Veteran Investment Team’s Sole Focus Will Be Affordable Housing Sector throughout U.S.
LOS ANGELES – April 6, 2017 – In its latest move to expand its affordable housing platform, Colliers International has lured another top team in that highly technical sector of the national multi-family market to its brokerage ranks, this time in Southern California, although its focus will be nationwide, it was announced by Executive Managing Director Hans Mumper.
Senior Vice President John L. Nguyen, a nationally known expert in providing brokerage services in this highly specialized niche, and his team, including Vice President Jesse Elsanhuty, will be based in the firm’s Irvine, Calif. offices, which is part of its Greater Los Angeles Region that Mumper oversees, but their focus will be national in scope.
They will be joining forces with Colliers’ affordable housing brokers SVP Kevin Morris in Ft. Lauderdale and SVP Jim Lampman in Seattle, together forming the nexus of the brokerage firm’s national team specializing only in affordable housing. Team members specialize in Section 8 (Low-Income Housing), HUD Section 202 (Housing for the Elderly), state-assisted and other value-add affordable housing projects nationally.
“As part of our corporate strategy in 2017, we set goals and objectives to expand our presence in the affordable housing sector, and the opportunity to recruit this highly specialized team could not have come at a better time,” said Regional Managing Director Robert Caudill, who oversees the Irvine office and was instrumental in recruiting the new team. “The team is extremely talented and will undoubtedly play a key role in our national multi-family affordable housing platform.”
There are more than 1,400 Low-Income Housing Tax Credit (LIHTC) projects annually coming off of their 10-15 year ownership tax-credit restrictions and over 10,000 affordable Section 8 and other affordable housing projects coming onto the market annually across the country, according to the federal Office of the Comptroller of the Currency.
“There is a deep need by investors, sellers and buyers for representation in this sector and we plan to lead the brokerage charge to assist them,” Caudill added.
Known as some of the early leaders in the affordable housing sector, Nguyen and Elsanhuty built a dedicated team whose technical knowledge in all aspects of affordable housing is “unparalleled,” Mumper noted. The team’s industry expertise and in-depth understanding of the many nuances that come with working through the various government requirements associated with this product type are just a few of the forces that will drive the Collier’s team.
“Affordable housing has been, and will continue to be, our sole focus,” Nguyen said. “The support that we have received from Colliers is tremendous. They have provided us with every tool necessary to bring our business to the next level and successfully compete against other industry leaders. We are very excited about our move to Colliers and are already feeling the positive effects on our business.”
Nguyen’s team has more than 25 years of experience in affordable housing transactions across the country totaling more $750 million. When combined with Lampman and Morris, those figures jump to more than 50 years’ experience in affordable housing investment, having transacted more than $1.5 billion during their time in this sector.
“This move is not only in the best interests of our team, but also in the best interests of our clients,” Nguyen said. “With the comprehensive Colliers platform, we will be better positioned to provide full, state-of-the-art services, setting us apart from our competitors.”
Vice President Elsanhuty believes that the team is providing a service to communities by finding investors interested in renovating, preserving and expanding affordable multifamily units in parts of the country where there are severe shortages of affordable housing.
In addition, the team is expanding relationships with owners, developers, and managers of non-profit organizations in the affordable housing market. They also are providing clients with proprietary market intelligence and information, therefore allowing them to make more informed decisions.
“It’s not only a job – it’s a calling,” Elsanhuty said. “Of course, we’re dedicated above all to our clients, but we are also fulfilling the needs of our cities and states, as well as our neighbors. When a non-profit client, like a faith-based organization, calls on us to help them either consult, sell or buy an affordable housing development, our team is committed to exceeding expectations in a business and in a moral and ethical, sense, as well.”
About Colliers International Group Inc.
Colliers International Group Inc. (NASDAQ: CIGI; TSX: CIGI) is an industry leading global real estate services company with more than 15,000 skilled professionals operating in 68 countries. With an enterprising culture and significant employee ownership, Colliers professionals provide a full range of services to real estate occupiers, owners and investors worldwide. Services include strategic advice and execution for property sales, leasing and finance; global corporate solutions; property, facility and project management; workplace solutions; appraisal, valuation and tax consulting; customized research; and thought leadership consulting.
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