Amli Residential, a major U.S. multifamily developer and investor based in Chicago, is changing its top leadership for the first time since the company’s founding in 1980.
Fred Schreiber has been promoted to CEO from his previous role as executive vice president and chief operating officer. Taylor Bowen is now CEO of Amli Development Co., from his previous role as president of that Amli affiliate.
Longtime Chairman and CEO Gregory Mutz will remain in his chairman role, while former President Philip Tague becomes vice chairman.
The moves come after U.S. multifamily rents grew slightly in December, according to CoStar-owned Apartments.com, a reversal of five previous months of flat or negative growth.
“Amli’s executive management succession plan has been in place for about three years,” Mutz said in an email to CoStar News. “Fred and Taylor have increasingly stepped up and undertaken greater responsibility and management oversight each year throughout this transition period. My guess is that not a whole lot will change as Amli’s culture, strategy, organization and capital structure remain the same. Phil and I intend to continue to be active and engaged supporting Fred and Taylor as we take Amli to the next level of success and growth.”
Mutz and fellow lawyer John Allen founded Amli in 1980. The firm went public in 1994 as Amli Residential Properties Trust, before Morgan Stanley Real Estate Investing paid $2.1 billion to take the company private in 2006. The company remains a Morgan Stanley subsidiary.
The firm now owns about 26,000 units throughout the country with an asset valuation of about $12.5 billion, Mutz said.
In one recent acquisition, Amli paid $134 million for the 275-unit Milieu apartment tower in Chicago’s West Loop.
The company has almost 900 employees, with the largest offices in Chicago, Atlanta and Dallas, according to Mutz.
Schreiber is based in the company’s Chicago headquarters, with Bowen in Dallas.