Experience
Jay Klein, President of Klein Equities Corp, has over 25 years of acquisition, disposition and management experience in the real estate industry. Over his career, Mr. Klein has completed over 125 transactions totalling in excess of $1billion with a pension find advisor and private investors. These include the acquisition of 6,400 apartment units, 9 community shopping centers and the disposition of over 4,300 apartment units.
Prior to forming the company, Mr. Klein was an acquisition partner for JPI Partners responsible for acquiring muti-family properties throughout the Northeast for rehab and redevelopment and a First Vice President with Sentinel Real Estate Corp., a major pension fund advisor, where he acquired core and opportunistic multifamily assets nationwide for over 10 years.Acquired a 126 unit mid-rise apartment community in New Haven, CT from a major bank’s REO portfolio. Negotiated the transaction and established investment strategy. Worked closely with management team to oversee the renovation of the property. Sold asset at a substantial profit within 18 months.
Evaluation of an under-performing Class A apartment complex that was originally built as a condominium. Performed site visits, review of the management operations, and a full market study. Prepared report and recommendations for new revenue programs, expense reductions and extensive changes to the management and reporting functions. Significant operation and cash flow improvements have been achieved.
Acquired a 123 unit high-rise apartment complex in Ft. Lauderdale, FL. Initially completed a renovation of the common areas and units, increasing rents in excess of 20%. Subsequently converted the complex to condominium units and sold out within 24 months.
Acquired a 175-unit garden apartment community in Phoenix, AZ, from a distressed seller that was being liquidated. Evaluated the asset, negotiated the deal and closed the transaction. Formulated the takeover and renovation plan and worked closely with asset management team to implement the strategic plan.
Assisted the Seller in the evaluation and implementation of the sale of a distressed multifamily asset in Daytona, Florida. The property had deferred maintenance, poor onsite management, high vacancies, and significant title issues. Prepared marketing materials and sales strategy and executed the sales platform. Worked closely with all parties to resolve significant major title issue. The sales price exceeded the Sellers expectations.
Acquired a 125,000 s.f. K-Mart anchored shopping center in Albuquerque, NM on behalf of a private Investor. Seller had to close to raise cash for other distressed investments. Resolved easement issues with city and negotiated a master-lease agreement with Seller enabling the Seller’s investors to recoup their investment. Closed transaction within 10-days.
Executed a turnaround and reorganization for a distribution Company through cost controls, renegotiated vendor and supplier agreements, new cash management programs and budgets. Company returned to profitability with 6 months.
Alliances and Clients:
Klein Equities Corp. has established relationships with a diverse group of institutions, investors and Wall Street leaders.