Newmark Enriches Multifamily Segment with Strategic Advisor Hires in Western U.S.

Newmark Group, Inc. has recently made headlines with its strategic hiring of renowned multifamily advisors. This move is part of the company’s ongoing effort to solidify its position as a leading force in commercial real estate advisory and service provision for institutional investors and global corporations. The new experts joining the Capital Markets team include industry veterans Joseph Smolen, Geoff Boler, Will Purcell, Jonathan Merhaut, Lee Redmond, Eve Loecher, and Eugene Chong, collectively boasting an impressive track record of over $100 billion in closed transactions. Their contribution is anticipated to propel Newmark's growth trajectory further within the multifamily capital markets sector.

The New Additions

Among the notable hires, Joseph Smolen and Geoff Boler will take on roles as Executive Vice Chairmen, recognized nationally for their substantial influence in multifamily advisory. They have served on critical sales that defined market trends, enhancing their reputation greatly. Additionally, Purcell and Merhaut join as Vice Chairmen, while Redmond will focus on multifamily financing in the same capacity. Loecher and Chong enter as Senior Managing Directors, directly contributing to Newmark's strategy in the multifamily sector.

The seven advisors come with extensive experience, predominantly within the Western U.S. They have accounted for over 90% of multifamily sales in this region with transactions exceeding $300 million in recent years. Their noteworthy accomplishments include the monumental $925 million sale of Westlake Village Apartments in the Bay Area and significant projects like Kiara in Seattle and Capitalina Apartments in Hawaii.

Strategic Growth and Market Position

Newmark has consistently aimed to build its reputation as a premier provider in the multifamily capital markets. Barry Gosin, Newmark's CEO, expressed confidence that these recent hires would bolster their standing significantly. “Newmark has been wholeheartedly committed to becoming the leading Multifamily Capital Markets provider in the nation, with these new appointments further strengthening our position,” he stated.

The addition of such high-caliber professionals signifies an endorsement of Newmark's growth momentum and capability to attract top-tier talent. Chad Lavender, President of Capital Markets for North America, emphasized how the expertise of these advisors would enhance the company’s market approach and advisory services.

Smolen reinforced this sentiment by stating, “Newmark's momentum in the marketplace presents a unique opportunity to expand our impact.” This sentiment underscores the company’s client-first approach, tailored service, and integrity as foundational values for their continued success.

Looking Ahead

Newmark's ongoing investment strategies have already positioned it favorably within market rankings, achieving a third-place standing in multifamily sales volume for the year 2024. With plans to expand further, the firm is courting more leading professionals in multifamily sectors and has recently elevated their investments by adding advisors in affordable housing, in expectation of capturing a larger share of the market.

In conclusion, the recruitment of these seven esteemed advisors is more than just an expansion in numbers; it represents a strategic shift aimed at enhancing Newmark's capabilities and optimizing its service delivery in a highly competitive multifamily market. As they embark on this new chapter, the company is focused on leveraging their vast experience to meet the evolving needs of clients and stand out as a leader in the real estate advisory landscape.