Lowe Enterprises Inc., a national real estate developer that manages $4 billion in real estate assets on behalf of institutional and investment clients, has named Richard Newman Jr. as president of the firm’s real estate group. He will oversee national commercial and multifamily activities.
More specifically, Newman will be responsible for Lowe’s commercial and multifamily investment, development and asset management activities throughout the United States. The Los Angeles-based company’s portfolio includes more than 5 million sq. ft. of office, industrial and retail space under management and $800 million of commercial development planned or underway.
“Lowe Enterprises has a 37-year history of developing, managing and investing in virtually all property types,” stated Newman in a news release. “We also have excellent longstanding relationships with top-tier capital partners, which positions us well to take advantage of the opportunities presented by the recovering market.”
Lowe is currently investing in commercial and multifamily properties that offer repositioning potential, with a particular emphasis on urban locations. For example, the firm recently acquired the 100-unit Lido Apartments in Hollywood. The firm also seeks to capitalize on its extensive experience managing distressed properties on behalf of institutional owners.
Newman joined Lowe in 1986 and was elected a shareholder of the company in October of 1998. He earned his bachelor’s degree from Stanford University and his master’s degree in real estate development from the Massachusetts Institute of Technology.
Over the past 37 years, Lowe has developed, acquired or managed more than $16 billion of real estate assets nationwide. The firm is developing commercial projects from coast to coast, including the 900,000 sq. ft. San Diego County Operations Center currently underway. Lowe recently completed the $200 million CityVista mixed-use development in Washington, D.C.