A number of non-traded REIT’s sponsored by Resource Real Estate announced that Kevin Finkel has resigned from his executive and board positions at the companies. According to filings with the Securities and Exchange Commission, his resignations were not due to any disagreement with the companies, its advisors, or any of their affiliates.
Finkel resigned as chairman of the board of directors and chief executive officer of Resource Apartment REIT III Inc., and the board appointed the REIT’s chief operating officer and president Alan Feldman to replace Finkel as CEO, while George Carleton will serve as the new COO and president.
Finkel also resigned as COO, president, and member of the board of Resource Income & Opportunity REIT Inc., Resource Real Estate Opportunity REIT, and Resource Real Estate Opportunity REIT II Inc. The board also appointed Carleton as COO and president of the three REITs from which Finkel resigned his positions.
Carleton has served as a director of the Resource Real Estate Opportunity REIT II and executive vice president of Resource America since September 2016. He is an executive managing director of Island Capital Group LLC, a commercial real estate merchant banking firm headquartered in New York.
Since its formation in 2010, Carleton has also served as an executive managing director of commercial real estate investment firm C-III Capital Partners LLC, which is externally managed by Island. Prior to joining Island, Carleton was a senior managing director of Insignia Financial Group (NYSE: IFS), a publicly traded commercial real estate services company that merged with CB Richard Ellis in 2003. He received a bachelor’s degree from Florida Atlantic University and a master’s degree from American University.
Resource Real Estate Inc. has sponsored a range of investment vehicles, including traded and non-traded REITs, limited partnerships, joint ventures with institutional partners and global securities. Resource America Inc., the parent company of Resource Real Estate and subsidiary of C-III Capital Partners, is an asset management company that specializes in real estate and credit investments. C-III Capital Partners is a real estate and credit investment management and commercial property services company.