A Track Record of Consistent Performance

Croatan Investments is a private equity real estate manager focused on multifamily investments.  For over 17 years, we have had a passion for uncovering new opportunities with excellent intrinsic value and the goal of preserving the trust of our investors. 

The team is comprised of real estate and project management professionals who intimately understand the firm’s target markets and identify opportunities across each stage of the market cycle. Our track record is a reflection of our commitment to excellence, discipline, and expertise.

Headquartered in Virginia Beach, VA, Croatan has team members operating in Atlanta, Austin, Dallas, New York City, and Singapore. The portfolio currently consists of multifamily assets across the Mid-Atlantic and Sun Belt.

Croatan is proud to be a certified minority-owned company.

17-Year

Track Record of Success

$929M

Assets Purchased1

32.1%

Gross IRR2

18

Professionals Across 4 States and 2 Countries

1Market value on current portfolio derived utilizing a 5.1% cap rate on in-place NOI. In-place NOI includes a $275/unit replacement reserve and real estate tax expense based on a weighted-average tax reassessment at 100% of market value.

2Gross metrics are calculated before deducting fees and other expenses, which are expected to be substantial. Past Performance is not indicative of future results.

Execution of a Dynamic Strategy
2004
Company Founded
2004 - 2006
Income Recovery & Growth

Purchased income-producing properties with depressed rents and occupancy.

18.2% Gross IRR | 2.58x Equity Multiple

6 properties | 1,362 units

2006 - 2008
Excessive Valuation

Sat out overvalued market.

2008 - 2014
Distressed Market

Purchased assets from distressed sellers at discounted values. Also invested preferred equity during a liquidity crunch to produce superior risk-adjusted returns.

43.0% Gross IRR | 2.93x Equity Multiple

9 properties | 2,232 units

2014 - 2016
Value Add

Purchased and renovated Class B and C properties with a large rental rate discount to nearby Class A product.

39.9% Gross IRR | 2.99x Equity Multiple

8 properties | 1,546 units

2016 - 2019
Cap Rate Inefficiency

Purchased assets in the Norfolk-Virginia Beach MSA trading at a historic pricing discount to other cities.

36.1% Gross IRR | 1.85x Equity Multiple

6 properties | 1,930 units

2019 - 2020
Liquid Market

Identified an opportunity to service a growing demand for 1031 Exchanges and provide retail investors access to securitized, institutional-quality real estate offerings.

1 property | 200 units

2020 - Present
Market Dislocation

Took advantage of opportunities arising from event-driven real estate and capital markets disruption of the COVID pandemic.

2 properties | 326 units

2004
2004
2006
2008
2014
2016
2019
2020
Our Team
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Paul Van

Chief Executive Officer
Chief Investment Officer

Paul Van is the Chief Executive Officer and Chief Investment Officer of Croatan Investments. Maintaining the vision for Croatan is his main focus, which includes growth planning and corporate culture development. He also guides Croatan’s overall investment strategy and provides leadership to the firm’s transactions function.

Mr. Van began his career as a mergers and acquisitions investment banker at UBS in New York City and advised on transactions in the gaming, consumer product, food service, agricultural, healthcare, and technology industries. Mr. Van then transitioned to Harbor Group International where he became a Vice President of Acquisitions covering multifamily markets across the Mid-Atlantic, Southeast, Midwest and Texas.

Mr. Van is currently active with the Urban Land Institute (ULI), National Multi-Housing Council (NMHC), Alternative & Direct Investment Securities Association (ADISA), and Association of Asian American Investment Managers (AAAIM). He received his Bachelor of Arts degree from Duke University.

Paul Van

Chief Executive Officer
Chief Investment Officer

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Eric Smith

Chief Operating Officer

Eric Smith is the Chief Operating Officer of Croatan Investments. Executing the corporate growth plan and driving efficiency across the day-to-day operations of the firm is his main focus. He also provides leadership to the firm’s capital markets function and ground-up development investment efforts.

Mr. Smith most recently served as Chief Operating Officer and Chief Investment Officer for Armada Hoffler Properties (NYSE: AHH), a publicly-traded REIT. His experience includes a broad range of asset types, including multifamily, retail, office, mixed-use, and hospitality, across the mid-Atlantic and Southeastern U.S.

In addition to the acquisition of stabilized assets, Mr. Smith had oversight of over $1 billion of development projects during his tenure as COO and CIO of Armada Hoffler with many of these projects containing a public-private partnership component. Mr. Smith was also part of the three-member executive team that shepherded Armada Hoffler through its 2013 IPO on the New York Stock Exchange which raised in excess of $230 million.

Mr. Smith spent the early years of his career in the management consulting, international corporate finance, and investment advisory fields as well as owning his own trading seat on the New York Futures Exchange. Mr. Smith holds a Master of Business Administration from The Wharton School at the University of Pennsylvania and a Bachelor of Science in Finance from the University of Connecticut.

Eric Smith

Chief Operating Officer

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Jeffrey Mack

Chief Administrative Officer
Head of Portfolio Management

Jeffrey Mack is the Chief Administrative Officer & Head of Portfolio Management of Croatan Investments. He provides management and leadership to the firm’s asset management, construction management, fund management, accounting, and corporate administration functions.

Mr. Mack brings 30 years of extensive experience and expertise in real estate investment management covering multifamily, office, retail, industrial, and parking asset types. Most recently, Mr. Mack served as a senior executive at CIM Group where he oversaw a multibillion-dollar national portfolio and managed a team of over 250 personnel. His previous experience includes positions at Jones Lang LaSalle, publicly-traded REIT SITE Centers (NYSE: SITC), and Robinson Development Group. Mr. Mack has also performed advisory work for Harbor Group International as a consultant.

Mr. Mack holds a Master of Business Administration from The University Chicago Booth School of Business and a Bachelor of Arts in Economics and Computer Studies from Northwestern University.

Jeffrey Mack

Chief Administrative Officer
Head of Portfolio Management

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Adam Nelik

Vice President

Capital Markets

Adam Nelik is a Vice President of Capital Markets for Croatan Investments.  He is primarily focused on building and expanding the firm’s private wealth investor base, joint venture partnerships, and institutional relationships. 

Prior to Croatan, Mr. Nelik was a director for Henley USA and held previous posts at Morgan Stanley Investment Management, TD Ameritrade, and Morgan Stanley Wealth Management.  Over the course of his career, Adam has successfully raised capital for both alternative and traditional strategies, covering both direct- and fund-level investments for a variety of clients.  He received his Bachelor's degree in Finance from Pennsylvania State University and earned his Master's of Business Administration from New York University's Stern School of Business.  Mr. Nelik currently holds a Chartered Alternative Investment Analyst (CAIA) designation as well as Series 7 and 66 licenses.

Adam Nelik

Vice President

Capital Markets

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Angus Yau

Senior Associate

Asset Management

Angus Yau is a Senior Associate at Croatan Investments.  He provides analytical support for the asset management team.

Prior to joining Croatan Investments, Mr. Yau served as a Senior Analyst on Cushman & Wakefield’s Research & Consultancy team in Hong Kong and focused on providing reports and research on residential, office, retail, and industrial sectors; and advisory services to financial service firms and developers.  Mr. Yau is a member of the Association of Asian American Investment Managers (AAAIM) and received his Master’s degree in Business Administration from The Mason School of Business at The College of William & Mary and a Bachelor of Science degree in Business Administration with a double major in Finance and Business Analytics from Old Dominion University.

 

Angus Yau

Senior Associate

Asset Management

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Ben Arrington

Senior Associate

Transactions

Ben Arrington is a Senior Associate at Croatan Investments.  He is responsible for identifying, underwriting, and structuring investments across the company’s portfolio as well as serving as a liaison with capital partners.

Prior to joining Croatan, Mr. Arrington was a Senior Acquisitions Analyst and Asset Manager for Cohen Investment Group.  He was also previously an associate at Wheeler Real Estate where he served as a Property Manager before transitioning to Development Coordinator.  In those roles, Mr. Arrington assisted with a number of redevelopment projects and the managed of a portfolio consisting of 13 shopping centers totaling over a million square feet.  Mr. Arrington received a dual Bachelor’s degree in Business Administration and Hospitality & Tourism Management from the College of Charleston.

 

Ben Arrington

Senior Associate

Transactions

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Charles Barry

Director of National Accounts

Charles Barry is the Director of National Accounts at Croatan Investments.  He is focused on business development and sales, as well as marketing to broker-dealers, registered representatives, and registered investment advisors.

For two decades, Mr. Barry has raised capital in the broker-dealer channel for REITs, TICs, DSTs, and other offering types.  Mr. Barry has been involved with the Alternative & Direct Investment Securities Association (ADISA) since 2003 and attended the University of Massachusetts at Amherst.  He holds FINRA licenses 6, 7, 26, 24, and 63.  He is also a licensed realtor and auctioneer in the State of Texas.

Charles Barry

Director of National Accounts

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Chris Madden

Senior Vice President
Asset Management

Chris Madden is a Senior Vice President at Croatan Investments.  Mr. Madden executes the firm’s investment strategy at the asset-level and focuses on value creation through direct oversight of property operations and capital programs.  He is also intimately involved with acquisitions, financings, dispositions, and investor relations.

Prior to joining Croatan Investments,  Mr. Madden priced and securitized residential mortgages at Atlantic Bay Mortgage Group.

Mr. Madden is a member of the Urban Land Institute (ULI), National Multi-Housing Council (NMHC) and various civic organizations.  He received his Bachelor of Science degree in Business Administration with a concentration in Finance from East Carolina University.

Chris Madden

Senior Vice President
Asset Management

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Cindy Lloyd, CPA

Vice President

Partnership Accounting

Cindy Lloyd is the Vice President of Partnership Accounting at Croatan Investments.  She manages the accounting systems and financial information for the company’s investment partnerships and implements processes to ensure compliance with reporting requirements.

Prior to joining Croatan, Mrs. Lloyd was the Manager of Partnership Accounting at Harbor Group International.  She also brings years of property accounting experience from her tenure in the multifamily industry.  Mrs. Lloyd is a licensed Certified Public Accountant (CPA) in the State of Virginia.  She received her Bachelor of Science degree in Business Administration with a specialization in Accounting from Capella University.

 

Cindy Lloyd, CPA

Vice President

Partnership Accounting

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Elizabeth Agbuya

Vice President

Capital Markets

Elizabeth Agbuya is the Head of Investor Relations and a Vice President of Capital Markets for Croatan Investments.  Her primary focus is executing the goals and initiatives of the capital markets team and leading the investor relations function of the firm.

Prior to Croatan, Ms. Agbuya dedicated several years to the defense industry supporting renewable energy, storage, and power management solutions for the U.S. Army, Navy, and Marine Corps.  Ms. Agbuya is a member of the Association of Asian American Investment Managers (AAAIM) and received her Bachelor of Science degree in Business Administration from Old Dominion University.

Elizabeth Agbuya

Vice President

Capital Markets

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Elizabeth Moen, CPA

Vice President

Corporate Accounting

Elizabeth Moen is the Vice President of Corporate Accounting for Croatan Investments.  She manages corporate accounting and oversees investor distributions for the company.  

Prior to joining Croatan, she was a Financial Auditor with PwC, worked in private industry, and was a small business consultant.  Mrs. Moen is a member of the Association of Asian American Investment Managers (AAAIM) and the Virginia Society of CPAs. She has held her CPA license for over 20 years and received her Bachelor of Accounting and Master of Accountancy with a focus in Information Systems from Virginia Tech.

Elizabeth Moen, CPA

Vice President

Corporate Accounting

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Geoffrey Chen

Senior Vice President
Capital Markets

Geoffrey “Geo” Chen is a Senior Vice President at Croatan Investments. Mr. Chen involved in business development and capital sourcing.

Mr. Chen started his career in New York City as a currency trader for the Royal Bank of Scotland. He then segued to Credit Suisse in Singapore where he managed the developed markets currency trading business. In 2017, Mr. Chen left the banking industry to manage capital through his family office, Stratosphere Trading.

Mr. Chen is a member of the Association of Asian American Investment Managers (AAAIM) and received his Bachelor of Science degree from Duke University. He is active in the Asian investment community as well as philanthropy, where he supports causes in environmental conservation and humanitarian aid.

Geoffrey Chen

Senior Vice President
Capital Markets

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Jamie Skinner

Vice President

Construction

Jamie Skinner is the Vice President of Construction for Croatan Investments.  He focuses on developing and executing capital investment plans across the Croatan portfolio.

Prior to joining Croatan, Mr. Skinner worked at Harbor Group International where he oversaw $70MM in total capital projects.  In addition to multifamily assets, he has extensive experience in commercial properties and government contracts.  He previously held a Class A General Contractor license in the State of Virginia and received his Bachelor of Science degree in Construction Management from East Carolina University.

Jamie Skinner

Vice President

Construction

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Jimmy Leffler

Senior Associate

Transactions

Jimmy Leffler is a Senior Associate at Croatan Investments. He is responsible for identifying, underwriting, and structuring investments across the company’s portfolio as well as serving as a liaison with capital partners.

Prior to joining Croatan, Mr. Leffler served as an associate appraiser with Hotel and Club Associates where he valued existing hospitality properties and performed feasibility studies for proposed developments across the country.  He brings years of real estate experience to the firm ranging from property management, construction, and appraisals.  Mr. Leffler received his Master’s in Business Administration from The Mason School of Business at The College of William & Mary and a Bachelor of Science degree in Business Administration with a concentration in International Business from Old Dominion University.

Jimmy Leffler

Senior Associate

Transactions

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Patrick Leugers

Associate

Transactions

Patrick Leugers is an Associate of at Croatan Investments.  He is responsible for identifying, underwriting, and structuring investments across the company’s portfolio.

Prior to Croatan, Mr. Leugers was a Development Associate with Lennar Multifamily Communities in South Florida where he supported the development of Class A multifamily and mixed-use projects.  In this previous role, he participated in site selection analysis, financial underwriting, due diligence, design and development, entitlements, construction management, and lease-up for a development pipeline in excess of $550 million and totaling over 1,700 units.  Mr. Leugers' previous experience also includes Berkadia’s investments sales team in Atlanta where he underwrote market-rate and affordable multifamily investments.  Mr. Leugers received his Bachelor of Arts degree from the Virginia Military Institute and also holds a Juris Doctor degree from the University of Virginia School of Law.

Patrick Leugers

Associate

Transactions

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Seth Moyer

Vice President

Capital Markets

Seth Moyer is a Vice President of Capital Markets for Croatan Investments.  He is primarily focused on building and expanding the firm’s private wealth investor base, joint venture partnerships, and institutional relationships. 

Prior to Croatan, Mr. Moyer managed the national investor relations effort at Pender Capital, a commercial real estate private credit asset manager.  His previous experience also includes a senior director role with Miller Howard Investments as well as positions with both ING Investment Management and JP Morgan Chase.  Mr. Moyer is a graduate of the University of Southern California and a member of the New York Society of Security Analysts (formerly CFA Society New York) and has also previously held Series 7 and 66 licenses.

Seth Moyer

Vice President

Capital Markets

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Shannon Riner

Vice President

Asset Management

Shannon Riner is the Vice President of Asset Management for Croatan Investments.  She focuses on the execution of asset-level business plans and maximizing performance across the portfolio.

Mrs. Riner brings over two decades of industry experience to the team ranging from real estate development, property management, acquisitions, and sales of commercial, multifamily, and single-family homes.  Prior to joining Croatan, Mrs. Riner worked with Related Group, LYND, Bell Partners, Fogelman, and The Franklin Johnston Group.  Mrs. Riner received her Bachelor’s degree from the University of Georgia.

Shannon Riner

Vice President

Asset Management

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Veronica Ayscue

Accounting Coordinator

Veronica Ayscue is a Coordinator at Croatan Investments. She provides interdepartmental support and assists with construction management, asset management, and transaction functions.

Prior to joining Croatan Investments, Mrs. Ayscue worked in the defense industry for over 10 years.  Her experience includes accounts payable management, contract administration, office operations, and human resources.  Mrs. Ayscue received an Associate of Applied Science degree in Paralegal Studies from Tidewater Community College.

Veronica Ayscue

Accounting Coordinator