Continental Realty Corporation (CRC), a privately held Baltimore-based real estate investment and management company active in 16 states with a portfolio value of approximately $5 billion, has promoted Ryan Horka to Vice President, General Counsel – Real Estate. Horka joined the company in 2022 and has been central to scaling governance, risk management and transaction execution alongside the firm’s growth during that time. He brings more than a decade of legal and real estate experience to the role.
The promotion reflects CRC's continued growth and the increasing importance of enterprise risk management, governance, and legal strategy as the company continues to expand its national retail and multifamily portfolio.
In his new role, Horka will lead the legal function supporting CRC's real estate operating platform, overseeing operational risk management, compliance, litigation strategy, and outside counsel relationships across acquisitions, dispositions, financings, and retail leasing activities. He will also oversee legal matters related to CRC's real estate operations and portfolio activities and continue advancing governance practices and legal processes that support CRC's growing scale and transaction activity. Legal matters relating to CRC's investment funds will continue to be supported by specialized external counsel and coordinated internally through the company's investment management team.
“As CRC continues to expand our portfolio and platform, the role of legal leadership at CRC has evolved beyond transaction execution to include enterprise risk management, governance, and strategic business support,” said Haley Gallagher, Chief Operating Officer of CRC. “Ryan has played a key role in that evolution, helping strengthen our legal infrastructure while supporting an increasingly active and complex investment platform. His judgment, leadership, and business-minded approach have made him a trusted partner across the organization, and we are excited to recognize his contributions with this promotion.”
Since joining CRC, Horka has supported a broad range of legal matters across the company's retail and multifamily businesses, helping navigate a period of significant portfolio growth, increased transaction volume, and geographic expansion. Prior to joining CRC, he practiced real estate and commercial law at Ballard Spahr LLP and the Law Offices of Shannon J. Posner, P.A.
Horka earned a Bachelor of Arts and Sciences in Business Management from The Catholic University of America and a Juris Doctor from the University of Baltimore School of Law.
Continental Realty Corporation (CRC), a Baltimore-based real estate investment and management company active in 15 states and with a portfolio value of nearly $4.5 billion, has announced the promotion of Rachel Young to Director of Multifamily Asset Management. Young, who has worked for CRC since 2023, has more than 13 years of diversified commercial real estate and asset management experience, and was most recently Senior Asset Manager, Multifamily.
In her role, Young will drive performance by executing asset-level business plans, optimizing capital investment, and leading financial and operational strategy across CRC’s multifamily portfolio. She will work closely with CRC’s acquisitions team to support underwriting and due diligence efforts and lead multifamily disposition activity, while also providing leadership across the asset management team. Additionally, she will help support investment performance and portfolio-level strategy through data-driven decision-making and strategic portfolio positioning as CRC continues to grow its multifamily platform.
Prior to joining CRC, Young handled commercial and residential asset management responsibilities for Hudson Capital Properties, CAHEC Management and JP Morgan, and also performed acquisitions analyst responsibilities for Lidl. She earned her bachelor’s degree in Mass Communication from the University of North Carolina at Pembroke and her Master of Public Policy from the George Mason University Schar School of Policy and Government.
“Rachel is a natural leader in driving process and making strategic decisions, leveraging her extensive business acumen and knowledge of the multifamily real estate sector,” said Nicole Brickhouse, CRC’s Managing Director, Capital Markets and Multifamily Portfolio Management. “She has consistently demonstrated the ability to communicate and operate effectively with investors, senior management and operations personnel, earning the respect of colleagues across these disciplines. This promotion reflects both her impact to date and the role she will continue to play as we grow and optimize the multifamily platform.”
Continental Realty Corporation (CRC) has earned the national 2025 “Top Workplaces USA Award,” based on confidential feedback generated from a team member survey administered by Energage, LLC, a Philadelphia-based research firm that specializes in organizational health and workplace improvement. The award, sponsored by USA Today, represents the fifth consecutive year in which the Baltimore-based commercial real estate and investment company - which is active in 13 states across the country - has been recognized with a national honor for workplace excellence.
Energage administered a survey that gathered responses to an employee questionnaire that measured workplace issues including alignment, coaching, connection, engagement, leadership, performance, benefits, and training. More than 39,000 organizations across the country were invited to participate, approximately 2,200 followed through with an employee engagement survey, and 1,526 organizations successfully earned the Top Workplaces designation from Energage in the small, midsize, and large categories.
Forty-four companies based in Maryland were recognized with the Top Workplaces USA Award.
CRC’s core values include a commitment to building a strong team, focusing on relationships and acting with integrity. A key CRC strategy is to organize, execute and evaluate tangible programming that emphasizes an open and engaging work culture, fosters engagement that makes a meaningful and long-lasting difference in the communities where the company operates, promotes team member wellbeing and health, and encourages team member empowerment. The company consistently encourages inclusivity in its workplace and supports local philanthropic activities that benefit wide-ranging demographic audiences.
“Recruiting and retaining top-tier talent is becoming increasingly difficult, because companies recognize the immense advantages gained by employing highly-productive and motivated employees and there exists more competition for the best and brightest,” stated Crystal Frey, CRC’s Senior Vice President of Human Resources and Shared Services. “We take immense pride in receiving recognition on these third-party lists, as they validate our efforts to provide an empowering and stimulating workplace. Maintaining passionate, loyal, and hard-working professionals makes a meaningful difference in all phases of our business.”
Continental Realty Corporation (CRC) ranked #13 nationally in ApartmentRatings.com third party survey of top multifamily management companies, based on epIQ (Experience & Performance Intelligence Quotient) Index scores. The Baltimore-based commercial real estate and investment firm, which owns and manages more than 10,000 apartment homes across the country, was recognized in the category for companies with more than 25 properties.
Twenty-six CRC multifamily communities earned an “A” or better epIQ Index rating, and cumulatively, the company ranked #66 among all management companies in all size categories.
CRC scored 91.21 on the epIQ Index, a single-performance metric powered by ApartmentRatings that is designed to function as the most authentic, transparent and actionable industry metric for renters and multifamily professionals. Information is compiled based on average ratings from renter reviews, number of reviews received, percentage of reviews with manager responses and average manager response times as compared to all other communities.
“This national ranking is the latest indication that our company-wide commitment to delivering best-in-class service for our residents is working and making a measurable difference,” stated Scott Hamlin, CRC’s Vice President, Multifamily. “ApartmentRatings utilizes unfiltered responses directly from our residents, so this information is completely transparent and accurate. We remain committed to surpassing the expectations of our residents each and every day.”
Continental Realty Corporation (CRC), a Baltimore-based real estate investment and management company active in 12 states, has acquired its second multifamily community in the greater Bluffton-Hilton Head, South Carolina area with the recent $44.5 million acquisition of Bristol at New Riverside, located at 205 Forest Trace in Bluffton. Developed by Madison Communities, delivered in 2024, and formerly known as Madison New Riverside, the 166-unit two- and three-story garden community was 90 percent leased at the time of this transaction. Taylor Bird, Executive Managing Director of Cushman &Wakefield, represented the seller in this transaction.
This is the third asset purchased on behalf of the Core Multifamily Fund, LP, a private equity fund sponsored by CRC in partnership with Brown Advisory, a global private and independent investment management and strategic advisory firm headquartered in Baltimore. The open-ended fund, focused on stabilized or near-stabilized opportunities, was formed to identify, and acquire Class “A” garden and mid-rise communities primarily located in the southeastern United States with top-quality finishes and amenities. The Core Multifamily Fund completed its initial Founders Investor Closing in 2022, raising approximately $145 million. CRC subsequently acquired two assets in 2023 in North Carolina: St. Mary’s Square North Apartments, a 65-unit multifamily community in downtown Raleigh, for $36.5 million in 2022; and Sycamore at Tyvola, a 288-unit community in Charlotte, for $96.3 million
With this acquisition, CRC owns and self-manages more than 1,100 apartment units throughout South Carolina, including Sweetgrass Landing and The Six in Mount Pleasant, Central Island Square in Daniel Island, and The Bluestone Apartments in Bluffton.
Recently-delivered resort-style asset with 942 square foot average unit size
Positioned within the New Riverside Village master-planned community in Beaufort County, Bristol at New Riverside consists of six two- and three-story buildings featuring one- and two-bedroom floorplans ranging from 745 to 1,186 square feet of space. The average unit size is 942 square feet, with a ratio of 58 percent one-bedroom and 42 percent two-bedroom apartment homes.
Each Bristol at New Riverside apartment features nine-foot ceiling heights and best-in-class interior finishes, including quartz countertops, tile backsplashes, two-tone cabinetry, designer lighting, gooseneck faucets, ceiling fans, hardwood-style flooring, panoramic windows, kitchen islands, soaking tubs, and walk-in closets. The apartment homes are equipped with stainless steel appliances, side-by-side refrigerators, and full-size washer/dryers in a dedicated laundry room inside the apartment.
Resident amenities include a large clubhouse with a state-of the-art fitness center, resident coffee lounge; and digital access package-acceptance lockers. Outdoor amenities include a saltwater swimming pool, and an open recreation area. CRC intends to activate this recreation area during the first year of its ownership.
Asset situated within vibrant mixed-use community
“Bristol at New Riverside is a best-in-class asset conceived by a standout developer which is benefitted by its strategic placement within New Riverside Village, a vibrant and fast-growing mixed-use community,” stated Ari Abramson, CRC’s Vice President of Acquisitions. “Our team is very familiar with the South Carolina Lowcountry, and this acquisition provides CRC with the opportunity to scale our asset and property management operations to the benefit of our entire regional portfolio. “New Riverside Village features a mixture of for-sale townhomes, commercial office, and retail space. A newly-developed retail center features signed leases, including several sit-down and fast-casual restaurants, a French bakery, pharmacy, nail salon, medical spa, and animal hospital. Immediately adjacent is New Riverside Park, an under-development 37-acre park designed with large, open spaces, perimeter trails, a playground, and a 2,700 square foot barn suitable for private and large-scale public events.
A recently developed nearly 70,000 square foot Publix-anchored retail center with a Starbucks Coffee is located within proximity to Bristol at New Riverside, via New Riverside Drive, which fronts the property. Nearby May River Road also serves as the entrance to the 20,000-acre Palmetto Bluff campus, a Bluffton community featuring residential housing and a recreational preserve.
Both Hilton Head Airport and Savannah International Airport are less than 20 miles from the site.
“The impressive pace at which leases are being signed at Bristol at New Riverside and the steady leasing activity demonstrate the demand for rental housing in the greater Bluffton-Hilton Head area,” Abramson noted. “The multifamily lease-up occurred before retailers started operating at New Riverside Village, an indicator that the community will continue to grow and expand.”
According to Zillow Group, a national real estate marketplace company which tracks residential pricing, single-family home values in the adjacent neighborhoods range between $400,000 and $500,000.
“Given the average $500,000 cost to purchase nearby townhome product, renting an apartment at Bristol at New Riverside represents a more than $1,000 monthly savings,” he said.
Sustained population growth and enduring strength of Lowcountry
According to Cushman & Wakefield’s Sunbelt Multifamily Advisory Group, “Coastal cities lead the nation in population migration, with the Hilton Head-Bluffton market at the vanguard of these trends with 63 percent growth, a figure that outpaces Savannah (37 percent) and Charleston (49 percent).” The group adds that “the Lowcountry is an attractive landing spot for affluent residents, while providing tax benefits, a lower relative cost of living and mild climate conditions. The region offers a highly sought-after mix of slow living and elegance that promotes the regional as a top travel and retirement destination.”
Cushman & Wakefield estimates that nearly 230,000 people reside in the Lowcountry region, where the unemployment rate is a low 3.2 percent, with major local employers including St. Joseph’s/Candler Bluffton Campus, Bluffton Medical Campus, Gulfstream Aerospace Corporation and Encompass Health Rehabilitation.
Nearby Savannah, Georgia is one of the fastest growing and strongest economic centers in the state, according to the brokerage firm, and it has the largest U.S. Army base east of the Mississippi River. The Port of Savannah has an annual $122 billion impact on the state economy.
“Given the outstanding performance generated by Bristol at New Riverside, coupled with the long-term metrics that suggest continued population growth and economic prosperity in the Lowcountry, Bristol at New Riverside represents a prototypical deal for our Core Multifamily Fund,” stated JM Schapiro, CRC’s CEO. “We were extremely impressed with the thoughtful design and excellent execution of this development and are confident it will deliver a solid risk-adjusted yield to our investor group.”
Overview of $145 million Core Multifamily Fund
The Core Multifamily Fund is focused on acquiring newly developed properties in high-growth suburban and urban markets throughout the Southeast, including Charleston, Charlotte, Nashville, Raleigh, Orlando, and Tampa.
“We primarily targeted North and South Carolina for our initial acquisitions for the Core Multifamily Fund, based on the overwhelmingly positive long-term outlook of the Southeast region, due to shifting population patterns, corporate relocations, durable job growth and climate conditions that contribute to a high quality of life,” Schapiro said. “Our vertically-integrated team, supported by our innovative use of data analytics and leveraging our deep industry relationships, continues to scour the region in search of long-term hold opportunities.”
d
Continental Realty Corporation (CRC), a Baltimore-based real estate investment and management company which owns and operates a multifamily and shopping center real estate portfolio with a value exceeding $3.7 billion, has announced the promotion of Craig Spicer to Senior Asset Manager, Multifamily Division. Spicer joined CRC in 2018 and was formerly an Asset Manager.
Spicer will continue to maximize the value, operational efficiency, and financial performance of a portfolio of multifamily communities spanning the Mid-Atlantic and Southeast sections of the United States. His duties include performing financial analysis, lender compliance, capital project management, budget review and approval, as well as reporting to internal and external stakeholders. Spicer also collaborates with CRC’s acquisitions team and assists with due diligence activities related to underwriting and value determination.
“Craig has demonstrated tremendous growth during his time at CRC and has played a key role in enhancing our Asset Management team. We have a great deal of confidence in his skillset and ability to handle increased responsibilities,” stated Elisabeth Mygatt, CRC’s Director of Multifamily Asset Management. “His collaborative approach with our operations teams has led to the successful implementation of many strategies that drive value and, over the years, he has significantly increased our reporting capabilities. Craig’s commitment to personal development, coupled with his eagerness to embrace new responsibilities makes him an indispensable member of our team.”
Spicer has more than 11 years of directly related real estate and asset management experience, having previously worked for the Howard County Housing Commission, the Maryland Department of Housing and Community Development, and the U.S. Department of Housing and Urban Development.
He earned a degree in Political Science from Loyola University Maryland.
