Jeff Sherman
Principal at Prosper Multifamily- Claim this Profile
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Experience
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Prosper Multifamily
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Real Estate
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1 - 100 Employee
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Principal
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Feb 2023 - Present
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Preferred Apartment Communities
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United States
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Real Estate
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100 - 200 Employee
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President - Multifamily
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Dec 2012 - Jul 2022
At Preferred Apartment Communities (“PAC”), a publicly-traded REIT, I led a 40+ person team across a vertically integrated platform including acquisitions, mezzanine lending and preferred equity investments, ground-up development, property management and asset management. I also served as a Named Executive Officer of the REIT and a member of the Investment Committee. During my tenure, PAC grew from less than $250 million in assets to approximately $5.8 billion before being purchased by Blackstone Real Estate Income Trust in 2022. From 2012 through 2022, I oversaw the investments team in acquisition of approximately $3 billion in Class A multifamily assets across 60 communities, both through marketed offerings and off-market negotiations. Additionally, under my guidance, PAC structured mezzanine loan/preferred equity investments and purchase options for over $2.75 billion in multifamily development. I further established our ground-up development vertical, from strategy to personnel and processes, resulting in our first ground-breaking in 2022 and an active pipeline of deals in pre-development. My oversight of the Property Management and Asset Management divisions encompassed over 12,000 owned units as well as properties under construction within the mezzanine loan/preferred equity program. My focus included building a dedicated and complementary team, ensuring an accurate and timely budgeting process and leading a culture of “ownership” and continual improvement. In 2021, PAC achieved 7.2% same store YoY NOI growth, significantly outperforming the multifamily publicly traded REIT market.
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Lane Company
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Plastics Manufacturing
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Development Manager
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Feb 2008 - Nov 2012
At Lane Company I was responsible for the development and project management of three urban infill mid-rise apartment communities with a total capitalization of over $140 million. In addition to the day-to-day management of the projects, I served as the direct liaison for our investors, lenders, contractors and property management staff. Furthermore, I was integrally involved in the acquisition of 6 multi-family assets with a capitalization in excess of $140 million and totaling approximately 1,700 units.
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Novare Group
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Real Estate
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1 - 100 Employee
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Development Manager
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Jul 2006 - Nov 2007
At Novare, my responsibilities encompassed every aspect of the development cycle including market and financial feasibility, formation of a business plan, permitting, pre-construction coordination, financing, project management, and condo sales coordination. I primarily focused on the implementation and management of TWELVE Centennial Park, a $130 million mixed-use development including 500 condominiums, a 100-room boutique hotel and 20,000 SF of retail. My oversight of this complex project required coordination between three general contractors, two architects and two interior designers, and culminated in a challenging turnover process where I led over 20 professionals toward a successful opening.
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Development Manager
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Aug 2005 - Jun 2006
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Foundation Development
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United States
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Construction
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1 - 100 Employee
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Development Analyst
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Jul 2003 - Jul 2005
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Education
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The University of Georgia
BBA, Finance -
Georgia State University
Masters, Real Estate