as his father’s partner at CBRE. He was involved in 125with total consideration of more than $341 million.
JLL Hires EVP for Indianapolis Office
Jones Lang LaSalle welcomed Rebecca Wells to the firm’s Indianapolis office, where she will serve as an executive vice president.
During her more than 20-year commercial real estate career, Wells has successfully executed acquisitions and dispositions, restructured loans, secured financing and negotiated equity partnerships on behalf of global and domestic clients.
Wells joins JLL from Cassidy Turley, where she served as senior vice president-institutional sales group.
Simon Joins Massey Knakal as Executive Managing Director
Massey Knakal Realty Services welcomed David A. Simon as executive managing director.
Simon will oversee the day-to-day operations as well as recruiting and expansion of the company’s service lines throughout New Jersey,including investment sales, retail leasing and financing.
Simon has more than 25 years of commercial real estate experience and has previously served as the COO of Colliers Houston & Co. and managing principal of the New Jersey office of Cassidy Turley. Prior to joining Colliers Houston, Simon was executive vice president and managing director at Weichert CommercialInc., where he was responsible for managing the firm’s office, industrial, land and investment divisions.
Arbini to Head HUD and Mobile Home Portfolio for Ocean Industries
Ocean Industries, a subsidiary of Watt Cos., named Audra Arbini president. She will oversee Watt’s HUD and mobile home park portfolio held within Ocean Industries.
Arbini is the granddaughter of Watt founder Ray Watt, and cousin of Nadine Watt, president of Watt Cos.
Since joining Watt in 1996, Arbini has worked in accounting, payroll and human resources departments. In 2000, she served as a founding member of the new business venture, Agua Dulce Vineyards, and then transferred to the company’s residential management division to oversee Watt’s 2,000+ unit residential portfolio.
Two Pros Join Cresa’s Long Island Office
Cresa hired two professionals for the firm’s Long Island, N.Y. office.
Jonathan Rudes joins the firm as a senior vice president and Doug Haynes as a vice president. Rudes has 35 years of experience in commercial real estate and is an office leasing expert. He has represented numerous technology, digital media and large corporate clients and was the visionary behind such projects as MetroTech and New York's 55 Broad Street - New York Information Technology Center.
Haynes, in the business for 24 years, has extensive experience in handling both sales and leasing of commercial real estate on Long Island.
Hines Promotes Exec to SVP
Hines promoted Andy Trowbridge to senior vice president-conceptual construction at the firm’s Houston headquarters.
Trowbridge joined Hines in 1992 in the firm’s Los Angeles office. In April 2003, he transferred to Houston as part of Hines’ conceptual construction group. Currently, he is involved in preconstruction management for the 61-story Transbay Tower in San Francisco; the 72-story MoMA residentialtower in New York; the Concar office complex in San Mateo, Calif.; and the 2229 San Felipe office building in Houston.
Johnson Capital Names Ill. VP
Johnson Capital named George Pappas vice president in the firm’s Schaumburg, Ill. office. Pappas will specialize in the origination of FHA/HUD financing for healthcare, seniors housing and multifamily properties.
Prior to joining Johnson Capital, Pappas worked for a national real estate brokerage firm, concentrating on the representation of real estate owners in the acquisition and disposition of long-term care and seniors housing properties. He began his career in real estate as a licensed real estate appraiser, founding his own firm.
VP Joins Eastern Union
Eastern Union Funding added Shai Romirowsky as vice president. He will be based in the company’s Bethesda, Md. office.
Romirowsky specializes in commercial debt and equity loan financing for the Mid-Atlantic region. He comes from PricewaterhouseCoopers where he was a senior associate in the real estate financial advisory group.
Opus Group Names VP
The Opus Group named Douglas J. Swain vice president and general manager of the Indianapolis office of Opus Development Co. LLC.
Swain will be responsible for managing operations and seeking new development opportunities in the Indianapolis and Columbus, Ohio markets. He has more than 20 years of commercial real estate industry experience and previously held positions at DHL/Exel Supply Chain and First Industrial Realty Trust Inc. Swain’s background includes managing day-to-day regional operations and a portfolio consisting of 33 million sq. ft. of space.
Two Hires Join CBRE
CBRE|Richmond hired Frank M. Galleher III as vice president.
Galleher has more than 26 years of commercial real estate experience. He specializes in the representation of retail tenants, landlords, owners and developers across Virginia. His clients have included Office Max, Dollar Tree, IHOP, Five Guys, Kirkland’s and GameStop.
CBRE|Raleigh welcomed Tom Fritsch as managing director. He succeeds J.D. “Butch” Miller, who remains with the firm as a broker and principal.
With over 20 years of experience in brokerage and asset management, Fritsch has overseen a wide variety of real estate properties, including office, flex, and multifamily product types, and has held positions ranging from director of asset management to senior leasing agent for a multi-million-sq.-ft.-portfolio.
VP of Seniors Housing Joins American Healthcare Investors
American Healthcare Investors welcomed Brooks Barton as vice president of seniors housing.
Barton has worked in the healthcare industry since 2000 and specializes in seniors housing and long-term care models. He has previously served in key operational and executive positions with Brookdale Senior Living, Kisco Senior Living and, most recently, Capital Senior Living.
M&M Promotes Pro in Chicago
Marcus & Millichap Real Estate Investment Services appointed Stephen Rachman regional manager of its Chicago O’Hare office.
Rachman began his career at Marcus & Millichap in September 2002 as an agent in the Chicago O’Hare office. He worked in thecompany’s Chicago downtown office before he was selected as vice president/investments, and returned to the O’Hare office in March.
Rachman specializes in multifamily and retail assets, and he was an associate director in the firm’s national multihousing group, the national retail group and special assets services group.
Managing Director Joins Madison Realty Capital
Madison Realty Capital added Philip Schanzer as managing director. He will manage and execute construction and development activities for the company.
Most recently he served as vice president of construction and development with Marx Realty & Improvement Co. Inc. in New York City.
HFF Brings On Owendoff
HFF hired John Owendoff in the firm’s Washington, D.C. office to focus on retail property investment sales throughoutthe Mid-Atlantic region.
Owendoff joins HFF from Cushman & Wakefield, where he was most recently a senior director in the capital markets group. While there, he was involved in the disposition of more than $6 billion in commercial real estate assets, including nearly $750 million in retail transactions.
Sabal Hires Production Officer
Sabal Financial Group named Dean Mix as production officer for the firm’s home builder lending division in the Pacific Northwest region. Mix will oversee all home builder relationships, business development, loan originations and initial underwriting for Sabal in Oregon and Washington.
Prior to joining Sabal, Mix served as the executive vice president and senior relationship manager at Construction Lending NW, actively performing financial analysis, underwriting and loan origination.
LA Law Firm Picks New HQ
Morrison & Foerster relocated its Los Angeles office to the top four floors of the 62-story Aon Center at 707 Wilshire Boulevard. The firm had spent more than 20 years at the Gas Co. Tower at 555 West 5th Street.
Morrison & Foerster maintains five full-service offices in California, including in San Francisco, Palo Alto, San Diego and Sacramento. The firm’s Los Angeles office, founded in 1974, has about 100 lawyers and provides transactional, regulatory, real estate, employment, patent and litigation services to financial institutions, venture and institutional investors, Fortune 500 and technology-based companies, and the real estate and entertainment industries.
Partner Joins Fox
Fox Rothschild LLP welcomed Michael T. Lavigne as a partner.
Working with a team of other attorneys, Lavigne will spearhead the opening of a Fox office in Morristown, N.J. by the summer of 2013. In addition to his commercial real estate work, Lavigne represents clients before New Jersey municipal, county and state permitting authorities to help them obtain required site plan, subdivision, variance and environmental approvals in connection with their residential and commercial developments, including mixed-use redevelopment projects. He also counsels telecommunication providers in obtaining zoning approvals for the construction of wireless facilities.
Venable Welcomes Fischer as Partner
Venable LLP hired Kurt J. Fischer as a partner in the firm’s Baltimore office.
Fischer represents property owners, public utilities, commercial businesses and local governments in a range of real estate and tax matters in both trials and regulatory proceedings. He joins Venable from DLA Piper, where he was also a partner. Before joining DLA Piper in 1986, Fischer served as a member of the United States Army Judge Advocate General's Corps, where he was both a government appellate and trial counsel.