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Robert Lefenfeld | Nancy Lefenfeld | Tad Scepaniak | Michael D. Kivov | James Riggs |
Robert Lefenfeld, Founding Principal Bob Lefenfeld has 30 years of experience in the field of residential real estate market research. He is familiar to institutional real estate inventors, homebuilders, land developers, and public officials responsible for the administration of housing programs as a panel speaker, guest lecturer, author, researcher, and consultant. Prior to founding Real Property Research Group in 2001, Bob directed the real estate research subsidiaries of Reznick Fedder & Silverman and Legg Mason. As a housing economist with the Baltimore Metropolitan Council in the 1970s, he administered housing programs and redesigned the agency’s building permit monitoring system. Bob oversees the execution and completion of all of the firm’s research assignments, ranging from a strategic assessment of new development and building opportunities throughout a region to the development and refinement of a particular product on a specific site. He combines extensive experience in the real estate industry with capabilities in database development and information management. Over the years, he has developed a series of information products and proprietary databases serving real estate professionals. Bob has lectured and written extensively on the subject of residential real estate market analysis. He has served as a panel member, speaker, and lecturer at events held by the National Association of Homebuilders, the National Council on Seniors’ Housing, and various local homebuilder associations. Bob serves as an adjunct professor for the Graduate Programs in Real Estate Development, School of Architecture, Planning and Preservation, University of Maryland College Park. Bob Lefenfeld currently serves as NCAHMA's (National Council of Affordable Housing Market Analyst) Immediate Past Chair and is a board member of the Baltimore chapter of Lambda Alpha Land Economics Society. Bob holds a Master of Urban and Regional Planning degree from The George Washington University and a Bachelor of Arts degree - Political Science from Northeastern University. Nancy Lefenfeld, Founding Principal Nancy Lefenfeld has conducted real estate market feasibility analyses and related types of real estate assessments for 30 years. For RPRG and its predecessor company, Lefenfeld Associates, she has analyzed proposed housing developments, office and industrial parks and buildings, neighborhood and community shopping centers, and specialized land uses in the Eastern United States. Prior to the formation of Lefenfeld Associates, Ms. Lefenfeld served as a Vice President of Legg Mason Realty Group, where she directed the preparation of market feasibility analyses as well as planning and redevelopment studies. Ms. Lefenfeld began her professional career working at Morton Hoffman and Company, Inc., a Baltimore urban and economic consulting company. Nan manages the firm’s Due Diligence practice. Nan has led the market study review for all 9 percent tax credit studies submitted to the State of Indiana since 2006. She has also conducted reviews of studies for the State of Maine as well as private entities such as Reznick Group and Enterprise. Nan holds a Master of Science degree in Urban and Regional Planning from Johns Hopkins University and a Bachelor of Arts degree from the University of Maryland, College Park. Tad Scepaniak, Principal Tad Scepaniak directs the Atlanta office of Real Property Research Group and leads the firm’s affordable housing practice. Tad directs the firm’s efforts in the southeast and south central United States and has worked extensively in North Carolina, South Carolina, Georgia, Florida, Tennessee, Iowa, and Michigan. He specializes in the preparation of market feasibility studies for rental housing communities, including market-rate apartments developed under the HUD 221(d)(4) program and affordable housing built under the Low-Income Housing Tax Credit program. Along with work for developer clients, Tad is the key contact for research contracts with the North Carolina, South Carolina, Georgia, Michigan, and Iowa Housing Finance agencies. Tad is also responsible for development and implementation of many of the firm’s automated systems. Tad is a member of the Standards Committee of the National Council of Affordable Housing Market Analysts (NCAHMA). He has taken a lead role in the development of the organization's Standard Definitions and Recommended Market Study Content, and he has authored and co-authored white papers on market areas, derivation of market rents, and selection of comparable properties. Tad is also a founding member of the Atlanta chapter of the Lambda Alpha Land Economics Society. Tad holds a Bachelor of Science degree from Berry College in Rome, Georgia. Michael Kivov, Director Michael Kivov directs the firm’s senior housing practice, having addressed the retirement housing and long-term care industries since 1996. He has worked as a consultant to a wide variety of clients, including public companies, for and non-profit providers, developers, lenders, institutional investors, health systems, government agencies, and housing finance agencies. Michael has extensive experience with new development, repositioning of existing product, acquisitions, and portfolio/asset disposition assessments. He has worked on assignments financed through conventional debt, HUD/FHA, FannieMae DUS, and other local government funding, as well as private/equity investment. Prior to joining RPRG, Michael served as the Director of Feasibility and Strategic Services for PMD Advisory Services. He also worked with ZA Consulting, a national health care and long-term care consulting firm based in the Philadelphia area, and operated his own consultancy. An active member of several leading industry organizations, Michael has been a speaker at national and regional conferences for the American Association of Homes and Services for the Aging (AAHSA) and the National Association of Home Builders (NAHB). He also presently serves as the Treasurer for St. Mary’s Court, an elderly low-income (HUD Section 202) property in Washington, DC, and led the organization through a Section 223f refinancing that successfully closed in 2008. Michael has a Bachelor of Arts degree in psychology from Emory University. James Riggs, Director James Riggs is responsible for the firm’s Community Impact Analysis practice. James has more than 15 years of experience in all aspects of real estate development, financial and market feasibility analyses, project finance and due diligence, project management and economic development. His prior real estate development experience brings a developer’s perspective to his economic and market research work at RPRG. Prior to joining RPRG as a Director, James managed the development activities for a real estate development company in Maryland specializing in affordable rental housing and for sale development. James also worked at the Reznick Group as part of its transaction structuring and real estate advisory group, preparing financial models for affordable housing, historic tax credit and traditional commercial real estate projects. Also at Reznick, James was a market analyst with the RF&S Realty Advisors group. James has a Master of Science in Real Estate Development from Johns Hopkins University and two undergraduate degrees from Ball State University’s College of Architecture and Planning, a Bachelor of Urban Planning and Development and a Bachelor of Science in Environmental Design. Brian Dylong, Senior Analyst Brian Dylong joined Real Property Research Group as an Analyst in 2005. Prior to that time, he had conducted guided research and provided research support on topics such as exclusionary zoning, land markets, and urban economics at the National Center for Smart Growth. Brian gained relevant affordable housing experience working in a direct service environment with the Los Angeles-based organization Beyond Shelter, where he assisted homeless families in the search for rental housing and interacted with local housing authorities regarding the Section 8 housing choice voucher program. Earlier in his career, Brian was employed as an Economic Development Analyst with the Council for Urban Economic Development in Washington, DC, consulting with federal and local government clients on various economic development plans and projects. Brian holds a Master degree in Community and Urban Planning from the University of Maryland College Park and a Bachelor of Arts degree in history from the University of Notre Dame. Gerald Levin, Senior Analyst Jerry Levin has 30 years of experience in all aspects of real estate development, financial and market feasibility analyses, financing and due diligence, project management, marketing, and development programming. His prior professional work experience in real estate development and asset management complements the market research experience he has gained at Gladstone Associates and Real Property Research Group. Prior to joining RPRG Jerry was part of senior management at Landex Corporation, a regional development and property management firm specializing in redevelopment of multi-family properties, and at Struever Bros., Eccles & Rouse, Baltimore’s largest developer of historic properties. He served 12 years as Vice President of Chevy Chase/B. F. Saul Co. in Washington, D.C., where he managed residential and commercial real estate portfolios in both the development and work-out departments. He also served as Financial Services Officer for the Baltimore Economic Development Corporation. Jerry has a Master degree in Urban and Regional Planning from the University of North Carolina at Chapel Hill and Bachelor of Arts degree in economics from Yale University. Elissa Golin, Analyst Elissa Golin has broad experience in preparing market feasibility analyses for residential real estate projects. In recent years she has worked for RPRG, providing residential builders and developers with product recommendations based on an analysis of the competitive environment and demographic trends. She has also concentrated in the area of affordable housing, conducting feasibility studies to conform to the state requirements for Low Income Housing Tax Credit applications. In this capacity, she has covered the gamut of rental housing, including age-restricted and special needs communities, as well as those for the general population, in urban and suburban settings. Elissa’s education includes a Masters degree in Business Administration from the University of Maryland, College Park, and a Bachelor of Science degree in Music and Arts Administration, Indiana University, Bloomington. Kara Olsen Salazar, Analyst Kara Olsen Salazar entered the field of market research in 2005 as a Research Associate at RPRG, gathering economic, demographic, and competitive data for market feasibility analyses. Kara’s background is in affordable housing advocacy and community development, specifically in the Latino community. She started as an intern at The Resurrection Project and Americorps in Chicago, where she worked on affordable housing, economic development and employment organizing. As an analyst, Kara has prepared market studies for submission to Maryland and Virginia’s competitive nine percent Low Income Housing Tax Credit allocation rounds. This includes researching and writing investment memos, which document recent public and private investment in the market. Several of these studies have examined the feasibility of renovating existing family and senior rental communities. Kara has also worked extensively in the District of Columbia, assisting public and private clients in designing appropriate residential products for markets throughout the city. Kara has a Bachelor of Arts degree in political science from Wheaton College in Wheaton, Illinois. Gary Amey, Jr., Analyst Gary has worked in the real estate research industry since 2004. Prior to joining RPRG in 2009, Gary was a Real Estate Analyst in the Valuation and Government Consulting team of Novogradac & Company LLP. Gary was responsible for conducting market feasibility studies for an array of project types, including mixed-use, adaptive re-use, proposed and existing LIHTC, Section 8, USDA Rural Development, age-restricted, and general market-rate properties. Previously, Gary worked for Hanley Wood Market Intelligence as a Research Associate, at which time he analyzed sales and pricing trends of new home communities in the Baltimore market. Gary has a Bachelor of Science degree in Economics and Sports Management from Towson University. Michael Riley, Analyst Michael Riley joined the Atlanta office of Real Property Research Group upon college graduation in 2006. Beginning as a Research Associate, Michael gathered economic, demographic, and competitive data for market feasibility analyses, concentrating in family and senior affordable housing. Since transitioning to an Analyst position in 2007, he has performed market analyses for both affordable and market rate rental developments throughout the southeastern United States, Georgia, North Carolina, South Carolina, Iowa, Michigan and Tennessee. Michael has also assisted in the development of research tools for the organization. He developed a rent comparability table that is now incorporated in many RPRG analyses. Michael holds a Bachelor of Business Administration–Finance from the University of Georgia.
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