Project Manager Real Estate

GARY D. KAHEN

******@*******.***

*** ***** ***** ********/*******: 312-***-****

Northbrook, IL 60062 Residence: 847-***-****

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PROFILE

Dynamic real estate professional with executive level skills and a unique breadth of

perspective in property management, asset management, acquisitions, development and

redevelopment of multifamily, retail, office and industrial properties. Strategic thinker with

innovative and motivational leadership style. Proven track record for adding value to assets

through redevelopment and progressive financial and marketing strategies.

EXPERIENCE

TLC MANAGEMENT COMPANY, Chicago, IL, 2004-April 2009

President (Chief Operating Officer), 2006-April 2009

Executive Vice President (Chief Operating Officer), 2004-2006

TLC is a mid-sized investment and property management company with 75 employees and

$27 million in annual revenues. The firm owns and manages twenty vintage, market rate and

HUD affordable apartment buildings with 2,133 units near Lake Michigan, from Evanston on

the north to Hyde Park/South Shore on the south and is one of Chicago’s leading vintage

apartment owners/managers. TLC also owns and manages three strip shopping centers.

Hands-on leader who directed and managed day-to-day operations. Collaborated with CEO

to develop short- and long-term strategies for the organization to maximize the value of the

portfolio and provide strong cash flow returns. Ensured proper execution of strategies and

facilitated resolution of issues.

• Built senior management team from ground up including newly created positions.

Created and implemented with senior team a “Class A” vision of running vintage

properties and a more professional organizational culture.

• Drove TLC’s growth by fostering team-building, inspiring and managing change, and

building consensus at all levels of the company. Monitored progress and made

adjustments to achieve operational and financial goals.

• Increased revenues and NOI 91% and 86% respectively during past four years.

Profitability increased by 74% during the same period. Maintained profitability during

current downturn.

• Increased occupancies during the past four years from 84% to 95%.

• Worked closely with CEO in current refinancing of $49 million Freddie Mac loans for

twelve properties with two lenders.

• Increased resident satisfaction by implementing higher professional standards for resident

managers, leasing and maintenance staff.

• Managed all rent promotions, rent increases and renewal strategies to maximize income

during strong and weak economic conditions. By enhancing amenities, service and

desirability of our communities, rent increases were implemented and viewed as

reasonable by residents.

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• Inspired and motivated staff to see economic occupancy, rent collection and low

delinquency, not just occupancy, as key success drivers. Implemented strategies to

increase collections and reduce evictions. Tightened credit/criminal standards.

Delinquencies decreased from double digits to l% overall.

• With increased profits and successful refinancing, added six buildings to the portfolio,

increasing number of units owned and managed by 47%.

• Developed and implemented strategies with VP of HR to professionalize entire staff

through training and development. Revamped all hiring practices offering competitive

compensation and benefits including more aggressive commission structures and

bonuses. Total employees increased from 35 to 75 during the past five years. Created

career advancement opportunities to retain and motivate staff with development of

middle management positions. Revised maintenance compensation away from extra pay

system to hourly standards.

• Oversaw development of annual budgets to measure performance and increase

efficiencies for entire portfolio.

• Instituted capital budgets and multi-year capital programs to effectively manage large-

scale improvements (exterior restorations, common area rehabs, complete apartment

renovations, roofs, parking lots and major plumbing) and life safety improvements on a

portfolio level basis.

• Collaborated with CEO to research, underwrite and substantiate the potential profitability

and feasibility of new investment opportunities resulting in the ownership and

management of 745 additional units. 60% of these units were in new South Shore

submarket.

DRAPER & KRAMER REALTY ADVISORS, INC. (DKRA), Chicago, IL

Vice President, 2001-2003

Acted as advisor to the AFL-CIO Building Trust (“BIT”), a $1.5 billion union pension fund

that seeks both direct acquisitions and equity joint ventures for development.

• Advised client on strategic direction of property acquisitions and returns as well as

impact on existing portfolio in terms of lease rollover, industry and geographic

concentrations.

• Sourced and originated a yearly pipeline of 48 Core and Enhanced Core multifamily,

office, industrial and grocery-anchored retail acquisition and developments deals valued

at $1.4 billion that met client’s specific union requirements.

• Successfully completed DKRA’s only deal during an 18-month period, the $37 million

acquisition of Town Center I & II, two 98.5% leased, 280,000 sq. ft., Class A office

buildings located in The Woodlands, TX (Houston). Achieved returns more than 100

basis points greater than similar deals. Successfully handled entire process from initial

deal analysis, through purchase agreement, due diligence and closing.

BRIJUS PROPERTIES, Chicago, IL

Senior Vice President, 1999-2001

Led the asset management and redevelopment of Chicago’s historic Lytton Building, an

18-story, 280,000 sq. ft., $36 million office and retail project located in the CBD.

• Managed the property management team, design and construction teams, budget, change

orders, draw and schedule.

• Participated in lease negotiation for all ground-floor retail tenants.

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BANYAN STRATEGIC REALTY TRUST (publicly-owned REIT), Chicago, IL

Acquisitions Manager, 1997-1999

Developed portfolio strategies for future acquisitions and dispositions of multi-state, value-

added REIT portfolio.

• Wrote and presented investment opportunities to senior management highlighting key

qualitative and quantitative issues.

• Analyzed, priced and negotiated $60 million (834,000 sq. ft.) in new acquisitions that

closed over a 12-month period. These deals had an average first full-year cap rate of

11%, the portfolio value increased by 40%, while Fund from Operations increased 79%.

Resolved contract issues and performed due diligence.

MESIROW STEIN REAL ESTATE, INC. (formerly Stein & Co.), Chicago, IL

Senior Manager, 1996-1997

Served as project manager for the 240,000 sq. ft., $133 million guaranteed maximum price,

design/build Chicago Board of Trade (CBOT) expansion building that was completed on

schedule and $9 million under budget.

• Oversaw and managed the design/engineering team along with joint venture construction

team. Managed budgets and monthly draw requests.

SEARS, ROEBUCK AND CO., Hoffman Estates, IL, 1992-1996

Construction Planning Manager, 1993-1996

Planned and managed the construction process annually for 25 new Sears department, build-

to-suit hardware, acquisition and expansion stores with yearly budgets in excess of $85

million. Managed the activities of internal and external staff, developers, architects and

consultants.

Market Analyst-Real Estate Store Location Research, 1992-1993

Forecasted sales potential for new Sears stores, redevelopment options and store closings.

CMC HEARTLAND PARTNERS, Chicago, IL

Senior Financial Analyst/Project Manager, 1987-1992

Performed present-value, internal-rate-of-return and discounted cash flow analysis for

proposed office, industrial retail and residential developments from $2 to $300 million.

Worked on land acquisitions and dispositions of key real estate to enhance portfolio.

EDUCATION

University of Illinois, Urbana-Champaign,

M.B.A. Real Estate Finance, 1986

University of Illinois, Urbana-Champaign,

Master of Architecture, 1986

University of Illinois, Urbana-Champaign,

B.S. with Honors Architectural Studies, 1984

ADDITIONAL CREDENTIALS

Chicagoland Apartment Association (CAA), Board Member, 2007-2009

State of Illinois Real Estate Broker License

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