CRE N Illinois

Multifamily REIT exec joins Magnolia Capital to launch property management division

Multifamily REIT exec joins Magnolia Capital to launch property management,ph1
Steve Merchant
Magnolia Capital

Magnolia Capital has hired Steve Merchant as managing director of operations. Prior to joining Magnolia Capital, he was senior vice president in operations at Equity Residential, leading corporate teams supporting an 80,000-unit apartment portfolio. Throughout his career, Merchant has built innovative operating platforms and reinvented traditional ways of delivering exceptional customer experiences.

“We are excited to have a talented industry veteran like Steve join our team,” said Max Peek, CEO of Magnolia Capital. “His experience in multifamily operations and vision for building a best in class property management platform align well with our vision to be the best multifamily investment manager in the industry. I anticipate Steve will have a positive impact to an already exceptional team at Magnolia.”

Merchant will lead the build-out of Magnolia Capital’s property management platform, which has been branded under the name STYL Residential. His experience integrating technology, establishing best practices of metrics and creating centralized areas of expertise within the multifamily industry will shape the STYL Residential brand, which is focused on delivering exceptional customer experiences and top-tier NOI growth.

“It was obvious from my first step into the Magnolia office that this company is special. It’s alive with collaboration, innovation, practicality and a maniacal focus on building a forward-thinking multifamily platform,” Merchant said. “The culture is amazing and I’m excited to join this experienced and entrepreneurial leadership team.”

Merchant attended The Wharton School of Business at the University of Pennsylvania for his MBA, and has held various positions at Bain & Company, Sprint and PriceWaterhouseCoopers.