The COVID-19 pandemic has exposed the ugly truth about inequality in our society. One of the issues that has been brought to light is affordable housing. Many low-income individuals or families cannot afford a decent place to live in, and far too often must resort to the substandard offerings of slumlords. However, real estate magnate Marc Menowitz is out to change this. With an MBA from the renowned Marshall School of Business, USC, Marc Menowitz introduced automation to his century-old family business. Menowitz Management was founded in the early 1900s. Marc’s grandfather Harold grew the business by developing multifamily and commercial properties in New York City. Marc and Todd are the third generation to run the family business which has been now rebranded as Apartment Corp.
Today, Marc Menowitz and his family own nearly 14,435 multifamily homes and more than 3,000,000 square feet of commercial real estate in 17 states. Marc’s area of expertise is adding affordable housing to the company’s portfolio. His focus is on Section 8 apartment buildings and properties developed using the Low-Income Housing Tax Credits. With millions of people unable to pay their rent due to the pandemic, affordable housing is buzzing in the real estate market. Millions of people are facing eviction due to being out of work, including even those who had no issues paying their rents previously. By focusing on affordable housing, Marc is not only growing his company, but he is also fulfilling a basic necessity for many people. It is a formula that can withstand almost any economic climate.
This expertise in affordable properties has created a formidable reputation for Marc Menowitz. Others in the industry seek his counsel to add affordable housing to their portfolio and create a recession-proof entry to their holdings. Yet, Marc clearly tells them that time and effort are significant commitments to this endeavor. Exposed to the family business from a very young age, it instilled a tremendous work ethic in Marc, who often sees 80+ hour weeks to ensure the success of Apartment Corp. Despite this hard work, he has almost gone under twice. But the decision to specialize in affordable housing strengthened the company and even caused it to thrive under the most daunting economic downturns. Thanks to Marc’s speculation and decision to only buy properties that promised steady cash flow, Apartment Corp has seen substantial growth, even in the wake of a global pandemic.
With plans to scale his company even further, Marc’s goal is to grow his portfolio to 25,000 units and grow private equity from $25 million to $250 million. His advice to others in the real estate industry: find a niche, become an expert in that niche, and keep utilizing it. These are suggestions to take seriously as they are literally the path Marc took to find great success in a shaky economy. With over 100 years of combined experience in real estate investment, development, and management, the Menowitz family has firmly established itself as one of the premier agencies in their field. Thanks to Marc Menowitz’s expansion of the firm’s affordable housing holdings, Apartment Corp promises to have a bright future even in the darkest of times.
Presented by: DN News Desk