A Track Record of Consistent Performance

Croatan Investments is a private equity real estate manager focused on multifamily investments. We have a passion for uncovering new opportunities with excellent intrinsic value. Founded in 2004, our track record is built upon our opportunistic nature, agnostic approach, and nimble execution. We adapt our strategy across all stages of the market cycle, maintain investment flexibility to consistently achieve attractive risk-adjusted returns, and preserve the trust of our investors.

Our firm is comprised of real estate professionals who intimately understand our target markets, continually assess the dynamic multifamily landscape, and skillfully execute on each asset’s business plan. Our proven success is a reflection of our commitment to excellence, discipline, and expertise.

Headquartered in Virginia Beach, VA, Croatan has team members operating in Austin, Dallas, Atlanta, New York City, and Singapore. Our portfolio currently consists of multifamily assets across the Mid-Atlantic and Sun Belt regions. Croatan Investments is proud to be a certified minority-owned company.

17-Year

Track Record of Success

$1B+

Assets Purchased1

32.1%

Gross IRR2

20+

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.

4 properties | 779 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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Caitie Wallace

Vice President
Accounting

Caitie Wallace

Vice President
Accounting

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Charles Barry

Vice President

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

Vice President

National Accounts

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Chris Madden

Senior Vice President
Transactions

Chris Madden is a Senior Vice President at Croatan Investments. Mr. Madden is responsible for identifying, underwriting, and structuring investments across the company’s portfolio. 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
Transactions

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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
Asset Management

Jimmy Leffler is a Senior Associate at Croatan Investments. He executes the firm’s investment strategy at the asset-level and focuses on value creation through direct oversight of property operations and capital programs.

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
Asset Management

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Joe Nasto

Vice President
Accounting

Joe Nasto is the Vice President of Accounting. He manages the accounting systems and financial information for the company’s investment partnerships and implements processes to ensure compliance with reporting requirements.

Prior to Croatan, Mr. Nasto spent 23 years at Merrill Lynch with management responsibilities ranging from mutual fund accounting, incentive sales compensation and metrics reporting, financial analysis and reporting, and business intelligence. He gained experience across a wide range of industries, including financial services, mortgage services, healthcare, and government contracting. Mr. Nasto received his Bachelor of Science in Accounting from Rutgers University.

Joe Nasto

Vice President
Accounting

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Juleah Landis

Coordinator
Portfolio Management

Juleah Landis is a Coordinator at Croatan Investments. She provides interdepartmental support and assists with accounting, portfolio management, construction management, and transaction functions.

Prior to Croatan, Ms. Landis was a Lead Pharmacy Technician, overseeing a team of six. She managed inventory, training, filing, and scheduling.

Juleah Landis

Coordinator
Portfolio Management

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Katie Keller

Vice President
Marketing and Investor Relations

Katie Keller is the Director of Marketing and Investor Relations at Croatan Investments. Her primary focus is building national brand awareness and leading the investor relations function of the firm.

Prior to Croatan, Ms. Keller specialized in branding and marketing for small businesses. While the Digital Marketing Consultant at Ciniva Advertising Agency, she managed new business and connected clients with personalized marketing solutions, from digital advertising to video production. Ms. Keller received her Bachelor of Science in Marketing from the Smeal College of Business at Pennsylvania State University.

Katie Keller

Vice President
Marketing and Investor Relations

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Nick DiCicco

Associate

Transactions

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


Prior to Croatan, Mr. DiCicco was an Investment Banking Analyst at Bank of America. As part of the Real Estate, Gaming & Lodging (REGL) investment banking team, he was primarily responsible for supporting various capital markets and mergers and acquisitions transactions. Nick worked on over $20 billion of announced equity capital markets, debt capital markets, leveraged finance, and mergers & acquisitions transactions. Mr. DiCicco earned his Bachelor of Science in Finance at the University of Florida.

Nick DiCicco

Associate

Transactions

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Nick Russo

Associate

Transactions

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

Prior to Croatan, Mr. Russo was an Analyst at Deloitte Consulting, specializing in government and public sector advisory. His experience includes valuation advisory services, real estate leasing, and portfolio management. Mr. Russo earned his Bachelor of Business Administration in Finance and Economics from Temple University, Fox School of Business and Management.

Nick Russo

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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Shaunte Cooper

Vice President
Accounting

Shaunte Cooper is the Director of Accounting for Croatan Investments. She manages the corporate and investor accounting systems and financial information and implements processes to ensure compliance with reporting requirements.

Ms. Cooper brings 16 years of accounting experience to Croatan. Seasoned in both the public and private sectors, Ms. Cooper previously focused on commercial and residential property management accounting at Divaris Real Estate and SL Nusbaum. She is currently an adjunct accounting professor at ECPI University. Ms. Cooper received her Bachelor's degree from Elizabeth City State University and her Masters in Accounting at Strayer University.

Shaunte Cooper

Vice President
Accounting

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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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Shelby Been

Office Administrator

Shelby Been is the Office Administrator at Croatan Investments. She coordinates office responsibilities and provides interdepartmental support.

Prior to Croatan, Ms. Been served as a tax processor and office administrator at Vaughan and Company, CPA. In this role, she managed client relationships, controlled confidential documentation, submitted invoices, and oversaw office needs.

Shelby Been

Office Administrator