BOSTON–Berkshire Income Realty Inc. has named CRE veteran Chuck Leitner, already president of affiliate the Berkshire Group, as its new president and board chairman. He’s replacing David C. Quade as president and Douglas Krupp as board chairman.
Neither Quade nor Krupp will continue serving on the board, although Quade will remain with the apartment REIT as an EVP. A spokeswoman for Berkshire did not respond by early afternoon to GlobeSt.com’s requests for additional information on why the two men are stepping down.
Leitner, who joined the Berkshire Group as president this past October, was most recently chairman and CEO of the ULI Greenprint Center for Building Performance, and as a member of the advisory board for SVP Global. Prior to Greenprint and SVP, he spent 24 years at RREEF, Deutsche Asset Management’s global real estate investment management business, where he held roles including global head and chief executive.
BIR-PA has also expanded its board membership to seven, adding Krupp’s sons Richard Krupp and Michael Krupp as well as Matthew Hills. The senior Krupp comments that these moves demonstrate “our commitment to continuing our legacy of solid stewardship. In Chuck, we have an experienced chief executive with a deep understanding of our market and industry. Matt brings a wealth of experience developing and executing growth strategies. And both Richard and Michael represent the next generation of the Krupp family interest in the company.”
Last month, BIR-PA announced that year-end funds from operations grew 2.9% year-over-year to $10.9 million. Same property NOI for the year ended Dec. 31, 2013 increased 5.4% from the year prior, while the REIT’s same-store portfolio occupancy was essentially unchanged at 95.87%.