St. John Properties, Inc., a full-service commercial real estate development and management company with a national portfolio valued at more than $5 billion, has launched a Multifamily Construction Division. Construction management industry veteran Michael Poirot has been tapped as Vice President, Multifamily Construction and will oversee multifamily development throughout Maryland initially, before expanding the division’s scope across the country where St. John Properties has a presence. The company, which recently entered the Nashville, Tennessee market, has developed more than 24 million square feet of commercial real estate among various asset classes throughout its 54-year history.
“We are launching this new in-house division based on our long-term confidence in the multifamily sector and our mission to bring consistency and reduce expenses when developing multifamily product,” stated Lawrence Maykrantz, St. John Properties’ President & CEO. “Starting a new multifamily construction division has been in our corporate plans for many years.”
“St. John Properties has had tremendous success with our in-house construction group when building commercial office, flex/office, industrial and retail product, and we intend to leverage our existing sub-contractor relationships to achieve synergies and efficiencies in the multifamily market,” added Jeff Gish, St. John Properties’ Executive Vice President, Construction.
St. John Properties, through various joint venture partnerships, has investments in more than 3,000 residential units, including Aspen at Melford Town Center, a 388-unit multifamily community in the Washington, D.C. suburbs which delivered last year. Developed in partnership with Somerset Companies LLC, the $150 million LEED Gold certified multifamily community is equipped with the largest solar energy system in the company’s portfolio. St. John Properties is currently working on additional multifamily developments — Melford Mansions to join the existing Aspen at Melford Town Center in Bowie, MD, as well as another multifamily development at Greenleigh in Middle River, MD. In total the company has more than 1,500 multifamily units in its development pipeline.
Poirot brings 20 years of diversified construction management experience to this new role. During his career, he has overseen the construction of more than 2.3 million square feet of space including more than 1,400 multifamily units and 122 hotel rooms with a combined value of nearly $400 million. This includes multifamily developments The Arbors at Greenleigh, The Arundel at Arundel Preserve, and Aspen at Melford Town Center. Poirot graduated with a Bachelor of Science degree in Civil Engineering from Bucknell University.
“St. John Properties’ business model emphasizes vertical integration,” stated Poirot, “a philosophy that encompasses every phase of the development process. Adding a multifamily construction component represents a natural evolution of what has worked so well for the company. Managing the entire process with in-house resources brings consistency, allows for the implementation of proven protocols, helps eliminate delays, and saves money.”
“I’ve worked with St. John Properties on several projects over the years, have been impressed with the corporate culture and have forged excellent relationships with members of the management team,” Poirot said. “I am excited for the opportunity and challenge of creating a new division from the ground up.”
Poirot says the first order of business will be to build a team of experienced professionals to support St. John Properties’ multifamily pipeline throughout Maryland. “Real estate and construction are people-first industries, so recruiting the best talent will be a key to our success,” he added. “I am already surrounded by an extremely talented and experienced group of professionals and am excited to add to the legacy of St. John Properties by forming this new team.”
“Michael was our first choice when the decision was made to go forward with this division,” Gish said. “Our team has worked with him for many years and his knowledge, integrity, and resourcefulness make him the perfect candidate to lead our new group.”
