Kunal Chothani Brings with Him Experience Acquiring $1.3 Billion in Multifamily Properties
CAMDEN, N.J., January 21, 2021 (Newswire.com) - The Michaels Organization, a national leader in residential development with full-service capabilities in development, management, finance and construction, is expanding its leadership team with the addition of a new Vice President of Acquisitions, Kunal Chothani. Kunal, who brings industry-leading experience to the role, will focus on affordable acquisitions as well as identifying land for new affordable development opportunities.
"Although the pandemic has brought many new challenges to the residential housing market, we believe it will also lead to new opportunities for Michaels to grow and to bring our innovative solutions to communities across the country," said Michaels' Chief Operating Officer Mark Morgan. "With his expertise, relationships, integrity, and commitment to Lifting Lives, Kunal is the right person to lead our affordable acquisition efforts."
Michaels is actively looking to acquire existing affordable and workforce properties, portfolios, and platforms. In fact, acquisitions over the past two decades have been a major part of the organization's growth. With Kunal's addition to our team, Michaels will be expanding its efforts to acquire existing affordable assets as well as identifying land and reuse opportunities that can be converted to affordable housing.
"The need for high-quality, affordable housing has never been more urgent, and I am excited to join an organization with a unique corporate culture driven by a clear sense of purpose and where one of the Core Values is to 'Do Well by Doing the Extraordinary," said Kunal.
Kunal comes to Michaels from Stonehenge Partners, a New York City focused institutional multifamily operator. At Stonehenge, Kunal was responsible for sourcing multifamily properties, portfolios, platforms, limited partners, and debt capital sources. He also managed the underwriting, due diligence, and financing of these transactions. Prior to his role there, Kunal was Head of New York at Akelius Residential AB, an international multifamily owner and private foundation headquartered in Stockholm. During his four year tenure at Akelius, Kunal acquired and managed 27 apartment buildings valued at more than $1 billion. His experience also includes acquisition and asset management of project-based section 8, LIHTC, and conventional multifamily properties nationally.
Michaels is the nation's largest private-sector owner of affordable housing in the country and one of the nation's most active affordable and student housing developers, with properties in 35 states, the USVI, and the District of Columbia. Kunal's initial focus will be on areas within the existing Michaels footprint.
About The Michaels Organization: The Michaels Organization is a national leader in residential real estate offering full-service capabilities in development property management, construction, and finance. Serving 145,000 residents in more than 400 communities nationwide, Michaels is committed to crafting housing solutions that jumpstart education, civic engagement and neighborhood prosperity and to creating Communities That Lift Lives.
Press Contact: Laura Zaner, 856-988-5983, email@example.com
Source: The Michaels Organization