Jerry Rappaport Jr. Joins Ed Zuker of Chestnut Hill Realty to Create CHR Investors

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Jerry Rappaport Jr. Joins Ed Zuker of Chestnut Hill Realty to Create CHR Investors

Rappaport to serve as managing director of new Chestnut Hill Realty affiliate that will focus on multifamily property investment in New England

Boston (16 August 2012) – Jerome L. “Jerry” Rappaport Jr., a longtime prominent player on the Boston real estate investment stage, has joined with Chestnut Hill Realty CEO Ed Zuker and his son, Robert Zuker, to found CHR Investors, an affiliate of Chestnut Hill Realty that will focus on real estate investment primarily in New England’s multifamily housing sector. Mr. Rappaport will serve as managing director of CHR Investors. Chestnut Hill Realty is a full-service real estate company with a 43-year track record of developing, owning and operating apartment communities.

For the past two years, Mr. Rappaport has been consulting with Chestnut Hill Realty to help develop a strategic plan and research various capitalization options to continue sustainable growth. He also has assisted the development group at Chestnut Hill Realty, which has completed over $40 million in development and redevelopment projects, with another $100 million planned.

As managing director of CHR Investors, Mr. Rappaport will work with the Chestnut Hill Realty acquisitions team to identify strategic growth opportunities and pursue off-market investment targets.

“Among the people we’ll be approaching are retiring apartment owners that Ed Zuker and I met 25 years ago through the Rental Housing Association and our fight for private property rights,” Mr. Rappaport said.

Mr. Rappaport and CHR Investors will also be reaching out to various institutional and multifamily RIA investors, offering them an opportunity to participate in Chestnut Hill Realty’s multifamily property acquisitions.

“What a coup for Chestnut Hill Realty to get Jerry,” said David Begelfer, CEO of the Massachusetts chapter of NAIOP, a commercial real estate development association and one of several real estate trade groups in which Mr. Rappaport has been very active. “He has a proven investment acumen and one of the widest networks of real estate and financial professionals in the business.”

Mr. Rappaport brings 30 years of real estate investment, development and fund management experience to CHR Investors. He co-found New Boston Fund in 1992, and over the next 18 years, established one of the most nimble and innovative real estate investment firms in the country. Under his leadership, New Boston created eight real estate equity funds that raised more than $1 billion in discretionary equity. New Boston used this equity to build and acquire $4 billion worth of assets comprising 20 million square feet of commercial property and over 7,000 housing units.

At the core of New Boston Fund’s success was Mr. Rappaport’s longstanding commitment to operate with integrity and to help support the communities where the firm invested. His adherence to those principles was embodied in New Boston’s $200 million Urban Strategy America (USA) Fund, which executed on the promise of a three-pronged bottom line – generating solid returns to investors, spurring economic development and workforce housing, and promoting environmental sustainability.

“I have been an owner, investor, developer and keen observer of the multifamily real estate market for over 30 years, and believe this is one of the best times to invest in the apartment sector,” said Mr. Rappaport. “I’m thrilled to be pursuing opportunities in the New England multifamily market with a quality company like Chestnut Hill Realty, which not only has the experience, infrastructure and clout to make things happen, but also the family values and community orientation that imbue the culture and set the company apart from its competitors.”

Mr. Rappaport’s passion for real estate and urban revitalization began in the early 1980s as director of development at Halcyon Ltd. in Hartford, Conn. There he managed a number of economic development and district redevelopment projects, including the redevelopment of Hartford’s Union Station. During this time, he also served as a consultant to the U.S. Department of Housing and Urban Development’s Urban Development Action Grant program. In 1989, he joined Charles River Properties in Boston as senior vice president for acquisitions and finance, where he oversaw the purchase of over 500 apartment units in Texas.

Mr. Rappaport, who has a bachelor’s and a master’s degree from Harvard College, is a long-term visiting lecturer at the Kennedy School of Government and a founding member of the International Advisory Board of the Harvard Real Estate Academic Initiative. He is also a founding co-chairman of the Commonwealth Housing Taskforce and past president of the Greater Boston Real Estate Board.

“The Zuker and Rappaport families have been working together for more than four decades,” said Ed Zuker, CEO of Chestnut Hill Realty. “I look forward to collaborating with Jerry and know that Chestnut Hill Realty will benefit greatly from his expertise in the multifamily real estate arena and his passion for community investment.”

About Chestnut Hill Realty:
Chestnut Hill Realty is one of New England’s leading residential real estate companies, specializing in multifamily housing. Established in 1969, CHR owns and manages 4,000 units in 30 apartment home communities in Greater Boston and Rhode Island. To learn more about CHR and its properties, please visit www.chestnuthillrealty.com