Related California Forms New Division
- Sep 04, 2014
By Keith Loria, Contributing Editor
Related California has created Related California Urban Residential, a new division to support the firm’s future market-rate and luxury residential development activity.
“We have developed a pipeline approaching $2 billion of new product,” William Witte, Related California’s chairman and CEO, told Commercial Property Executive. “The economy is strong and stable in our core markets of San Francisco, Silicon Valley, Los Angeles and San Diego.”
The company also expanded its executive team to support the over $2 billion of California projects, with real estate veteran Greg Vilkin joining the company as president of the newly formed Related California Urban Residential.
“Greg has a 30-year track record of financing and developing high-density urban multi-family and mixed-use properties,” Witte said. “He is one of the state’s foremost practitioners in these areas, in both northern and southern California, and shares our corporate philosophy.”
Frank Cardone, COO of Related California, was named president of Related California Affordable, which has 3,000 units in the pipeline. Cardone will continue to spearhead all of the firm’s affordable housing activities, as well as continue to serve in his current role.
Cardone has been with Related for nearly 20 years, playing a critical role in building and leading the firm’s affordable housing business. Prior to joining the firm, he served as senior project manager for M. David Paul & Associates, and development project manager/vice president for Calmark Development Corp.
Once he joins the firm on Oct. 1, Vilkin will lead Related California Urban Residential’s market-rate and luxury residential development opportunities, both stand-alone and within mixed-use environments, throughout the state.
Vilkin has more than 30 years of real estate investment experience, leading teams that developed over $10 billion in residential, retail, hospitality, office and industrial properties. He previously served as managing principal and president of MacFarlane Partners.
“Related has always been a best-in-class developer and consistently made communities better with a commitment to building housing for all and through thoughtful and beautifully designed buildings,” Vilkin said in a company release. “They have assembled a tremendous pipeline of marquee projects and I look forward executing on the current projects and pursuing additional new development opportunities.”
Related California has over 1,000 affordable and market-rate residential units currently under construction. In addition, Related California has nearly $2+ billion of market-rate projects under development in San Francisco, Silicon Valley, Marina del Rey, Hollywood, Orange County and San Diego and nearly 3,000 units of affordable housing in 20 projects under development statewide including two major public housing redevelopments in San Francisco and Sacramento.
“Related is a long-term owner. Our properties are in urban markets where supply normally lags demand and are primed for long-term stability and growth,” Witte said. “Several involve either public/private partnerships or joint ventures with property owners, who share Related’s philosophy of best-in-class product and long-term growth.”