NMHC Top Manager Commits to Strategic Growth in the BTR Sector with Senior Leadership Promotion
ATLANTA, G.A. (August 2, 2023) – RangeWater Real Estate, a fully integrated rental housing company with assets across the Sun Belt and Mountain West, announces the promotion of Patrick Burke to Senior Managing Director of Property Management, Build-to-Rent (BTR). In this role, Burke will oversee RangeWater’s national BTR platform including not only the firm’s owned portfolio under the Storia brand, but also all third-party management assignments.
Burke brings a wealth of real estate experience to the BTR team. Throughout his 20-year multifamily career, the most recent 13 of which have been with RangeWater, he has held various leadership roles to support the Property Management and Asset Management divisions. In his most recent position as Senior Director of Asset Management, Burke established and executed business plans across the portfolio by nurturing long-standing relationships with investment partners, lenders, and property management teams.
“We are thrilled to welcome Patrick back to RangeWater’s Property Management division,” says Executive Managing Director of Property Management Sherry Freitas. “His deep understanding of asset management principles and market dynamics coupled with his innate knowledge of RangeWater’s culture makes this decision a win-win.”
“It’s remarkable that in just two and a half years, Build-to-Rent neighborhoods now represent 23 percent of our overall management portfolio unit count, with conventional multifamily making up the rest,” adds Freitas. “We are trusted by dozens of clients who have awarded us over 150 BTR assets representing 22,901 homes nationwide to date.”
Regarding his new role, Burke says, “I am excited to support the strategic growth of the Property Management BTR division. With the dramatic slowdown in homebuying, we anticipate that rental housing demand will continue to rise and single-family for-rent neighborhoods will be a solid play long-term. I’m eager to bring an asset management perspective to the team and better serve our residents and clients in doing so.”
Burke’s promotion is timely as RangeWater’s BTR platform, Storia, gains momentum with a strong development pipeline. RangeWater has started construction on 1,131 BTR single-family and townhome units across eight projects in the last 18 months. Notable neighborhoods include Annalise in Bradenton, Florida; The Palo in Fort Worth, Texas; Caliza at the Loop in San Antonio, Texas; The Darby in Austin, Texas; Lupine in Denver, Colorado; Bellerose at Bees Ferry in Charleston, South Carolina; The Maggie in the San Jose neighborhood of Jacksonville, Florida; and The Mabry in Lawrenceville, Georgia.
A graduate of Florida State University, Burke also holds his CPM (Certified Property Manager) designation through the Institute of Real Estate Management. He is actively engaged with the Atlanta and Georgia Apartment Associations as a committee member and panelist. An avid golfer and passionate supporter of live music, Burke lives in Atlanta with his wife, Kristin, and their children Charlie and Emily.