Houston — Jared Miller and Michael Augustine join the company.
Houston — Innovative Real Estate Companies is expanding its team to prepare for growth it says will be "significant" and to focus on developing, acquiring and managing a wider variety of multifamily communities.
The firm has also hired two executives the company calls "C-level" to help lead the expansion. Jared Miller is now president of multifamily operations, chief marketing officer and partner. Michael Augustine is now president of Innovative Real Estate Development, chief investment officer and partner.
"Innovative was formed to defy the conventional approach to student housing, and we are now doing the same in the market-rate multifamily sector," says Innovative CEO Doug Sherman. "We don't define our value based on unit count, but on the service we provide to investors, partners and residents."
"The addition of Mike and Jared to our team is a major milestone for us," added Innovative COO David Neef. "Our leadership defines us, and both Mike and Jared bring incredible experience to the team in the multifamily and student housing arenas. We are going to push the envelope, and one way we are doing that is through an NOI-based management fee, where our fee isn't tied solely to revenue, but also to NOI. That is powerful, and it clearly shows how much we believe in the platform we've created and the quality of the Innovative team."
Sherman and Neef founded the company in 2010.