ROCKVILLE, Md., March 7, 2019 /PRNewswire/ -- CAPREIT, a fully-integrated real estate operating company responsible for the ownership and management of more than $5 billion of multifamily assets, recently turned 25 and is celebrating the relationship-driven success that allowed the company to reach its quarter-century anniversary.
Since its inception in December 1993, CAPREIT has utilized strong relationships with partners, vendors and team members alike to become a recognized figure in the conventional and affordable housing sectors. CAPREIT has built a portfolio of more than 200 communities across the U.S., representing more than 40,000 apartment homes and 100,000 residents, all while utilizing the culture instilled by founder Dick Kadish.
"We love what we do and we take care of our own," Kadish said. "The people are the most important asset of our company and making them happy is what contributes to our many years of success."
Joining Kadish in the early years of the company were Chief Investment Officer Ernie Heymann, Senior Vice President of Acquisitions Rick Band, Executive Vice President of Accounting and Finance Bruce Esposito, General Counsel Bruce Bershtein and Chief Financial Officer Terry Collins.
In the early 2000s, CAPREIT carved a clear path for a new generation of leaders, including two of Kadish's children, Andrew Kadish (President) and Jennifer Kadish Cassell (Chief Administrative Officer). In 2015, the elder Kadish became CAPREIT's Chairman, with Andrew Kadish taking on the role of President at that time.
"We apply old-school real estate values while implementing modern technology to continually improve the resident living experience," Andrew Kadish said. "CAPREIT has a family-first culture. When investors partner with CAPREIT, they then become part of our family. And the relationships we've made with our partners and investors have been key to our overall success."
In the mid-2010s, Miguel Gutierrez (Chief Operating Officer), Stephen Catarinella (Vice President of Development and Business Development Manager) and Chris Pilato (Vice President of Construction and Development) joined CAPREIT's leadership team, playing integral roles and helping to foster valuable long-lasting partnerships.
"From the very beginning, CAPREIT has been a company built on relationships," said Heymann, the chief financial underwriter for all communities in the CAPREIT portfolio. "When CAPREIT was created 25 years ago, well-established owners agreed to sell their properties to CAPREIT with no money at risk. Sellers agreed to a best efforts contract to sell to CAPREIT just on a handshake. This integrity and honesty helped us procure a 20-property, $400 million portfolio one property at a time."
Heymann notes that the company's initial equity partner, Apollo Real Estate Advisors, trusted the CAPREIT team with a significant equity investment in early 1994. The bond that was created during a 12-day due diligence period lasted for two decades.
CAPREIT has celebrated the 25-year milestone with many team events and outings over the past several months. The company's tireless efforts to gain the confidence and trust of stakeholders have paid off, as CAPREIT has expanded its financial partners to include some of the largest in the country, including Bank of America, PGIM, Principal Financial Group and Fundamental Advisors.
"The relationships we built have stood the test of time as the multifamily industry continues its growth into the 2020s," Heymann said. "CAPREIT looks forward to the next 25 years of making our stakeholders thrilled to be partners with the CAPREIT team."
As one of the nation's leading housing companies since its inception in 1993, CAPREIT has been involved in more than 200 multifamily communities, representing more than 40,000 rental homes housing more than 100,000 residents. CAPREIT is focused on the implementation of a savvy acquisition strategy, innovative financial structures, and a professional property management style based on resident satisfaction and retention, as well as asset preservation and enhancement. Today, CAPREIT maintains its mission to create value-added growth through strategic acquisitions, continuing to capitalize on multifamily housing opportunities. The company currently owns and/or manages over 15,000 apartment units in over 20 U.S. states and is actively seeking to grow its multifamily footprint throughout the continental United States.