IPA Adds Veteran Multifamily Duo From CBRE to DC Team
By Keith Loria February 9, 2024 2:03 pm
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Institutional Property Advisors (IPA), a division of Marcus & Millichap, has added veteran multifamily investment sales advisers Bob Dean and Jonathan Greenberg to its Washington, D.C., team.
Both come to IPA from CBRE, where they were executive vice presidents, and will take on the roles of senior managing directors with their new firm. At CBRE, the partners executed $26 billion in multifamily transactions.
“We are excited about IPA’s positive momentum and increased market share around the country,” Dean told Commercial Observer. “We viewed the mid-Atlantic as a market where we could leverage the company’s industry-leading market research to serve our institutional relationships. Our colleagues in the IPA platform were another huge selling point. They possess tremendous local market expertise and are on top of capital flowing into the multifamily space.”
With more than 30 years of experience in real estate investment sales in the mid-Atlantic, Dean spent 20 years as a senior executive with GE Capital Real Estate before his time with CBRE, leading dispositions valued at $8.8 billion. GE’s real estate portfolio was sold to Blackstone and Wells Fargo in 2015.
Greenberg has focused on multifamily investment property sales in the mid-Atlantic since 2001 and has been involved with transactions with an aggregate value greater than $40 billion.
At CBRE, the duo led the two largest, single-asset multifamily transactions in the mid-Atlantic since 2020: CIM Group’s $506 million acquisition of Southern Towers, a five-building apartment property in Alexandria, Va., completed in September 2020; and Jair Lynch Real Estate Partners’ $425 million acquisition of the 1,334-unit Barcroft Apartments in Arlington, Va., which closed in December 2021.
“Bob and Jonathan have negotiated some of the largest commercial real estate transactions in the mid-Atlantic region and their collaborative, client-centric approach to investment sales makes them a great fit for IPA,” John S. Sebree, senior vice president and director of Marcus & Millichap’s multihousing division, said in a prepared statement.
IPA has recently expanded in Nashville, San Diego and Dallas, and expects to continue growing throughout the U.S.
Keith Loria can be reached at kloria@commercialobserver.com.
