Rappaport, Chestnut Hill Form CHR Investors
- Aug 20, 2012
Longtime Boston real estate heavyweight Jerome L. Jerry Rappaport Jr. has joined forces with head honchos at Chestnut Hill Realty on a new venture. Rappaport, Chestnut Hill founder and CEO Edward Zuker and managing director Robert Zuker have formed CHR Investors, a CHR affiliate that will center on apartment real estate investment.
The greater New England region will be CHR Investors’ main area of concentration and Rappaport, an industry veteran of more than four decades, will play a major role in the endeavor as managing director. He’s well-equipped for the job. Rappaport’s history in real estate investment, development and fund management spans 30 years. His prominence in the industry can be attributed to a variety of positions over the years, including that of co-founder of New Boston Fund, where he reigned for 18 years. During that time, New Boston Fund raised in excess of $1 billion in equity through various funds and developed or acquired more than 7,000 residential units.
“What a coup for Chestnut Hill Realty to get Jerry,” said David Begelfer, CEO of the Massachusetts chapter of NAIOP, where Rappaport once served on the board of directors. “He has a proven investment acumen and one of the widest networks of real estate and financial professionals in the business.”
Rappaport has a strong existing relationship with CHR. He has been acting as a consultant for the firm, assisting in the creation of a strategic growth plan and he has also had a hand in the firm’s development group. Additionally, Rappaport is a co-investor in the $100 million Chestnut Hill Realty Property Trust Fund I, an apartment acquisition vehicle.
With Rappaport at the helm, CHR Investors will focus their attention on off-market multi-family purchases, relying heavily on his and Ed Zuker’s connections cultivated through the rental Housing Association and their history in private property rights. The team will also pursue various institutional and multi-family RIA investors for opportunities.