resumes
The founding principals of the firm each have 30 years of experience in providing consultation, information services, and market feasibility assessments to the real estate industry. Our analysts are trained in urban planning, economics, business administration, marketing, and market research and have professional experience in the finance, homebuilding, sales and development, and data management industries as well as in real estate research and consulting.

Robert Lefenfeld | Nancy Lefenfeld | Tad Scepaniak | Michael D. Kivov | James Riggs
  Brian Dylong | Elissa Golin | Rose Mary Tallon  | Kara Olsen Salazar |

 


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 is a founding member of the National Council of Affordable Housing Market Analysts, and he currently serves as Chair of that organization.  He is a board member of the Baltimore chapter of the Lambda Alpha Land Economics Society.  He holds a Master of Science degree in Urban and Regional Planning from the George Washington University and a Bachelor of Arts degree from Northeastern University.

Top of Page


Nancy Lefenfeld, Founding Principal

Over the past 30 years, Nan Lefenfeld has prepared market feasibility studies and related types of economic and planning analyses for housing, commercial, industrial, and special use projects.  She serves as an expert witness before local land use boards on the marketability of, need for, and anticipated fiscal and economic impacts of proposed development projects.  Prior to 2001, Nan directed the firm’s predecessor organization, Lefenfeld Associates.  Earlier she served as a Vice President of Legg Mason Realty Group and as a Project Director at Morton Hoffman and Company.

Nan specializes in the preparation of market feasibility studies for various types of housing products that serve the needs and preferences of seniors. Continuing care retirement communities (CCRCs), luxury active adult communities, assisted living residences, and market-rate and affordable rental developments are a few of the types of seniors’ housing developments that she has addressed.  Another area of her expertise is the development of residential, commercial, and mixed-use projects in downtown and in-town neighborhoods. 

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.

Top of Page


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, and Kentucky.  He specializes in the preparation of market feasibility studies for rental housing communities, including market-rate apartments developed under the HUD 221d)(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 state agency research contracts with North Carolina, South Carolina, Georgia, 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 holds a Bachelor of Science degree from Berry College in Rome, Georgia.

Top of Page


 

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, 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 National Association of Home Builders (NAHB) and the American Association of Homes and Services for the Aging (AAHSA).  He also presently serves as the Treasurer for St. Mary’s Court, an elderly low-income (HUD Section 202) property in Washington, DC. Michael has a Bachelor of Arts in psychology from Emory University.  

Top of Page

 

 


James Riggs, Director

James Riggs has 15 years of experience in all aspects of real estate development, financial and market feasibility analyses, financing and due diligence, project management and Economic Development experience.  His prior professional work experience in real estate development and asset management complements the market research experience.  Prior to joining RPRG as a Director, James was part of senior management team at The Bell Group, a regional development and property management firm specializing in affordable rental housing and for sale development . Prior to the Bell Group, James worked at the Reznick Group, first as market analyst with RF&S Realty Advisors and later part of Reznick's  transaction and  real estate structuring group.  James has a Masters of of Science in Real Estate  from the Johns Hopkins University and Bachelor of Urban Planning and Development and a Bachelor of Science- Environmental Design from Ball State University.  

Top of Page


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 Masters 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.

Top of Page


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 in Business Administration from the University of Maryland, College Park, and a Bachelor of Science in Music and Arts Administration, Indiana University, Bloomington.

Top of Page


Rose Mary Tallon, Analyst

Rose Mary Tallon has 14 years of experience in the real estate industry.  From 1993 to 1997, she was the lead analyst/project director for all market feasibility studies conducted by Van Scoyoc Associates (subsequently Constellation Senior Services), in Arlington, Virginia.  Rose Mary authored all reports and developed key product recommendations, for both CSSI and third party clients.  From 1997 to 2004, Ms. Tallon served as a Vice President of Delta Associates of Alexandria, Virginia, acting as lead analyst/project manager for over 100 market studies that encompassed a wide range of asset types, including apartments, tax credit rental units, student housing, active adult communities, and condominiums.  From 2004 to 2007, Rose Mary engaged in real estate sales in Northern Virginia and on Maryland’s Eastern Shore.  She joined Real Property Research Group in 2007.  Rose Mary has a Bachelor of Arts degree in Communications from the American University in Washington, D.C.

Top of Page

 


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, an affordable housing development corporation in Chicago.  Following this she served as an AmeriCorps volunteer at the Near Northwest Neighborhood Network in Chicago, where she worked on affordable housing, economic development and employment organizing.  Kara holds a Bachelor of Arts – Political Science; Wheaton College, Wheaton, Illinois

Top of Page