Newmark Bolsters Multifamily Investment Sales with Top Advisor Hires in Western U.S.

Newmark Group, Inc. (Nasdaq: NMRK) has significantly strengthened its multifamily capital markets practice with the strategic hiring of seven top industry veterans from Eastdil Secured. The new team, led by Joseph Smolen and Geoff Boler, brings an impressive track record of over $100 billion in closed transactions and has dominated the Western U.S. multifamily investment sales sector, handling more than 90% of sales with a transaction size of at least $300 million over the past seven years. Notable transactions include the $925 million sale of Westlake Village Apartments in the Bay Area, Kiara in Seattle, Kapilina Apartments on Oahu, and the Park 12 in San Diego.

The new advisors will join Newmark's Capital Markets practice, with Smolen and Boler taking on leadership roles within the multifamily business and serving on the Multifamily Advisory Council. Will Purcell and Jonathan Merhaut will join as Vice Chairmen, while Lee Redmond will focus on multifamily financing, and Eve Loecher and Eugene Chong will serve as Senior Managing Directors. The team will be split between Newmark's San Francisco and Orange County offices, further bolstering the company's presence in the Western U.S.

Newmark's strategic investments in Capital Markets and Multifamily have already propelled the firm to a third-place ranking in Multifamily sales volume in 2024. The addition of these top advisors is expected to further boost Newmark's market share and solidify its position as a leading provider of multifamily investment sales services in the Western U.S.



The new advisors bring a wealth of experience and expertise to Newmark, including:

1. Dominance in Western U.S. and National Portfolio Sales: Smolen, Boler, Purcell, and Merhaut have been responsible for more than 90% of multifamily sales in the Western U.S. with a transaction size of at least $300 million over the last seven years. Their involvement in national portfolio sales and recapitalizations across the country will also expand Newmark's reach and capabilities in handling complex, large-scale transactions.
2. Access to Global Capital: With their extensive networks and experience, these advisors bring access to a diverse group of investors, from private and institutional owners to global capital. This will enable Newmark to match client assets with a broader range of investors, potentially increasing deal flow and transaction volume.
3. Leadership and Mentorship: Smolen and Boler, joining as Executive Vice Chairmen, will take on leadership roles within Newmark's multifamily business and serve on its Multifamily Advisory Council. Their leadership and mentorship will help foster a culture of excellence and drive the growth and success of the multifamily capital markets practice.
4. Expertise in Multifamily Financing: Lee Redmond, joining as a Vice Chairman focused on multifamily financing, brings specialized knowledge in securing financing for multifamily properties. This expertise will complement Newmark's existing debt and structured finance capabilities, enabling the firm to offer clients a more comprehensive range of services.
5. Proven Track Record: The advisors' collective track record of over $100 billion in closed transactions demonstrates their ability to deliver results and generate significant value for clients. Their proven track record will instill confidence in Newmark's clients and further enhance the firm's reputation in the multifamily capital markets.

In conclusion, Newmark's strategic hiring of top multifamily advisors from Eastdil Secured will significantly strengthen the company's market share and competitive position in the Western U.S. multifamily investment sales sector. The new advisors bring a wealth of experience, expertise, and a proven track record, which will contribute to Newmark's growth and success in the multifamily capital markets. By integrating these advisors into its existing team and leveraging their unique skills and networks, Newmark is poised to become the nation's leading Multifamily Capital Markets provider.