Investment and Market Fundamentals: Data-Driven Decisions for 2025

Leveraging Market Trends, Economic Indicators, and Investor Sentiment to Navigate the Evolving Multifamily Landscape

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  Kevin Ratner

  Prior to founding The Max Collaborative, Kevin ran Forest City Realty Trust’s Los Angeles office, where he’d been employed since 1998. During his career, he was extensively involved in the entitlement, development, rehabilitation, and repositioning of over 10 million square feet of real estate, including over 3,000 apartment units. He developed market rate, affordable, and high-density urban housing, both new and through the adaptive re-use of preexisting structures. Additionally, Kevin oversaw several mixed-use developments focused on placemaking and today’s innovation economy; as a result, he has significant expertise in revitalizing urban neighborhoods. Kevin has spent the majority of his professional career working in California and is deeply embedded in its civic community. He is currently on the Board of Directors for SCI-Arc and The Hammer Museum. His past involvement includes serving on the LA Conservancy Board, the Board of Directors for the Center for Creative Land Recycling, as an Advisory Board Member of the UCLA Ziman Center for Real Estate, and membership in the USC Lusk Center for Real Estate Leadership Council. Kevin graduated from the University of Wisconsin with a BA degree and holds a Masters in Real Estate Development from the University of Southern California. He lives in Los Angeles with his wife and two sons.

  The Max Collaborative.

  Managing Partner

  Kevin Ratner

  Managing Partner

  The Max Collaborative.

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  Jeff Panek

  SVP

  Carmel Partners

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  Colin Riley

  VP

  Golub & Company

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  Ian Braciszewski

  VP

  Brookfield Properties

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  Jack Kachadurian

  Jack Kachadurian, Managing Director, brings over 14 years of experience in the multifamily real estate industry to Newmark where he is currently focused on institutional multifamily investment sales, land sales and joint venture equity. Kachadurian has transacted and/or developed over 14,000 units totaling more than $2 billion throughout the course of his career. Prior to joining Newmark, Kachadurian served as Director of Investments for Forum Investment Group, a private real estate investment firm specializing in multifamily. In this role, Kachadurian’s responsibilities included sourcing development, preferred equity and mezzanine debt opportunities in Southwestern U.S. markets. Kachadurian also previously served as Vice President, Development with Waypoint Residential and Wood Partners, both based in Denver.

  Newmark

  Managing Director

  Jack Kachadurian

  Managing Director

  Newmark

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  Tasha Power

  Tasha Power is an experienced real estate attorney who focuses on commercial leasing, acquisitions, dispositions, and construction. She provides strategic guidance to her clients, including landlords, tenants, investors, developers, and property managers. Tasha represents clients in acquisitions and dispositions of raw land and office, industrial, retail, and multifamily properties. In her leasing practice, Tasha negotiates and drafts commercial leases for office, retail, and industrial properties. She also negotiates and drafts custom and AIA construction agreements. Tasha enjoys building strong relationships with her clients and providing clear guidance to enable them to make informed decisions. She lives in Boulder and enjoys spending time with her family, hiking, reading, and watching football.

  OJRNR

  Senior Counsel

  Moderator

  Tasha Power

  Senior Counsel

  OJRNR

The State of Affordable Housing

Addressing Demand, Design Innovations, and Policy Changes for the Future of Affordable Housing

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  Joaquín Cintrón Vega

  Joaquín Cintrón Vega serves as the Chief Executive Officer (CEO) of the Housing Authority of the City and County of Denver (DHA). Prior to DHA, he served as the President & Chief Executive Officer at Lucas Metropolitan Housing in Toledo, Ohio. Under Cintrón Vega’s leadership, Lucas Metropolitan Housing (LMH) earned three consecutive Auditor of State Awards for excellence in financial accountability and transparency. His commitment to organizational excellence also helped LMH gain recognition as one of Toledo’s Best Places to Work by The Blade, reflecting a strong workplace culture and employee satisfaction. He has also held roles including Director of the Public Housing Division in Miami Dade County. Cintrón Vega played a pivotal role in Public Housing and Community Development (PHCD)’s repositioning strategy, providing leadership and supporting the agency through a comprehensive transformation to modernize and preserve affordable housing assets. His strategic vision ensured long-term sustainability while expanding housing opportunities and aligning resources with the evolving needs of the community. With more than two decades of experience, Cintrón Vega has established a distinguished career in the management of federal housing assistance programs and policy development. Since joining DHA, Cintrón Vega has brought a strong focus on community-responsive planning and development, working to ensure that redevelopment efforts are shaped by resident voices and local needs. He is currently leading the agency through the final phases of the transformative Sun Valley redevelopment and forging a comprehensive housing development strategy with a strong emphasis on economic development investments. His leadership supports the vision of a vibrant, inclusive, and equitable Denver by creating neighborhoods and spaces that all residents can proudly call home. Cintrón Vega holds a bachelor's Business Administration degree, from the Inter American University of Puerto Rico and brings a strong background in finance. He is also a graduate of the Executive Directors Education Program at Rutgers University. Early in his career, during his tenure with the Puerto Rico Public Housing Administration he oversaw a wide range of federal and played a key role in one of the nation’s largest low-income housing tax credits transactions in the nation supporting the rehabilitation of 4,132 units across 33 properties throughout Puerto Rico. As a committed community advocate, Cintrón Vega has served on the boards of several impactful organizations, contributing his leadership and expertise to advance equity, education, and economic opportunity. At the Toledo Museum of Art, he has supported efforts to increase community access to the arts, while through HOPE Toledo, he has championed cradle-to-career educational initiatives for underserved youth. As a member of the LISC Toledo Advisory Board, he has contributed to inclusive economic development strategies across the region. In Denver, his involvement with the Youth Employment Academy and Friends of DHA reflects his dedication to empowering young people and supporting resident-centered housing initiatives. At the national level, he contributes to policy and innovation in affordable housing through his work with NAHRO’s Strategic Planning and the International Research and Global Exchange (IRGE) Committees, helping to shape the future of housing and community development nationwide. Joaquin Cintrón Vega was born in Bayamon, Puerto Rico, and claims Barranquitas, Puerto Rico, as his hometown. He is happily married to his beloved wife, Aileen Hernandez Morales, and is a proud father to three remarkable children: two outstanding sons, Ricardo and Edex, and a brilliant and inspiring daughter, Alexa Sophia. “Making a difference in the lives of people is an honor, and I am thrilled to lead DHA. Our focus is on developing stronger partnerships, fostering unity, and empowering individuals to cultivate shared aspirations. By transforming neighborhoods into thriving ecosystems of collective progress and opportunity, we can make a real difference in the lives of those we serve as we succeed in providing high- quality, affordable housing with responsive services, enabling people and communities to prosper.”- Joaquín Cintrón Vega

  Denver Housing Authority

  CEO

  Joaquín Cintrón Vega

  CEO

  Denver Housing Authority

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  Tyler Elick

  Tyler Elick has developed real estate assets with $1.5+ billion of aggregate cost, with an emphasis on suburban and urban multifamily and commercial mixed-use communities. Tyler has worked at Forest City Realty Trust, Forum Real Estate Group, Holland Partner Group, and NexMetro Communities. He lives in Golden, CO with his wife and two daughters. He enjoys early morning yoga, playing board games and puzzles with his family, and working on his endless list of DIY projects.

  Brikwell

  CDO

  Tyler Elick

  CDO

  Brikwell

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  Flor Alvidrez

  I am a daughter of District 7. My childhood was full of adventures around the district, like visits to Huston Lake Park, Washington Park, and Athmar Park Library. Some of my earliest memories are of taking evening walks along the Platte River with my family and listening to the whistle of the train at night. After buying their first home in Athmar Park, my family was so content in District 7 that we only moved once - to the house across the street! Southwest Denver has helped to shape the person I am today. It’s where I learned the value of community, hard work, and service. In fact, my first leadership role was being on the student council at Valverde Elementary School! I attended Denver Public Schools - Valverde Elementary, West Middle and High Schools - and when I bought my home, I bought it here in District 7. When my grandmother immigrated from Mexico in the 90s, she too made her home in the district. It’s my dream that my young son will someday also make his home here. I am a small business owner and I attribute my entrepreneurial spirit to my parents. My family started a business in 1997 out of our basement. My father, Juan Alvidrez, a Mexican immigrant thrived in Denver; he got his GED from Emily Griffith and was able to build a career in construction, working his way up through the carpenters’ union. My mother, Cynthia Alvidrez, pushed my father to pursue his education, and together as a family we built a small concrete contracting company. Knowing that we all needed to do our part to support the family business, my first job was at our office on Pearl Street, in an old Victorian home next to my uncle’s dry cleaning business. Later, while attending Metropolitan State and the Community College of Denver, I supported my studies by working at the US Bank on Mississippi & Broadway. I had to put my education on hold to help run the family business when my mom experienced a medical emergency. I had been studying to be a paralegal and had become familiar with law, legislation, and legal processes, and most importantly, learned how to be an advocate for my community. At the beginning of 2020, after a shooting took place on my street, I helped unite neighbors to talk about our safety. Former Councilman Jolon Clark was there to listen, and we came up with real solutions that made us feel safe again and gave the community time and space to grieve all the loss we experienced. I know there are solutions to the problems we are facing, and I will advocate for our community. Crime has risen about 6% and that’s just since 2021. Inflation and the cost of living in Denver continue to rise, further exacerbating our housing crisis. Small businesses in the area continue to close. The path to the American dream that my family was able to achieve is dwindling, no longer an option for most. I ran for office because we need a leader who will deliver results and offer solutions to the big challenges facing our district and our growing city.

  Denver City Council

  Councilwoman, District 7

  Flor Alvidrez

  Councilwoman, District 7

  Denver City Council

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  Neal Drobenare

  Neal T. Drobenare joined The NHP Foundation in 2010 and leads acquisitions. He has acquired seven properties totaling 1,072 units and has guided over $98 million in investments, with $69 million added to NHPF’s portfolio. His work includes managing $43 million in federal program awards, including $16 million for NHPF projects. Over his career, Drobenare has developed, acquired, or financed more than 20,000 affordable housing units and raised over $60 million for nonprofits. He has also played a key role in increasing annual multifamily private activity bond issues. Drobenare serves on the boards of the National Affordable Housing Trust (NAHT) and Housing Partnership Equity Trust (HPET), chairing HPET’s Investment Committee and co-founding the organization. Previously, he held leadership roles in Washington, DC’s housing sector, serving as Special Assistant to the Deputy Mayor for Planning and Economic Development, Chief Operating Officer of the DC Department of Housing and Community Development, and Bond Finance Director at the DC Housing Finance Agency. He holds a B.A. from SUNY Stony Brook and earned his J.D. cum laude from SUNY Buffalo School of Law.

  NHP Foundation

  SVP

  Neal Drobenare

  SVP

  NHP Foundation

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  Sheila Kneifl

  Sheila joined JHP Architecture / Urban Design in 1999 after graduating with her Master Degree in Architecture from the University of Texas Arlington. She recently became a Principal at JHP in 2019. In June of 2024 Sheila opened JHP’s second office in Denver, Colorado. Sheila started as an architectural intern and has excelled to become one of the most qualified and prolific project managers at the firm. Known for her commitment to detail and her can-do-attitude, Sheila manages some of the firm’s largest accounts and award winning projects. In addition to her project responsibilities, Sheila provides oversite to JHP’s staff on issues related to Accessibility and Fair Housing requirements. Sheila’s specialized training and target experience assists Owners, Developers, State and Local Officials and Contractors to make informed decisions regarding regulatory compliance.

  JHP Architecture

  Principal

  Sheila Kneifl

  Principal

  JHP Architecture

• Moderator

  Dan Collison

  Senior Director

  Sherman Associates

Development and Operations: Running Smarter Buildings

Enhancing Multifamily Success Through Strategic Development, Operational Efficiency and Market Responsiveness

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  Adam Fenton

  Adam, Managing Partner, leads all strategic direction and growth initiatives for Narrate Holdings. He is responsible for the vision of each development project, execution of all ground up developments, as well as the capitalization for each development project. Adam brings 18 years of experience in direct equity real estate investment and development, having developed over 1,500 units, valued at over $1 billion. Prior to co-founding Narrate, Adam worked a few of the most prominent real estate investment and development firms in the country. In addition to Narrate Holdings, Adam is a Founding Partner of Narrate Ventures, a private equity firm founded in partnership Zack Kobilca, that invests in great entrepreneurs and operators in need of capital to strategically grow.

  Narrate

  Principal & Co-Founder

  Adam Fenton

  Principal & Co-Founder

  Narrate

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  Frank Campise

  Frank is a lifelong Chicagoan with over 30 years experience acquiring, operating and selling multifamily residential properties. Frank facilitated over $995 million in transactions as a principal in Chicago, Salt Lake City, and Denver neighborhoods. After passing the CPA exam he went on to receive his MBA from Northwestern’s Kellogg School of Management.

  JAB Real Estate

  Managing Principal

  Frank Campise

  Managing Principal

  JAB Real Estate

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  Lee Ferguson

  Lee Ferguson serves as Senior Vice President in the Denver office of TCC. Lee focuses on sourcing and executing new office and mixed-use development and investment opportunities, along with multifamily opportunities for High Street Residential, TCC’s residential subsidiary, within the Greater Denver and Salt Lake City markets. Combining a background in both business and architecture, Lee is responsible for identifying new development and investment opportunities and plays a key role in the pursuit, analysis and predevelopment of ground-up development throughout Colorado and Utah. Within the Denver office, Lee led the Denver Water Operations Complex redevelopment, where he was responsible for managing principal aspects of design, construction and specialty requirements of industrial and office development, amenities, and site infrastructure. In addition to sourcing new opportunities, he is currently engaged in the development of Central Park Station and the Residences at Olde Town Station. Prior to joining the Denver team, Lee worked in the TCC Houston office, focusing on the development of the TechnipFMC Campus at Generation Park where he was responsible for managing all aspects of design, construction and specialty requirements of office development, amenities and infrastructure portions of the campus. During his 17+ year career, Lee has had the opportunity to develop a variety of projects with success at leading and managing all aspects of a development including pursuit and predevelopment, entitlements, design, bidding, negotiation, permitting, construction, stabilization, and disposition. He brings diverse business, management and development experience with a track record that has consistently steered projects through the development process on-time and under-budget. Lee holds a Master of Business Administration from the University of Texas at Austin and a Bachelor of Science in Architecture from Texas Tech University.

  Trammell Crow Company

  SVP

  Lee Ferguson

  SVP

  Trammell Crow Company

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  Matt Knotts

  Construction Project Executive

  The Garrett Companies

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  Brian Edmonds

  Senior Associate

  FCP

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  Ashley Clendenin

  Ashley leads Studio 10’s business development efforts, fostering both current and new partner relationships. As part of the leadership team, she acts as a liaison between the design, operations, and sales teams, bringing a unique blend of skills and passions to her role. She graduated from Point Loma Nazarene University with a degree in Industrial-Organizational Psychology and a minor in Business Administration. Her academic journey included a transformative study abroad experience in Barcelona, Spain, where she developed a deep appreciation for architecture and culturally inspired design—further reinforcing her belief in the true meaning of community. Before joining Studio 10, Ashley led the Denver and Phoenix markets for Bisnow, allowing her to engage authentically with the commercial real estate industry and foster market support by bringing people together to facilitate meaningful conversations and connections. After Bisnow, she expanded her marketing and public relations expertise as a member of the leadership team at a local Denver-based PR and marketing agency. A native of the Roaring Fork Valley, Ashley is passionate about seeing Colorado continue to evolve and grow responsibly and meaningfully. She enjoys knowing that Studio 10 can contribute to shaping how residents and visitors experience Colorado.

  Studio 10

  Director

  Moderator

  Ashley Clendenin

  Director

  Studio 10

Multifamily Design Trends: Adapting to the Evolving Needs of Modern Residents

Creating Sustainable, Versatile Spaces That Appeal to Today’s and Tomorrow’s Renters

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  Catherine Bean

  Since joining Element Properties in 2015 Catherine Bean, Principal, has managed development projects and helped to craft and execute the company’s strategy. She’s overseen a range of projects, including the conversion of more than 230 apartments from market rate to permanently affordable, the repositioning of a commercial building in Flatiron Park, and the development of for-sale townhomes in downtown Boulder. Catherine has also spearheaded Element’s growing permanent supportive housing portfolio by receiving competitive 9%, 4%, and Colorado state low-income housing tax credits (LIHTC) for projects that will provide housing and supportive services to the most vulnerable in our community. Previously, she spent four years with the U.S. Department of Housing and Urban Development (HUD) where her responsibilities included managing FHA’s Breaking Ground Program and overseeing and analyzing HUD’s $13.6 billion share of the American Recovery and Reinvestment Act. Prior to that, she worked for New Orleans Area Habitat for Humanity in the wake of Hurricane Katrina. Catherine earned her B.A. in history from the University of Virginia and her MBA from Harvard Business School. She sits on the board of the Boulder Shelter for the Homeless and enjoys spending time with her husband, daughter, twin boys, and dog, Huckleberry.

  Element Properties

  Principal

  Catherine Bean

  Principal

  Element Properties

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  Heather Thurston

  Director

  Greystar

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  Bryce Hall

  Bryce Hall is an accomplished architect and executive with more than 20 years of experience in residential architecture. As the President of KEPHART, he guides the strategic vision and direction of the firm, providing support for eight additional Principals who help drive KEPHART’s success. Bryce’s contagious passion and deep knowledge of the industry inspires his peers to pursue continuous growth and education. Bryce attended the University of Colorado, where he earned master’s degrees in both architecture and business administration, allowing him to understand the industry more comprehensively from the perspective of both an architect and a developer. His enthusiasm for these two interests, combined with his deep understanding of client needs, have helped solidify KEPHART as the architect of choice for many national developers. Bryce’s exemplary skills and leadership have earned him recognition as the President of one of Denver’s Best Places to Work, and as a leader in the field of architecture on ColoradoBiz’s 2025 Architects Power List. Bryce also represents and shares KEPHART’s thought leadership on a national stage at events like the National Multifamily Housing Conference and the Pacific Coast Builders’ Conference.

  KEPHART

  President

  Bryce Hall

  President

  KEPHART

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  Christie zumBrunnen

  Christie zumBrunnen is TRIO's Chief Design Officer. She has over 24 years of experience in innovative and transformative design for the nation’s largest production builders and developers. At any given time, Christie oversees hundreds of projects throughout the country. Her work has earned her dozens of awards at the National Association of Home Builders’ Nationals Awards. She has also been honored with many regional awards through MAME and CARE. In 2023, Christie received a Denver Business Journal C-Suite Award for her work as Chief Design Officer. She has recently completed her certifications in Biophilic Design and AI practices for Interior Designers & Architects from the University of Pennsylvania.

  TRIO

  Chief Design Officer

  Christie zumBrunnen

  Chief Design Officer

  TRIO

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  Bryce Clark

  Bryce Clark is a Principal MEP engineer with 15 years of experience (12 years at MDP Engineering Group) after working in semiconductor manufacturing for 10 years. He went to Colorado School of Mines for his Bachelor’s Degree and then Georgia Tech for his Master’s in Mechanical Engineering. He is experienced in HVAC, Plumbing, Electrical, and Building Automation Systems and has designed a variety of projects from small tenant improvements to high-rise residential buildings. Bryce passed the PE exam for Mechanical in 2007 and for Electrical in 2025.

  MDP Engineering

  Principal

  Moderator

  Bryce Clark

  Principal

  MDP Engineering