CEO Roundtable: Market Challenges, Trends, and Opportunities

A Closer Look at What, Where, and How Seattle's Top Executives are Building and Deploying Capital in PNW's Multifamily Market

• 

  Walt Smith

  Active in the property management industry since 1986, Walt was one of the three founding principals of HSC Real Estate, serving as its president from 2001 until it was acquired by Riverstone Residential Group in 2008. At the time of the Riverstone transaction, HSC provided property management and ancillary services for more than 34,000 apartment homes in California and the Pacific Northwest. Walt became CEO of Riverstone in 2009 and provided strategic vision and leadership for its portfolio of more than 800 managed properties and 4,500 associates. During his four-year tenure, Walt fostered a vibrant and collaborative company culture, significantly expanded the ancillary services platform, and drove substantial income and unit growth that ranked Riverstone as the second largest management company in the United States. In 2014, Walt and the legacy HSC partners formed Avenue5 Residential to manage their 7,000 unit Investors Capital Group portfolio in the Western United States. Avenue5 Residential, a solutions-based portfolio management services company, commenced third-party management services for the multifamily industry in November 2015. Today, Avenue5’s portfolio has grown to more than 500 multifamily and single-family properties with 110,000 units spanning 20 states and Washington, DC, managed by over 2,800 associates. Avenue5 is proud to have been named a top 15 national finalist on the Best Places to Work MultifamilyTM list, to have been certified as a Great Place to Work® for six consecutive years and as one of the Best Workplaces in Real EstateTM, to have been ranked as one of the 100 fastest-growing private companies in Washington list by The Puget Sound Business Journal, and to have been ranked as one of the top 10 fastest-growing multifamily property management companies by Multi-Housing News. The firm is currently ranked at position 10 on the National Multifamily Housing Council (NMHC) Top 50 Managers List. Walt graduated from Montana State University in 1985 and lives in Bellevue, Washington.

  Avenue5 Residential

  CEO

  Walt Smith

  CEO

  Avenue5 Residential

• 

  George Petrie

  As CEO of Goodman Real Estate for more than 15 years, George believes the company’s mission, vision, and values has created a culture that has attracted extraordinary professionals and kept the company on a successful course. During his tenure, he has overseen the teams that developed, acquired, and disposed of over 350 assets in four countries. With experience spanning roles in finance, accounting, property management, asset management, and capital markets, George’s knowledge, experience, and skill move GRE in the direction of the future of real estate. George graduated from the University of Washington and earned his CPA, CPM, CCIM, and RPA real estate designations. George finds satisfaction by challenging his team to achieve their goals while ensuring each person is encouraged and has opportunities to grow. He considers every team member at GRE to be a leader and supports them as they develop an understanding of their strengths and how to use them within the organization. George firmly believes there is a significant shortage of housing nationwide due to questionable regulatory policies. He advocates for the removal of barriers that policy makers can influence, both legislative and regulatory, so that housing supply will increase for the benefit of current and future generations. George believes that a portion of profitable work should go toward those at risk in the community. This belief led George to create IMPACT—a company-wide program with a mission to provide a sense of place for all of GRE’s community by collaborating with local non-profits to serve the vulnerable with a focus on shelter, community, education, sustainability, and relief. He personally serves on several non-profit boards, including WBPA, CRISTA, V16, and the North Seattle College Real Estate Program. George and his wife have three grown daughters, live near the University of Washington, and like to spend time boating, skiing, traveling, and financially supporting local charitable organizations.

  Goodman Real Estate

  CEO

  George Petrie

  CEO

  Goodman Real Estate

• 

  Dan Byrnes

  Dan Byrnes is the Chief Executive Officer of Security Properties. He leads the Investment Committee and is a member of its Board of Managers. Mr. Byrnes has broad responsibility for strategic planning, growth, and the financial health of the organization. In addition, he is involved in all aspects of SP’s business units, including acquisitions, dispositions, asset management, development, private equity funds and property operations. Mr. Byrnes has completed over 150 transactions totaling $6 billion since joining Security Properties in 2012. He previously served as SP’s Chief Investment Officer, and, prior to that, its Managing Director of Conventional Investments. Prior to joining Security Properties, he served as a Director of Investment Sales in HFF’s New York City office, where he completed over $4 billion of real estate transactions, spanning all major US markets and asset types. Mr. Byrnes serves on the ULI Multifamily Blue Product Council and is a member of the Policy Advisory Board of the Fisher Center of Real Estate and Urban Economics at University of California, Berkeley.

  Security Properties

  CEO

  Dan Byrnes

  CEO

  Security Properties

• 

  Justin Stewart

  Justin Stewart is the CEO and Owner of 8-time National Excellence in Construction Award winning Synergy, Inc, and industry disrupting Synergy Modular. Synergy has built over 10,000 units and countless commercial projects as a GC over the last three decades in the Pacific Northwest. In 2017, in response to a demand for predictability, Justin founded Synergy Modular, building projects at a fixed cost, in 30-50% less time.

  Synergy Inc.

  CEO

  Justin Stewart

  CEO

  Synergy Inc.

• Moderator

  Dorothy Reed

  VP

  USI

Building a Better Future: Making Housing Affordable

Strategic Navigation Through Challenges: Funding, Partnerships, Policies, Focusing on the 'Missing Middle,' and Innovative Solutions

• 

  Lisa Nitze

  As Principal, Lisa is responsible for branding, community engagement and partnership development at Nitze-Stagen. Lisa has 30 years of experience leading organizations and initiatives seeking to develop and implement strategies for positive social change. Having started and led four nonprofits, Lisa was most recently CEO of Seattle Social Venture Partners working with nearly 600 philanthropists to invest in social change in the Puget Sound region. She Chairs the DSA/MID Advisory Board, the SODO BIA Board Economic Development Committee, the SCIDpda Board Community Initiatives Committee, and also serves on the boards of both the Historic Seattle Foundation and of Weld. Additionally, Lisa manages the Pioneer Square Safety and Security group, the Northern Rainier Valley Partnership, and the Alliance for Safety, Affordability and Preservation. In her free time, Lisa loves spending time with her children and grandchildren, enjoys skiing, hiking, biking and travelling. Lisa holds a BA degree from Harvard and an MBA from Stanford.

  Nitze-Stagen

  Principal

  Lisa Nitze

  Principal

  Nitze-Stagen

• 

  Dave Wellings

  The Seattle Housing Authority has named Dave Wellings as Director of Housing Operations. The Housing Operations Department manages and maintains SHA’s portfolio of more than 8,000 units of housing, operated under various programs including Low-Income Public Housing, Seattle Senior Housing Program and Special Portfolio. Properties include high and mid-rise buildings, townhomes, scattered site multi-unit and single-family homes, and mixed-income, family-oriented communities. Housing Operations, the largest department at SHA, oversees admissions and leasing, property maintenance and repairs, and waste management. The department also has a Community Services division, which coordinates programs for tenants to become engaged and active in their SHA communities and arranges partnerships with programs that offer SHA tenants health services, educational and economic improvement opportunities, youth programs and other supportive services. Wellings joined SHA 12 years ago and has held increasingly responsible positions with SHA in the Housing Operations and Housing Choice Voucher Departments. Wellings received his Master of Public Administration degree from Seattle University and holds seven professional certifications relating to public housing finance and operation. He has served on numerous committees with professional organizations and is currently on the Board of the Pacific Northwest Regional Council of the National Association of Housing and Redevelopment Officers. “Dave has a breadth of experience at SHA and a deep knowledge of the agency and our public housing programs, as well as a deep commitment to SHA’s Race and Social Justice Initiative,” said SHA’s Rod Brandon, who held the position before being appointed Executive Director of SHA earlier this year. “I’m excited to have Dave stepping into this key leadership role.”

  Seattle Housing Authority

  Director of Housing

  Dave Wellings

  Director of Housing

  Seattle Housing Authority

• 

  Conor Hansen

  Conor has been an affordable housing developer since 2008. He comes to SRM with experience of acquiring, renovating, entitling, and/or constructing more than 1,500 affordable housing units. He was also instrumental in creating the Urban Brownfields program with the Washington State Department of Ecology that allows affordable housing developers access to funding and liability protection for projects that have contaminated land.

  SRM Development

  Managing Principal

  Conor Hansen

  Managing Principal

  SRM Development

• 

  Michael Mathews

  Michael Mathews is the Founder and CEO of Assemblage Works, Inc. (AWI), a multi-disciplinary, vertically integrated architecture, construction management and development company that operates throughout the nation. We specialize in the creation, management and execution of sustainable urban infill multi-family, hospitality and commercial projects across the western United States. Mathews’ expertise as a senior development, design and construction executive spans all facets of complex and large-scale ($500MM+) real estate projects for a variety of prominent design, development and construction organizations nationwide, including executive roles with KB Urban, Forest City and Davis Reed Construction, among others. In these roles, he has delivered over 6,000 units to the markets in Los Angeles, San Diego, San Francisco, Southern California, Texas, Seattle and Denver metropolitan areas. Mathews, a licensed Architect, is also an expert in off-site construction methodologies, including prefab, volumetric, panelized and mass timber construction. He has national experience in project due diligence, entitlement, design, finance, construction and construction management. Through the formation of AWI, Mathews has created a collective of experienced and dedicated design, construction and development professionals that believe in the use of modern methods of construction and progressive delivery techniques to provide clear and predictable outcomes to their clients and investors. AWI was created to understand the needs of development, investigate emerging technologies and collaborate with our construction partners, pushing the practice of architecture and development into the future. We eliminate unnecessary time designing systems that can be repeated, leaving more time to solve the unique design challenges of our clients, the environment and the places we design for.

  Assemblage-Works

  Founder & CEO

  Michael Mathews

  Founder & CEO

  Assemblage-Works

• 

  Quang Truong

  Quang Truong is the Co-Founder and CEO of UrbanForm. UrbanForm provides clarity and confidence with zoning as quickly as possible for architects and developers using proprietary AI technology. Quang worked in architecture offices throughout the nation for almost two decades before founding UrbanForm, is a registered architect in NY and OR, and has degrees from Yale University and Dartmouth College.

  UrbanForm

  Co-Founder and CEO

  Moderator

  Quang Truong

  Co-Founder and CEO

  UrbanForm

Building for Tomorrow: Future-Proofing Multifamily Products

Exploring Resident-Centric Design, Sustainability, and Technology Integration to Attract and Retain Residents

• 

  James Wong

  James is the CEO of Vibrant Cities responsible for site evaluation, acquisition, development, funding and banking relations. Additionally, James is a seasoned entrepreneur, investor and founder of multiple successful companies. As a sought after thought-leader, speaker, and writer on real estate, technology, and entrepreneurship, James has been an active real estate investor and property manager for the past 18+ years, acquiring, developing and managing over $800+ million real estate projects. James is also the Founder and Chairman of Avidian Technologies, the creator of Prophet, the world's leading CRM software built in Outlook. Prior to Vibrant and Avidian, James was the co-founder and President of Foci Technologies (acquired by Meritage Technologies), and held positions at Arthur Andersen in New York City and Chevron Corporation in San Francisco. James is a recipient of the NW Asian Weekly’s “Entrepreneur of the Year” award, Puget Sound Business Journal's “40-Under-40” award and the Small Business Association's "Minority Small Business Champion of the Year" award. James is an enthusiastic Rotarian and served on the Board of the Seattle Rotary Service Foundation. James was a board member and Chairman Emeritus of the Group Health Foundation (acquired by Kaiser). He graduated from University of Washington with a B.A. in Business Administration and is a graduate of Harvard Business School’s Owner/President Management (OPM) program.

  Vibrant Cities

  CEO

  James Wong

  CEO

  Vibrant Cities

• 

  Diana Norbury

  Diana Norbury is responsible for Pillar Properties multifamily portfolio with a focus on operational and financial performance. Her passion lies in combining superior talent management with technology and innovative solutions to create the best possible resident experience. Since joining Pillar, her focus and efforts have encompassed the refinement of revenue management and business intelligence practices, talent management and education, operational systems implementation and training, lease-up and marketing strategies and the development of company policies and procedures for the growing portfolio. The superior team she has assembled at Pillar Properties speaks to her strength in attracting and retaining talent and mentoring them into future leaders. With over 18 years of experience, her tenure includes portfolio management of multifamily rental communities and condominiums in a number of markets throughout the U.S. She is also an IREM Certified Property Manager, serving on the local chapter's executive council as Vice President of Education as well as serving as a member at large on the National Education and Product Knowledge Committee. IREM honored Norbury by naming her the 2018 CPM of the Year. Norbury holds a B.S. in Management from the Georgia Institute of Technology with a minor in Organizational Psychology and Marketing.

  Pillar Properties

  SVP, Multifamily Operations

  Diana Norbury

  SVP, Multifamily Operations

  Pillar Properties

• 

  Matthias Olt

  Matthias Olt works as a talented design leader and architect. His distinct use of softly swooping waves or crisp, clean lines can be found on culturally significant and sustainably designed buildings across Asia, Europe, the Middle East, and North America. Notable examples of his work include Lotte Center Hanoi, Huarun Tower, Chengdu, China, and The Net, Seattle, USA. Matthias, originally from Frankfurt, Germany, has worked in the industry for 30 years. It’s in sustainability where Matthias truly shines. Most recently, he has pitched bringing wood back into architecture in a big way. His vibrant, climate-aware designs for hybrid builds that include steel or carbon fiber wrapped with wood and cased in cement are a nod to minimalistic and forward-thinking design. In 2022, Matthias received a Fast Company Innovation by Design Award for his design of the unTower, aka Use-Neutral Tower. In 2017, Matthias received an AIA Seattle Honors Award for his innovative design of a 39-story Conceptual Mass Timber Tower in Seattle. Matthias is a registered architect and received the German architecture diploma from the University of Applied Sciences, Frankfurt, Germany, and he also holds an undergraduate degree in chemical science.

  Arcadis

  Principal

  Matthias Olt

  Principal

  Arcadis

• 

  Jason Fudin

  Jason Fudin is the CEO and Co-Founder of Placemakr (formerly WhyHotel), based in Washington D.C. Placemakr is a venture-backed platform that operates at the intersection of hospitality and multifamily real estate. With its pop-up hotels, it operates furnished, transient stays out of the vacancy of newly built luxury apartments during the lease-up phase. With its hospitality living buildings, it operates assets as a mix of multifamily and hospitality on a permanent basis with the ability to flex the inventory between both uses. Prior to Placemakr, Jason was the VP of Strategic Initiatives at Vornado Realty Trust where he worked on developing innovative commercial real estate concepts for the organization. Over his career, Jason has managed commercial real estate development projects valued at over $2 billion and has worked in real estate development, acquisitions, and capital markets. He has his B.Eng. in Mechanical Engineering with a minor in Management from McGill University and his M.S. in Finance and Real Estate from American University.

  Placemakr

  Co-Founder & CEO

  Jason Fudin

  Co-Founder & CEO

  Placemakr

• 

  Chris Olmsted

  As Director of Development for US West, Chris spearheads the development of cutting-edge low-carbon district energy systems across the western United States. With over a decade of experience, he excels in identifying, quantifying, and solving complex problems in the built environment. His expertise spans high-rise residential, healthcare, laboratories, universities, data centers, and government facilities. Chris has earned credentials as a Certified Energy Manager, Certified Measurement and Verification Professional, Building Energy Assessment Professional, and received a Certificate in Life Science and Biotechnology from MIT. He holds a Bachelor of Science degree in Electrical Engineering from San Diego State University. Creative Energy develops, owns, and operates district energy systems to facilitate long-term renewable energy partnerships. The First Hill Initiative in Seattle will dramatically reduce neighborhood carbon emissions. Partners on this project include Providence Swedish, Westbank, and other neighborhood facilities. Creative Energy funds community energy developments at city-scale ranging from $10M to $250M+. Thier projects emphasize urban "place-making", with energy solutions that redefine public spaces to promote better urban design, to enhance quality of life, and to generate new social, cultural and economic opportunities. The residential and institutional developments connected to these systems get a massive leap forward toward a zero-carbon future, while enjoying reduced construction costs, energy code compliance, long-term energy cost certainty, and simplified operations.

  Creative Energy

  Director of Development

  Chris Olmsted

  Director of Development

  Creative Energy

• 

  Tiina Ritval

  Principal

  GGLO

• 

  Mark Schwettmann

  Mark Schwettmann is a nimble problem-solver who thrives on multidimensional challenges. His international portfolio spans a wide range of building types including civic, commercial office, and life sciences, with a particular focus on the development of efficient and sustainable high density multi-family residential. Driven to create inspiring spaces and to improve urban life, he is known for delivering impactful projects that overcome stringent economic, regulatory, and functional constraints. A lifelong resident of the Bay Area with extensive ties throughout the West Coast, Mark draws inspiration from the energy of our cities and their unique relationships to the surrounding natural landscape. His recent projects in San Francisco are a testament to his urbanist sensibilities. At One Steuart Lane and 1550 Mission, Mark actualized an enlivening vision for high-density residential design rooted in qualities of place. The Moscone Center Expansion transformed a black box into a civically engaging landmark and through comprehensive sustainability measures, became the nation’s first LEED Platinum-certified convention center. 49 South Van Ness, also LEED Platinum, brought the City of San Francisco’s departments of buildings, planning, and public works into a single streamlined facility. Current work on the boards includes multiple residential towers in San Francisco, Seattle, and San Diego. Outside of the studio, Mark is also SOM's firmwide practice leader for the multifamily residential practice, coordinating and facilitating the design of thousands of units across the globe. He is also an active member of many organizations committed to sustainability and equity in our environment, a photographer, a cyclist, and a father.

  SOM

  Director

  Moderator

  Mark Schwettmann

  Director

  SOM

Navigating the Success of a Multifamily Project in the Pacific Northwest

Discussing Site Selection Alternatives (TOD, Urban vs. Suburban), Creative Financing Solutions, Overcoming Construction and Development Challenges, and Strategically Getting Deals Done

• 

  Jake McKinstry

  As a Principal of Spectrum Development Solutions, Jake’s expertise spans complex land use issues, transit-oriented mixed-use development, healthcare and historic renovations. Jake began his career developing affordable housing projects in New York City and currently oversees a variety of projects and clients throughout the greater Seattle area including Northwest Kidney Centers, Seattle Children’s Hospital, and Saint Mark’s Cathedral. Throughout Jake’s career, he has consistently demonstrated his commitment to the community in developing mixed-use and multifamily housing. Recent examples include Anthem, Decibel, and Reverb which created nearly 300 apartments of workforce housing for young professionals, teachers, nurses, and civil servants. Jake’s passion is evident in his desire to always keep what’s best for the community at the forefront of his decisions.

  Spectrum Development Solutions

  Managing Partner

  Jake McKinstry

  Managing Partner

  Spectrum Development Solutions

• 

  Jackie Hizzey

  Jackie has been with MainStreet since the beginning – Employee #1. As Co-President and Chief Financial Officer, Jackie is responsible for leading our organization’s financial strategy, including project capitalization, treasury management, tax planning, business operations, risk management, accounting and reporting, and investor relations. Through her tenure with the organization, Jackie and her team have been instrumental in implementing the systems and processes that have helped make our organization truly “Best in Class.” After receiving her bachelor’s degree from Gonzaga University, Jackie started her career in public accounting as an assurance services auditor at Moss Adams in Seattle. Jackie then moved on to serve as Controller for the West Coast homebuilder, Geonerco Management LLC, where she was in charge of all financial reporting, internal audit, and accounting functions for several decentralized homebuilding offices. Jackie is the Treasurer of the Cascadia College Foundation Board as well as a member of the Gonzaga Accounting Advisory Board. Jackie lives in Woodinville with her husband and daughter and, when not working, can be found running, riding bikes, or walking on the Tolt Pipeline Trail. Recently, Jackie has resigned to the fact that she is a “Swim Mom” of her daughter.

  MainStreet Property Group

  Co-President & CFO

  Jackie Hizzey

  Co-President & CFO

  MainStreet Property Group

• 

  Davis Vaughn

  Davis is a Managing Partner and Head of Acquisitions for Fourth Avenue Capital, focusing on investment strategy and fundraising. Prior to forming FAC, Davis spent nearly a decade at Security Properties, a Seattle-based apartment operator with 25,000 units where he sat on the Investment Committee and was the youngest Managing Director in company history. Davis led their acquisitions team which was the largest buyer of institutional apartments in the Pacific Northwest his final five years and averaged~$1.0bn per year in acquisitions from 2019-2022 which was an 8x increase over the four years prior to him joining the firm. During his tenure, he acquired 22,000 units in eight states with total capitalization of over $6.0bn. Of assets acquired, $2.6bn have been sold resulting in a 28% average deal level IRR and over $1.0bn in value creation. In his role at Security Properties, Davis raised all the institutional equity for their acquisition platform and structured joint ventures with many of the top national investment firms including Blackstone, Oaktree, Rockwood, Pacific Life, Clarion Partners, Liberty Mutual, Intercontinental and Bentall GreenOak, along with several international equity partners. In total, he raised over $2.0bn from 20 different partners. Prior to SP, Davis did real estate debt and equity placement for Northwestern Mutual, a Fortune 100 company. Davis holds a BA in Finance from the University of Washington where he graduated Cum Laude.

  Fourth Avenue Capital

  Managing Partner

  Davis Vaughn

  Managing Partner

  Fourth Avenue Capital

• 

  Mark Washington

  Mark Washington is an Executive Vice President with CBRE’s Multifamily Team. He has over 15 years of experience handling equity and capital transactions throughout the Pacific Northwest. Over the course of his career, Mark has been involved in over $50 Billion in capital markets transactions, both as a principal and intermediary. Prior to joining CBRE, Mark handled multifamily investments for Eastdil Secured and spent time working in Investment Sales for JLL throughout Seattle and Portland. He began his career as an Assistant Portfolio Manager and later Director at TIAA (later TH Real Estate), where he was responsible for the strategic direction and performance of over 70 commercial assets nationwide.

  CBRE

  EVP

  Mark Washington

  EVP

  CBRE

• 

  Troy Johnson

  Troy boasts over 30 years of comprehensive expertise in design, development, and construction. As the Director of Project Development at one of North Americas largest general contractors, Troy is constantly motivated by the opportunity to leave a lasting impact on people's lives and the built environment. Known for his collaborative leadership and client-centric approach, he provides both expertise and mentorship in various sectors of Graham’s US operations, including preconstruction, client relationship management and negotiations, construction management, cost assessment, budgeting, value engineering, strategic pursuit and complete project oversight. Having contributed his expertise to Graham for five years, Troy plays a key role in providing corporate-level guidance, fostering efficiency within the project teams, and ensuring the successful execution of various complex endeavors.

  Graham Construction

  Director

  Troy Johnson

  Director

  Graham Construction

• 

  Imad Bahbah

  Imad has an impressive list of projects and professional achievements, most of which occurred in Washington State over the last 35 years. Early in his career, Imad practiced in Southern California after attending Cal. State Polytechnic University Pomona, CA. After moving to the northwest in 1988, he worked for several local firms in Tacoma, and eventually started on his own in 2006. Today, IHB Architects is a thriving firm located in Kent, Washington, and has expanded to serve clients locally, nationally, and internationally. The unique quality of service provided is made possible by Imad's leadership and by the dedicated staff of architects and designers, who bring vital knowledge and spirit to the firm. The IHB culture has been fostered by Imad's commitment to hard work, dedication, and the relentless pursuit of high-caliber design. Together, IHB Architects strives to enhance communities with vision, innovation, compassion, and economic vitality. We are empowered by the ability to help individuals, developers, and businesses succeed.

  IHB Architects

  Founder & Principal

  Imad Bahbah

  Founder & Principal

  IHB Architects

• 

  Sarah Wortman

  Currently Director of Marketing at MG2, Sarah Wortman has been active in marketing and business development for architecture firms for over 20 years. Prior to joining the industry she was a Communications Professor at DePaul University and a radio broadcaster.

  MG2

  Director of Marketing

  Moderator

  Sarah Wortman

  Director of Marketing

  MG2

Opening Remarks

• 

  Hamid Hajian

  Hamid grew up in the construction industry by learning the trade in his family’s real estate development business and has pursued a technology-oriented education and professional life in the past 20 years. Prior to founding Zebel in 2019, Hamid led the preconstruction data analytics at Western National Group, a large multifamily development/construction/property management firm, based in Southern California. He now works with large multifamily developers and GC's, such as Irvine Company, Ryan Companies, and Legacy Partners, who share their historical construction cost data anonymously through Zebel, the "Switzerland of Construction Cost Data". Hamid received a Master of Business Administration from Wharton School of University of Pennsylvania, earned a Master of Science in Construction Management and an Engineer degree in Construction Information Technology both from University of Southern California.

  Zebel

  Co-Founder & CEO

  Hamid Hajian

  Co-Founder & CEO

  Zebel