AvalonBay East Coast acquisition head Pat Gniadek loves a good deal. Hes completed over 40 multifamily acquisitions during his 17-year career, only a few of which have been under $20M. As he puts it, theres just something exciting about working on large transactions. The Chicago-area native and Indiana U grad (and CPA) got his start working in real estate accounting for Chicago development giant JMB but actually obtained his real estate salesperson license in high school.After doing the accounting thing for five years, he made the transition into transactions and asset management while working at another Windy City firm, Capital Associates, and knew he had found his niche.
Pat likes that the acquisitions game is fluid and project oriented, unlike the rigidness of accounting. You get to drive by an asset and say, I bought that deal, which is very tangible and personal, he says. Until 2003, Pat says he had always been a trusted #2 guy" working alongside a more senior transaction officer, until luxury apartment developer JPI hired him and relocated him to Maryland to take on a lead acquisition role. And in 2007, AvalonBay came calling to offer Pat the chance to lead both acquisition and disposition efforts for East Coast markets, providing an opportunity to join a "best in class" operation. He says that while the REIT typically only buys a few properties per year, hes found his sweet spot there, aiming to maximize return and serve the company's broader investment objectives while limiting downside.
As for AvalonBays recent purchase of Archstone (along with partner Equity Residential), Pat says it wont fundamentally change the firms appetite for acquiring existing assets. Being a bigger company wont change its focus toward more deeply penetrating the best submarkets through acquisitions while also growing its newly developed brands. Outside of the office, the husband of Jaimee and father of three boys is an active little league baseball and youth basketball coach and loves to travel. The die-hard Indiana basketball and Cubs fan is also a self-described wine and cooking enthusiast, having been to Napa several times, amassing a pretty decent wine collection along the way.
