The RMR Group Appoints Summit Walia as Vice President, Head of Residential Acquisitions

Rhea-AI Summary

The RMR Group has appointed Summit Walia as Vice President, Head of Residential Acquisitions. Walia brings over 20 years of real estate investment experience, having previously closed $5.2 billion in acquisitions, including $4.1 billion in the residential sector. He previously held key roles at LaSalle Investment Management and JP Morgan Asset Management. This strategic hire emphasizes RMR's commitment to residential real estate and its focus on expanding its private capital assets under management. RMR Residential, which has $5.5 billion in assets, aims to broaden its investor base and enhance its product and service offerings.

Positive

• Summit Walia's appointment as VP is a strategic move for RMR, emphasizing their commitment to residential real estate.
• Walia brings over 20 years of experience and has closed over $5.2 billion in total acquisitions, boosting investor confidence.
• RMR Residential manages approximately $5.5 billion in assets, indicating strong capital management and growth potential.
• Walia's previous roles at LaSalle Investment Management and JP Morgan Asset Management add significant expertise to RMR's leadership team.
• The move follows RMR's 2023 acquisition of a multifamily platform, showing their active expansion strategy.

Negative

• The press release does not provide specific financial outcomes or projections related to Walia's appointment, leaving uncertainty about immediate impacts.
• There is no mention of revenue growth or profitability improvements directly linked to this strategic hire.
• The broader economic impact on the real estate sector, such as interest rate fluctuations, is not addressed, posing potential risks.

Strategic Hire Underscores RMR’s Commitment to Residential Real Estate and Focus on Continued Growth of Private Capital AUM

Mr. Walia Has Closed More Than $5.2 Billion in Real Estate Acquisitions With More Than $4.1 Billion in the Residential Sector

NEWTON, Mass.--(BUSINESS WIRE)-- The RMR Group (Nasdaq: RMR) today announced the appointment of Summit Walia as Vice President, Head of Residential Acquisitions. In this new role, Mr. Walia will lead the execution of RMR Residential’s investment strategy nationwide and will report to Rob Lester, Senior Vice President, Chief Investment Officer, Residential.

Mr. Walia joins RMR with more than 20 years of real estate investment and leadership experience at large institutional asset managers where he has closed more than $5.2 billion in acquisitions, including more than $4.1 billion in acquisitions in the residential sector. Most recently, Mr. Walia was Managing Director, Real Estate Acquisitions for LaSalle Investment Management where he led a team that executed transactions across all asset classes and sourced investments across the risk spectrum in the western United States. Previously, he was Executive Director, Real Estate Acquisitions for JP Morgan Asset Management.

Adam Portnoy, President & Chief Executive Officer, made the following statement:

“We welcome Summit to RMR’s leadership team and look forward to leveraging his experience as we focus on deploying equity capital. We believe his market knowledge and multifamily investment expertise will enhance our ability to successfully execute on residential acquisition opportunities.”

The appointment of Mr. Walia underscores RMR's commitment to residential real estate and its focus on growth through private capital. This strategic hire follows RMR’s 2023 acquisition of a vertically integrated multifamily platform, now known as RMR Residential, which has approximately $5.5 billion of assets under management. RMR Residential is actively seeking opportunities to broaden its investor base, strengthen its competitive position and expand its product and service offerings. In his new role, Mr. Walia will lead RMR Residential’s team of residential investment professionals responsible for sourcing and closing residential acquisitions across the U.S.

Mr. Lester made the following statement:

“As a highly experienced real estate professional with a strong investment acumen, Summit is the ideal person to lead our acquisitions team. He is well known and well respected within the multifamily sector and we are excited to have him join our team and further drive our acquisition efforts as we continue to grow our platform.”

Mr. Walia earned a Bachelor’s degree with honors in Business and Finance from The University of Texas at Austin. He serves as an Advisory Council Member of The University of Texas Real Estate and Finance Investment Center, as a Gold Member of the Urban Land Institute Multifamily Council and as a Member of the National Multifamily Housing Council.

The RMR Residential acquisitions team includes Michael Palmer, Senior Director, Acquisitions; Brent Josephson, Senior Director, Acquisitions; and Thomas Evans, Director, Acquisitions. Mr. Palmer has more than 10 years of commercial real estate investment and capital markets experience. Most recently, Mr. Palmer has held senior investment roles with RMR Residential. Previously, he also held roles at JLL and Raymond James. Mr. Josephson also has more than 10 years of real estate private equity, debt investment and investment banking experience. Previously, Mr. Josephson held roles at Cottonwood Group, Credit Suisse and ICG Advisors. Mr. Evans has seven years of commercial real estate investment experience. Previously, Mr. Evans was Senior Investment Associate for Hawthorne Residential Partners and Senior Associate for Duff & Phelps.

About The RMR Group

The RMR Group is a leading U.S. alternative asset management company, unique for its focus on commercial real estate (CRE) and related businesses. RMR’s vertical integration is supported by over 1,100 real estate professionals in more than 35 offices nationwide who manage over $41 billion in assets under management and leverage more than 35 years of institutional experience in buying, selling, financing and operating CRE. RMR benefits from a scalable platform, a deep and experienced management team and a diversity of direct real estate strategies across its clients. RMR is headquartered in Newton, MA and was founded in 1986. For more information, please visit rmrgroup.com

WARNING REGARDING FORWARD-LOOKING STATEMENTS

This press release includes forward-looking statements that are within the meaning of the Private Securities Litigation Reform Act of 1995 and other securities laws that are subject to risks and uncertainties. These statements may include words such as “believe,” “could,” “driving,” “estimate,” “expect,” “goal,” “intend,” “may,” “plan,” “project,” “seek,” “should,” “will,” “would,” “considering,” and negative or derivatives of these or similar expressions. Forward-looking statements include, without limitation, statements regarding our business strategy and related benefits, our performance, plans, expectations and objectives and our ability to capitalize on additional growth opportunities. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties and are cautioned not to place undue reliance on these forward-looking statements. Actual results may differ materially from those currently anticipated due to a number of risks and uncertainties. For example, there can be no assurance that Mr. Walia’s appointment will enable RMR to successfully deploy equity capital, execute on additional residential acquisition opportunities or expand RMR’s private capital assets under management. These factors should not be construed as exhaustive and should be read in conjunction with other cautionary statements that are included in RMR’s periodic filings. The information contained in RMR’s filings with the Securities and Exchange Commission (“SEC”), including under the caption “Risk Factors” in its periodic reports, or incorporated therein, identifies important factors that could cause differences from the forward-looking statements in this press release. RMR’s filings with the SEC are available on its website and at www.sec.gov. You should not place undue reliance on forward-looking statements. Except as required by law, RMR undertakes no obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240515912148/en/

Christopher Ranjitkar

Vice President, Marketing & Corporate Communications

(617) 219-1473

Source: The RMR Group Inc.

FAQ

Who is the new Vice President, Head of Residential Acquisitions for RMR?

Summit Walia has been appointed as the new Vice President, Head of Residential Acquisitions for RMR.

What experience does Summit Walia bring to RMR?

Summit Walia has over 20 years of experience in real estate investment and has closed over $5.2 billion in acquisitions, including $4.1 billion in the residential sector.

What is the significance of Summit Walia's appointment for RMR?

Summit Walia's appointment underscores RMR's commitment to residential real estate and aims to enhance their investment strategy nationwide.

What previous roles did Summit Walia hold before joining RMR?

Summit Walia previously served as Managing Director at LaSalle Investment Management and Executive Director at JP Morgan Asset Management.

What is RMR Residential's current asset under management (AUM)?

RMR Residential currently manages approximately $5.5 billion in assets.

How will Summit Walia's appointment impact RMR's growth?

Summit Walia's extensive experience and expertise in residential real estate acquisitions are expected to drive RMR's growth and enhance their competitive position.