Chicago-based Newcastle Limited has promoted Steve Merchant to chief operating officer.
As COO, Merchant’s responsibilities at the firm will expand to include all operations for Newcastle multifamily and retail property portfolios. Merchant joined Newcastle in 2020 as managing director of multifamily operations.
Under his leadership, Newcastle apartment operations used data-driven solutions to increase occupancy and revenue and improve operational efficiency through the COVID-19 pandemic. In his new role, Merchant will also drive the profitability of the firm’s retail and mixed-use assets and develop operational leadership.
Prior to joining Newcastle, Merchant served as Managing Director of Operations with Magnolia Capital. He was a Senior Vice President with Equity Residential, where over a 15-year career, he built the REIT’s operating platform. Previously, he was a management consultant at Bain & Company.
Merchant earned a BS in Accountancy from the University of Kansas and an MBA from The Wharton School of Business at the University of Pennsylvania. Steve is a frequent speaker at industry conferences and a member of the National Apartment Association and the Chicago Apartment Association.