Each year, Midwest Real Estate News elects a new class to its Commercial Real Estate Hall of Fame. Here’s a look at one of our new inductees, Pete Evans, senior managing director of investment sales with the Chicago office of Berkadia.
Pete Evans has worked in commercial real estate for more than three decades, starting his career as a commercial appraiser and today focusing on brokering the sales of apartment communities. What has kept Evans in this career for so long?
This industry veteran points to the good that his work does, for both his clients and the U.S. housing market.
As Evans says, apartment investors have played a vital role in increasing the U.S. housing stock through development and by preventing units from becoming obsolete through renovations. This is important: The United States remains undersupplied when it comes to housing, with the apartment industry a leader in addressing this issue.
Evans says he is proud to play a role in boosting the U.S. housing stock.
“Most of my clients throughout my career have been truly interested in improving the quality of life of their clients by increasing the quality of apartment homes,” Evans said. “This is such an important contribution to society, and I am grateful to be a part of it.”
Evans boasts experience in selling apartments of all classes, and his clients include family offices, individual investors, institutions, pension funds and other public entities. Some of his notable assignments include the Roosevelt Collection (+$200 million), Axis Apartments (+$200 million) and Valley Lo Apartments (+$30 million).
“I believe that apartments are the best risk-adjusted investment returns available,” Evans said. “The durability of apartment income and the long-term growth potential is exceptional. So, I eat my own cooking.”
Even the apartment sector, though, has faced challenges during Evans’ long career. This industry veteran has worked through at least four major economic disruptions, including the savings-and-loan crisis and the impact of the Gulf War and the Asian financial crisis. He also worked through the impact of 9/11, the 2008-2009 Great Recession and now a global pandemic.
“We seem to be much better prepared with economic responses to these volatile events,” Evans said. “As an apartment/housing specialist, I have always been proud of Freddie Mac, Fannie Mae and the Department of Housing and Urban Development during these times of volatility. They have been steadfast in markets devoid of any other liquidity, staving off significant stress on the housing market and giving all of the debt market essential support.”
Before joining Berkadia, Evans was the president and managing partner in Moran & Company’s Chicago office. Here, he was responsible for managing marketing assignments and client relationships throughout the Midwest. Before this assignment, Evans worked for more than 15 years in multifamily financing, underwriting and appraisal.
Throughout his career, Evans has completed $5 billion in total sales, including $3.5 billion in investment sales transactions.
When not closing deals, Evans said he enjoys giving back through volunteering with charitable organizations. He also enjoys traveling, scuba diving, dive bars with live music and cooking family dinners, both big and small.