Sun Communities has hired an executive with more than 20 years of experience at Equity Residential.
The Michigan-based REIT added Robert Garechana as its chief financial officer, a role Garechana held for seven years at Equity Residential before taking over as chief investment officer last August.
"We are confident that Bob’s proven leadership with over two decades of REIT experience will help drive long-term growth as we continue to strengthen our platform," Sun Communities CEO Charles Young said in a release.
:quality(75))
Garechana's arrival at Sun Communities comes as his former employer reshapes its leadership ranks.
During the merger of Equity Residential and AvalonBay Communities into Vivmark Residential — the largest REIT merger in U.S. history — Garechana was named one of three executives not continuing in their roles at the combined company.
In a June 8 email, Equity Residential CEO Mark Parrell told company employees that Garechana, Chief Human Resources Officer Catherine Carraway and Chief Financial Officer Bret McLeod wouldn't join the merged company's executive team. Parrell said the trio would serve in their roles through the close of the merger.
Reports of the merger popped up this spring, and the parties completed the deal last week.
It is unclear if Carraway and McLeod also immediately landed new roles.
Garechana will replace Sun Communities Chief Financial Officer Fernando Castro-Caratini, who has held the role since May 2022. Castro-Caratini will transition to an advisory role within the company.
"Sun has a differentiated manufactured housing and RV platform, and I am excited to help lead its next chapter of growth," Garechana said in a release.
As of the end of June, Sun Communities owned, operated or had an interest in 455 developed properties across the U.S. and Canada.
)
)
)
)
)
)
)
)
)
)
)
)