Multi-generational family businesses are very special organizations that serve as legacies in the future. While several legendary names in the industry have ceased to operate as a fallout of the devastating COVID-19 pandemic, Menowitz Management, now under the name of Apartment Corp, continues to flourish even today. Here, the current chairman and CEO of the company, Marc Menowitz, shares his insights on carrying forward a family legacy.
Founded in the early 1900s, Menowitz Management was launched by Harold Menowitz while developing multifamily and commercial properties in New York City. Harold’s son, Frederick, not only continued the business but also scaled it up. He achieved this by further developing local properties and acquiring apartment buildings across the nation. Today, Todd and Marc Menowitz are the third generation to manage this booming company which has been rebranded as Apartment Corp.
Marc Menowitz holds an MBA from the prestigious Marshall School of Business, USC, with expertise in field, service, and factory automation. He was the first real estate professional to apply automated tracking to his company’s applications and operations. This has vastly improved productivity, inventory control, and logistics, paving the way for Marc to expand his holdings on a nationwide level. Today, Apartment Corp owns around 14,435 multifamily units and more than 3,000,000 square feet of commercial real estate across 17 states. The organization specializes in affordable, value-added acquisitions which has established a strong record across numerous market cycles, including the current economic climate.
The current focus of Apartment Corp is to expand their multifamily portfolio with Section 8 buildings and properties developed using the Low-Income Housing Tax Credit. Marc Menowitz oversees the growth of the firm’s portfolio of affordable properties through continued development and acquisitions. This prompted him to pursue a new endeavor. Using his knowledge and experience in real estate finance, he launched a private equity firm. This group is due to raise $25 million in its first draw, getting Marc closer to his goal of owning 25,000 real estate units. The next step is to expand the firm and raise it up to $250 million.
Being part of a family business instilled a strong work ethic in this real estate tycoon at a very young age. Today, Marc credits that ethic as a critical component of Menowitz Management’s growth and evolution into Apartment Corp. It also drives him to further succeed in helping people from low-income groups find quality affordable housing. Marc has recently added a venture outside of real estate to his business portfolio in the lucrative social media marketing field. Model House is an agency that pairs influencers up with brands for monetized relationships. This is accomplished with affiliate marketing, brand placement, content creation, brand building, and social media advertising. After all, if anyone knows the value of networking, it is this successful real estate mogul.
Today, the Menowitz family has more than 100 years of combined investment, development, and management experience in real estate. Apartment Corp has corporate offices In New York and Los Angeles and employs over 1,000 people across 17 states. Thanks to Marc Menowitz’s ingenious idea of introducing automation to the company, it has seen exponential growth and the continuation of the Menowitz legacy.
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