Newmark Makes Several Big Hires In Multifamily Valuation Practice
Newmark has made a series of new hires, expanding a specialty practice in the Texas, California and Southeast markets.
The brokerage is increasing the headcount in the multifamily segment of its valuations and advisory practice with several longtime brokers.
“Welcoming these exceptional appraisers to our V&A Multifamily practice is a significant milestone and will be vital in expanding our operations in these regions,” Newmark Senior Managing Director and Multifamily Specialty Practice Leader Bryan Beel said in a statement. “We look forward to enhancing client services through strategic growth of our capabilities.”
Beel joined Newmark in May to oversee the brokerage’s expansion of its valuation and advisory services in select markets. The firm’s practice has become one of the main appraisal providers for Freddie Mac and Fannie Mae, in addition to its valuations expertise across a range of multifamily assets.
In Houston, the firm hired Victor Thomas in the role of executive vice president, along with members of Thomas’ former team, First Vice President Scott Bates and valuations associates Kyle Thomas and Ashlee Kilcullen. Thomas was previously president at Multifamily Appraisal Specialists.
The firm also made two hires in its Irvine, California, market. Jeff Taylor joined as executive vice president, while Jeff Groff joined as a senior vice president. The two were both at CBRE, with Taylor spending 30 years there and Groff spending 16, according to their LinkedIn pages.
Taylor’s experience includes existing and proposed multifamily properties, estate valuation, expert witness litigation support and Fannie Mae and Freddie Mac assignments. Groff specializes in multifamily valuations spanning market-rate properties, senior and student housing, and properties that benefit from various low-income housing tax abatement and credit programs.
The firm also added expertise in Atlanta, bringing in Tim Warner as a senior vice president. Warner has spent more than 27 years as a multifamily appraiser throughout the Southeast, covering everything from condos to low-income housing tax credits. He previously served as first vice president at CBRE, according to his LinkedIn Page.
Chrissy Keith also joined Newmark’s Atlanta office from CBRE as a senior vice president, bringing 18 years of experience offering valuations to commercial banks, public agencies, legal firms and insurance companies.
The appraisal sector, which provides a crucial source of information for CRE dealmakers, has struggled with postpandemic friction.
Maturing debt and disagreements over asset pricing and the effects of high interest rates on the market have all created uncertainty for the appraisal sector.
A Bisnow investigation this summer found that uncertainty has created stumbling blocks for appraisers, who have struggled to land on a true value for assets. The tight-knit field is also struggling for talent as barriers to entry block qualified professionals from getting a foot in the door. Additionally, rules for appraisers — and the foundation that oversees those rules — have become the subject of complaint for many professionals.
