Mr. Tanaka founded Randolph Street Realty Capital (“RSRC”) in September 2009 and has since acquired over $250 million of distressed and value-add multifamily properties. The properties are located in Seattle, Chicago, Fort Lauderdale and San Diego. RSRC initially focused on acquiring bank owned distressed assets in high barrier to entry markets, which require some level of construction or lease up to stabilize. RSRC has since focused on assets RSRC believes are significantly below replacement value while providing a stabilized yield to our investors. We are also developing properties in core locations that provide an above market stabilized yield and IRR. Mr. Tanaka oversees construction management, transactions and asset management for RSRC.
Mr. Tanaka has over 28 years of real estate experience managing, financing, acquiring and selling income producing retail and multifamily properties. The majority of his career has been with the Sam Zell organization where he honed his skills of opportunistically buying assets and operating portfolio assets to maximize returns.
Prior to founding RSRC, Mr. Tanaka was responsible for running the condominium conversion business at Equity Residential (NYSE:EQR). Mr. Tanaka was responsible for utilizing a core team to create one of the nation’s largest and most successful condominium conversion companies. Under Mr. Tanaka’s leadership, EQR successfully completed over 30 condominium conversions consisting of 5,000 units producing approximately $1 billion in sales and generating profits in excess of $125 million dollars.
Mr. Tanaka also has experience in the Capital Markets arena where he managed EQR’s structured finance deals, including both their stabilized asset and joint venture development businesses. During a five year period, Mr. Tanaka negotiated and structured over $1.5 billion of joint venture transactions, which included partner takeouts, acquisitions, dispositions and development.