ATLANTA, Feb. 2, 2007 (PRIME NEWSWIRE) -- Lane Company, a leading multifamily real estate firm, is continuing its strategic growth with plans to significantly increase the firm's apartment real estate holdings.
Phillip C. Pitney has been hired as President of Lane Investments, LLC. He plans to assemble a team that will help acquire a large number of multifamily assets.
"Lane Company has a very stable platform from which to do acquisitions," Pitney says. "It has all the resources, tools, systems and people to competitively acquire new properties, raise money from equity partners and place deals quickly and efficiently."
Pitney will pursue acquisitions of value-add multifamily properties that need an infusion of capital; properties in recovering markets; as well as stable core properties well-located in primary, secondary or tertiary markets.
"Lane Investments will play an important role in our strategic growth," says Lane Company CEO Bill Donges. "Phil has the right experience to lead us into this next phase."
Pitney was most recently Vice President -- East Coast Acquisitions and Redevelopment for Fairfield Residential in Bethesda, MD. He was a senior executive on the East Coast and built a successful team responsible for sourcing and managing multifamily acquisition opportunities, redevelopment, and stabilization of multifamily projects from Boston to Miami. He led the East Coast office as it acquired over $2.2 billion in assets and completed $280 million in redevelopment construction. He was also responsible for maintaining all equity and debt relationships.
Pitney says acquisitions are initially expected in markets in which Lane has a presence, such as the Southeast, Southwest, Florida, Northeast and Mid-Atlantic states. But eventually, he says, the company will seek acquisitions over a wider geographic area.
His first day at Lane Company will be February 12. Pitney can be reached at ppitney@lanecompany.com.
About Lane Company
Lane Company (www.lanecompany.com) is an award winning, vertically integrated, full-service multifamily real estate company. Lane's expertise extends to all areas of real estate including property management, asset management, development, construction and condo conversion and sales. With over 30 years experience, Lane Company is recognized as one of the most innovative, efficient and technologically-advanced firms in the multifamily industry.