Chicago-based Newcastle Limited expanded its senior leadership team with the addition of Steve Merchant as managing director of multifamily operations. Merchant will oversee the operation of Newcastle’s 3,000-unit multifamily portfolio and the team of 100 employees responsible for management and leasing. He will also be part of the firm’s investment committee.
“Steve brings a wealth of experience and an impressive track record of creating value in every aspect of residential real estate,” said Mike Haney, CEO of Newcastle Limited. “We are happy to have him on board as we continue to grow our portfolio and look to the future during these unprecedented times.”
Most recently, Merchant was managing director of operations with Magnolia Capital, a national real estate investor where he launched the property management division. Prior to his role at Magnolia, he spent 15 years at Equity Residential where he served as a senior vice president, contributing to all aspects of operations for the company’s 300 multifamily communities, consisting of 80,000 apartments.
Merchant earned a BS from the University of Kansas and holds an MBA from The Wharton School of Business at the University of Pennsylvania. He is a member of the National Apartment Association and the National Multifamily Housing Association.