ATLANTA-Locally based Lane Co. has hired Philip Pitney as part of its strategic plan to increase the firm's apartment real estate holdings. Pitney, who will serve as president of Lane Investments LLC, plans to assemble a team that will help acquire a large number of multifamily assets.

"Lane Co. has a very stable platform from which to do acquisitions," Pitney says. "It has all the resources, tools, systems and people to competitively acquire new properties, raise money from equity partners and place deals quickly and efficiently."

Pitney will pursue acquisitions of value-add multifamily properties that need an infusion of capital; properties in recovering markets; as well as stable core properties well located in primary, secondary or tertiary markets. Acquisitions are expected in markets where Lane has a presence, such as the Southeast, Southwest, Florida, Northeast and Mid-Atlantic states. Pitney's goal is to increase the company's portfolio by 15,000 units over the next three years, which would more than trip Lane's holdings.

"Lane Investments will play an important role in our strategic growth," says Lane Co. CEO Bill Donges. "Phil has the right experience to lead us into the next phase."

Pitney was most recently vice president of east coast acquisitions and redevelopment for Bethesda, MD-based Fairfield Residential. He was senior executive on the east coast and built a successful team responsible for sourcing and managing multifamily acquisition opportunities, redevelopment and stabilization of multifamily projects from Boston to Miami.