(EDITOR’S NOTE: Sack Properties owns a total of 13 properties with all of them being located in either Northern or Southern California. The real estate investor wants to buy a mixture of value-add and core plus apartment properties. The value-add deals are those where the manager can make improvements to an existing asset. On these properties the manager is buying assets on behalf of the California Public Employees Retirement System. The core plus deals are done for high net-worth individuals. On these investments the manager seeks to achieve cap rates that are around 200 basis points higher than cap rates on traditional core properties. The overall deal size for the company is in the range of $20 million to $100 million.)
SAN FRANCISCO (June 19, 2017) – Sack Properties (Sack), a San Francisco-based real estate investment and management firm with a $500 million portfolio of nearly 1,500 multifamily units throughout California, announced today the hiring of David Feinberg as the firm’s director of acquisitions and dispositions. David joins Sack after seven years as vice president of acquisitions with Sares-Regis where he closed on $333 million in apartment transactions throughout the San Francisco Bay Area and Pacific Northwest. He is now responsible for all of Sack’s acquisition and disposition activities, including hiring an analyst to expand this team.
“David’s depth of experience in the acquisition and disposition of properties across the Bay Area and the Pacific Northwest will greatly benefit our broader, future expansion of the firm’s multifamily portfolio,” said Kirby Sack, CEO of Sack. “David will be a key leader on our team as we continue to strategically grow our regional and statewide presence.”
Sack’s high profile Bay Area properties include Brookside Park in Mountain View, Hillsdale Square in San Mateo, and Town Center in Lafayette, amongst others. Their most recent acquisition is Sunridge Alta Loma in Southern California.
“It’s an exciting time to join the Sack team, especially as they near their 60th year of operation,” said David Feinberg. “Their high-quality, high-value properties – in addition to their focus on sustainability and environmental stewardship – make them the ideal partner for me. We are all looking forward to seeing what we can achieve together.”
Before joining Sares-Regis, David served as vice president of acquisitions at RREEF where he oversaw a portfolio of direct and joint venture investments valued in excess of $300 million. David previously led strategic and regional acquisitions for Chicago-based Sterling Education Properties, and in Boston for Denver-based Archstone Smith.
David has a B.A. from the University of Puget Sound and an M.B.A. from Kellogg School of Management at Northwestern University.
About Sack Properties
Founded in 1958, Sack Properties is a vertically-integrated, private real estate company that focuses on the acquisition, management, and disposition of a broad range of multifamily properties through the San Francisco Bay Area, and Southern California. Based in San Francisco, the firm specializes in multifamily properties in need of operational improvements and Class B properties in prime infill locations that could benefit from capital investment and improved management. The firm’s current portfolio includes approximately 1,500 apartments and condominiums in 13 communities throughout California. The firm is committed to sustainable building practices such as water conservation, energy efficiency, green building upgrades, and more. For more information, visit www.SackProperties.com.